305,488 Shares in MGIC Investment Corporation $MTG Acquired by Foster & Motley Inc.

Foster & Motley Inc. bought a new stake in MGIC Investment Corporation (NYSE:MTG) in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm bought 305,488 shares of the insurance provider’s stock, valued at approximately $8,615,000.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. BlackRock Inc. purchased a new position in shares of MGIC Investment during the second quarter worth $618,467,000. Norges Bank purchased a new position in MGIC Investment during the 4th quarter valued at about $96,248,000. AQR Capital Management LLC grew its position in MGIC Investment by 92.4% in the 2nd quarter. AQR Capital Management LLC now owns 6,333,091 shares of the insurance provider’s stock valued at $176,313,000 after acquiring an additional 3,041,446 shares in the last quarter. Bank of New York Mellon Corp purchased a new stake in MGIC Investment during the second quarter worth about $51,059,000. Finally, Arbejdsmarkedets Tillaegspension purchased a new stake in MGIC Investment during the fourth quarter worth about $24,456,000. Hedge funds and other institutional investors own 95.58% of the company’s stock.

Insider Buying and Selling

In other MGIC Investment news, EVP Paula C. Maggio sold 20,000 shares of MGIC Investment stock in a transaction that occurred on Friday, August 7th. The stock was sold at an average price of $30.30, for a total value of $606,000.00. Following the transaction, the executive vice president directly owned 149,620 shares in the company, valued at approximately $4,533,486. This trade represents a 11.79% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, COO Salvatore A. Miosi sold 30,000 shares of the business’s stock in a transaction that occurred on Monday, June 8th. The shares were sold at an average price of $25.38, for a total value of $761,400.00. Following the completion of the transaction, the chief operating officer directly owned 560,951 shares in the company, valued at approximately $14,236,936.38. The trade was a 5.08% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 70,937 shares of company stock valued at $1,902,340 over the last ninety days. 1.34% of the stock is owned by insiders.

Analyst Ratings Changes

A number of research analysts recently weighed in on the stock. Barclays dropped their price objective on shares of MGIC Investment from $29.00 to $28.00 and set an “equal weight” rating for the company in a report on Friday, May 1st. Weiss Ratings raised shares of MGIC Investment from a “buy (b)” rating to a “buy (b+)” rating in a research report on Tuesday, July 7th. Royal Bank Of Canada boosted their price target on shares of MGIC Investment from $28.00 to $32.00 and gave the stock a “sector perform” rating in a research note on Friday, July 31st. Keefe, Bruyette & Woods upped their price objective on MGIC Investment from $29.00 to $30.00 and gave the stock a “market perform” rating in a research report on Friday, July 31st. Finally, Roth Capital reiterated a “buy” rating and issued a $35.00 price objective on shares of MGIC Investment in a research note on Thursday, July 30th. Two equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, MGIC Investment presently has a consensus rating of “Hold” and an average price target of $30.60.

MGIC Investment Stock Up 0.2%

MGIC Investment stock opened at $31.16 on Wednesday. The stock has a 50-day simple moving average of $28.69 and a 200-day simple moving average of $27.32. The company has a market capitalization of $6.39 billion, a P/E ratio of 9.74, a PEG ratio of 0.80 and a beta of 0.66. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.19 and a current ratio of 1.19. MGIC Investment Corporation has a fifty-two week low of $24.69 and a fifty-two week high of $31.89.

MGIC Investment (NYSE:MTG) last announced its earnings results on Wednesday, July 29th. The insurance provider reported $0.87 EPS for the quarter, beating analysts’ consensus estimates of $0.76 by $0.11. MGIC Investment had a net margin of 59.20% and a return on equity of 13.90%. The business had revenue of $295.39 million for the quarter, compared to analysts’ expectations of $297.54 million. During the same period in the previous year, the company posted $0.82 EPS. The company’s quarterly revenue was down 2.9% on a year-over-year basis. Equities research analysts expect that MGIC Investment Corporation will post 3.21 earnings per share for the current year.

MGIC Investment announced that its board has approved a stock buyback program on Thursday, April 23rd that permits the company to repurchase $750.00 million in shares. This repurchase authorization permits the insurance provider to buy up to 12.4% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s board believes its shares are undervalued.

MGIC Investment Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, August 20th. Shareholders of record on Wednesday, August 5th will be paid a dividend of $0.17 per share. The ex-dividend date of this dividend is Wednesday, August 5th. This represents a $0.68 annualized dividend and a yield of 2.2%. This is a boost from MGIC Investment’s previous quarterly dividend of $0.15. MGIC Investment’s dividend payout ratio (DPR) is currently 21.25%.

MGIC Investment Profile

MGIC Investment Corporation (NYSE: MTG) is a leading provider of private mortgage insurance in the United States. Established in 1957 as the nation’s first private mortgage insurer, MGIC helps lenders manage credit risk and facilitates homeownership by protecting mortgage loans against default. Headquartered in Milwaukee, Wisconsin, the company operates through its principal subsidiary, Mortgage Guaranty Insurance Corporation, and maintains relationships with a broad network of originators and servicers nationwide.

The company’s primary business activity involves issuing mortgage insurance policies that enable borrowers to purchase homes with down payments below traditional lending thresholds.