United Capital Financial Advisors LLC Buys New Shares in MGIC Investment Corporation $MTG

United Capital Financial Advisors LLC bought a new position in shares of MGIC Investment Corporation (NYSE:MTG) during the second quarter, HoldingsChannel reports. The firm bought 19,028 shares of the insurance provider’s stock, valued at approximately $537,000.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. BlackRock Inc. bought a new position in shares of MGIC Investment during the 2nd quarter worth about $618,467,000. Caisse de depot et placement du Quebec acquired a new stake in shares of MGIC Investment during the 2nd quarter valued at about $98,074,000. Norges Bank bought a new stake in MGIC Investment in the fourth quarter valued at about $96,248,000. AQR Capital Management LLC increased its stake in MGIC Investment by 92.4% in the second 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 during the period. Finally, NewEdge Wealth LLC bought a new stake in MGIC Investment in the second quarter valued at about $71,375,000. 95.58% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of brokerages have commented on MTG. Keefe, Bruyette & Woods raised their price target on shares of MGIC Investment from $29.00 to $30.00 and gave the stock a “market perform” rating in a research note on Friday, July 31st. Zacks Research upgraded MGIC Investment from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, August 25th. 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. Royal Bank Of Canada increased their target price on MGIC Investment from $28.00 to $32.00 and gave the stock a “sector perform” rating in a report on Friday, July 31st. Finally, Weiss Ratings upgraded MGIC Investment from a “buy (b+)” rating to a “buy (a-)” rating in a research report on Wednesday, August 19th. Two equities research analysts have rated the stock with a Strong Buy rating, one has issued a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $30.60.

MGIC Investment Price Performance

MGIC Investment stock opened at $30.66 on Tuesday. The business’s fifty day moving average is $29.60 and its two-hundred day moving average is $27.58. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.19 and a current ratio of 1.19. The firm has a market cap of $6.29 billion, a P/E ratio of 9.58, a P/E/G ratio of 0.79 and a beta of 0.66. MGIC Investment Corporation has a 52 week low of $24.69 and a 52 week high of $31.89.

MGIC Investment (NYSE:MTG) last announced its earnings results on Wednesday, July 29th. The insurance provider reported $0.87 earnings per share for the quarter, beating analysts’ consensus estimates of $0.76 by $0.11. MGIC Investment had a return on equity of 13.90% and a net margin of 59.20%.The company had revenue of $295.39 million during the quarter, compared to analyst estimates of $297.54 million. During the same period last year, the company posted $0.82 earnings per share. The firm’s quarterly revenue was down 2.9% compared to the same quarter last year. Equities research analysts forecast that MGIC Investment Corporation will post 3.24 earnings per share for the current fiscal year.

MGIC Investment Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, August 20th. Shareholders of record on Wednesday, August 5th were given a $0.17 dividend. This represents a $0.68 annualized dividend and a yield of 2.2%. The ex-dividend date was Wednesday, August 5th. This is a boost from MGIC Investment’s previous quarterly dividend of $0.15. MGIC Investment’s dividend payout ratio is 21.25%.

Insider Transactions at MGIC Investment

In other news, EVP Paula C. Maggio sold 20,000 shares of the stock in a transaction that occurred on Friday, August 7th. The shares were sold at an average price of $30.30, for a total transaction of $606,000.00. Following the sale, the executive vice president directly owned 149,620 shares of the company’s stock, valued at $4,533,486. This represents a 11.79% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, COO Salvatore A. Miosi sold 30,000 shares of the firm’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 transaction of $761,400.00. Following the completion of the sale, the chief operating officer directly owned 560,951 shares of the company’s stock, valued at approximately $14,236,936.38. This represents a 5.08% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 1.34% of the company’s stock.

MGIC Investment Company 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.