Harbor Capital Advisors Inc. Acquires New Stake in MGIC Investment Corporation $MTG

Harbor Capital Advisors Inc. bought a new position in shares of MGIC Investment Corporation (NYSE:MTG) in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 1,753 shares of the insurance provider’s stock, valued at approximately $49,000.

A number of other hedge funds and other institutional investors have also modified their holdings of MTG. WPG Advisers LLC acquired a new stake in MGIC Investment in the 1st quarter worth $26,000. Cullen Frost Bankers Inc. bought a new position in shares of MGIC Investment in the first quarter worth about $33,000. Quarry LP bought a new stake in shares of MGIC Investment during the first quarter worth approximately $38,000. Geneos Wealth Management Inc. raised its stake in shares of MGIC Investment by 88.0% during the first quarter. Geneos Wealth Management Inc. now owns 1,745 shares of the insurance provider’s stock worth $43,000 after buying an additional 817 shares during the last quarter. Finally, Golden State Wealth Management LLC raised its holdings in MGIC Investment by 7,837.0% in the first quarter. Golden State Wealth Management LLC now owns 2,143 shares of the insurance provider’s stock worth $53,000 after purchasing an additional 2,116 shares during the period. Institutional investors own 95.58% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on MTG shares. Keefe, Bruyette & Woods upped their price target on shares of MGIC Investment from $26.00 to $27.00 and gave the company a “market perform” rating in a report on Monday, July 7th. Barclays increased their price objective on shares of MGIC Investment from $26.00 to $27.00 and gave the stock an “equal weight” rating in a research note on Tuesday, July 8th. Five investment analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the company has an average rating of “Reduce” and a consensus target price of $26.67.

MGIC Investment Stock Down 0.7%

MTG stock opened at $28.31 on Friday. The business’s 50-day moving average price is $27.12 and its 200-day moving average price is $26.01. The company has a quick ratio of 1.46, a current ratio of 1.46 and a debt-to-equity ratio of 0.13. MGIC Investment Corporation has a twelve month low of $21.94 and a twelve month high of $29.01. The stock has a market cap of $6.53 billion, a P/E ratio of 9.28, a PEG ratio of 2.05 and a beta of 0.89.

MGIC Investment (NYSE:MTG) last posted its quarterly earnings results on Wednesday, July 30th. The insurance provider reported $0.82 EPS for the quarter, topping analysts’ consensus estimates of $0.70 by $0.12. The company had revenue of $304.25 million for the quarter, compared to analysts’ expectations of $306.25 million. MGIC Investment had a return on equity of 14.73% and a net margin of 62.58%.The firm’s revenue was down .3% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.77 EPS. On average, equities research analysts forecast that MGIC Investment Corporation will post 2.71 EPS for the current year.

MGIC Investment Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, August 21st. Investors of record on Thursday, August 7th were given a dividend of $0.15 per share. The ex-dividend date of this dividend was Thursday, August 7th. This is an increase from MGIC Investment’s previous quarterly dividend of $0.13. This represents a $0.60 dividend on an annualized basis and a yield of 2.1%. MGIC Investment’s dividend payout ratio is 19.67%.

Insider Transactions at MGIC Investment

In related news, CEO Timothy J. Mattke sold 139,203 shares of the stock in a transaction dated Thursday, August 7th. The stock was sold at an average price of $26.54, for a total transaction of $3,694,447.62. Following the transaction, the chief executive officer owned 1,100,994 shares of the company’s stock, valued at approximately $29,220,380.76. This represents a 11.22% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, COO Salvatore A. Miosi sold 30,000 shares of the firm’s stock in a transaction that occurred on Friday, August 1st. The stock was sold at an average price of $26.22, for a total value of $786,600.00. Following the transaction, the chief operating officer owned 249,401 shares in the company, valued at $6,539,294.22. This represents a 10.74% decrease in their position. The disclosure for this sale can be found here. Insiders own 1.05% of the company’s stock.

About MGIC Investment

MGIC Investment Corporation, through its subsidiaries, provides private mortgage insurance, other mortgage credit risk management solutions, and ancillary services to lenders and government sponsored entities in the United States, the District of Columbia, Puerto Rico, and Guam. The company offers primary mortgage insurance that provides mortgage default protection on individual loans, as well as covers unpaid loan principal, delinquent interest, and various expenses associated with the default and subsequent foreclosure.