Man Group plc Takes Position in MGIC Investment Corporation $MTG

Man Group plc purchased a new position in shares of MGIC Investment Corporation (NYSE:MTG) in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 217,562 shares of the insurance provider’s stock, valued at approximately $6,135,000. Man Group plc owned about 0.11% of MGIC Investment at the end of the most recent reporting period.

Several other hedge funds have also recently modified their holdings of the stock. BlackRock Inc. purchased a new position in MGIC Investment in the 2nd quarter valued at $618,467,000. AQR Capital Management LLC raised its position in MGIC Investment by 31.3% during the 4th quarter. AQR Capital Management LLC now owns 11,616,282 shares of the insurance provider’s stock worth $339,428,000 after buying an additional 2,771,533 shares during the last quarter. Geode Capital Management LLC lifted its stake in shares of MGIC Investment by 2.8% in the 4th quarter. Geode Capital Management LLC now owns 5,371,470 shares of the insurance provider’s stock worth $163,368,000 after acquiring an additional 146,589 shares during the period. Allianz Asset Management GmbH lifted its stake in shares of MGIC Investment by 1.0% in the 4th quarter. Allianz Asset Management GmbH now owns 5,010,157 shares of the insurance provider’s stock worth $146,397,000 after acquiring an additional 48,064 shares during the period. Finally, First Trust Advisors LP boosted its holdings in shares of MGIC Investment by 1.7% in the fourth quarter. First Trust Advisors LP now owns 4,609,318 shares of the insurance provider’s stock valued at $134,684,000 after acquiring an additional 76,306 shares in the last quarter. 95.58% of the stock is owned by institutional investors and hedge funds.

MGIC Investment Price Performance

Shares of NYSE MTG opened at $31.08 on Friday. 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 one year low of $24.69 and a one year high of $31.89. The firm has a market capitalization of $6.38 billion, a P/E ratio of 9.71, a PEG ratio of 0.79 and a beta of 0.66. The company’s fifty day moving average is $29.51 and its two-hundred day moving average is $27.55.

MGIC Investment (NYSE:MTG) last announced its quarterly earnings results on Wednesday, July 29th. The insurance provider reported $0.87 earnings per share (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 during the quarter, compared to the consensus estimate of $297.54 million. During the same quarter last year, the firm posted $0.82 EPS. The business’s revenue was down 2.9% compared to the same quarter last year. Analysts forecast that MGIC Investment Corporation will post 3.24 EPS for the current fiscal year.

MGIC Investment Increases Dividend

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

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on MTG shares. Keefe, Bruyette & Woods boosted 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. Roth Capital restated a “buy” rating and issued a $35.00 price objective on shares of MGIC Investment in a research report on Thursday, July 30th. Weiss Ratings raised MGIC Investment from a “buy (b+)” rating to a “buy (a-)” rating in a report on Wednesday, August 19th. Royal Bank Of Canada boosted their target price on MGIC Investment from $28.00 to $32.00 and gave the stock a “sector perform” rating in a research report on Friday, July 31st. Finally, Zacks Research raised MGIC Investment from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, August 25th. Two research analysts have rated the stock with a Strong Buy rating, one has given a Buy rating and four have given a Hold rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $30.60.

Insider Transactions at MGIC Investment

In related news, EVP Paula C. Maggio sold 20,000 shares of the company’s 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 sale, the executive vice president owned 149,620 shares in the company, valued at $4,533,486. This represents a 11.79% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at 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 company’s stock in a transaction that occurred on Monday, June 8th. The stock was sold at an average price of $25.38, for a total value of $761,400.00. Following the completion of the sale, the chief operating officer owned 560,951 shares in the company, 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. Company insiders own 1.34% of the company’s stock.

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.