FCG Investment Co Invests $846,000 in MGIC Investment Corporation $MTG

FCG Investment Co purchased a new stake in MGIC Investment Corporation (NYSE:MTG) during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm purchased 30,375 shares of the insurance provider’s stock, valued at approximately $846,000.

Other institutional investors have also recently added to or reduced their stakes in the company. WPG Advisers LLC acquired a new position in shares of MGIC Investment during the 1st quarter worth approximately $26,000. Cullen Frost Bankers Inc. acquired a new position in shares of MGIC Investment during the 1st quarter valued at about $33,000. Quarry LP acquired a new position in shares of MGIC Investment during the 1st quarter valued at about $38,000. Geneos Wealth Management Inc. boosted its position in shares of MGIC Investment by 88.0% during the 1st quarter. Geneos Wealth Management Inc. now owns 1,745 shares of the insurance provider’s stock valued at $43,000 after acquiring an additional 817 shares during the last quarter. Finally, Harbor Capital Advisors Inc. acquired a new position in MGIC Investment in the 2nd quarter valued at about $49,000. Institutional investors and hedge funds own 95.58% of the company’s stock.

Insider Buying and Selling at MGIC Investment

In related news, CEO Timothy J. Mattke sold 139,203 shares of the firm’s stock in a transaction that occurred on Thursday, August 7th. The shares were sold at an average price of $26.54, for a total value of $3,694,447.62. Following the sale, the chief executive officer owned 1,100,994 shares of the company’s stock, valued at $29,220,380.76. This trade represents a 11.22% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available 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 shares were sold at an average price of $26.22, for a total transaction of $786,600.00. Following the completion of the sale, the chief operating officer directly owned 249,401 shares in the company, valued at approximately $6,539,294.22. This trade represents a 10.74% decrease in their position. The disclosure for this sale can be found here. 1.05% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

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

MGIC Investment Price Performance

MTG opened at $28.40 on Friday. The stock’s 50-day moving average price is $27.37 and its 200 day moving average price is $26.13. MGIC Investment Corporation has a 12-month low of $21.94 and a 12-month high of $29.01. The company has a current ratio of 1.46, a quick ratio of 1.46 and a debt-to-equity ratio of 0.13. The firm has a market cap of $6.55 billion, a price-to-earnings ratio of 9.31, a PEG ratio of 2.06 and a beta of 0.89.

MGIC Investment (NYSE:MTG) last issued its quarterly earnings results on Wednesday, July 30th. The insurance provider reported $0.82 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.70 by $0.12. The business had revenue of $304.25 million for the quarter, compared to analysts’ expectations of $306.25 million. MGIC Investment had a net margin of 62.58% and a return on equity of 14.73%. The business’s quarterly revenue was down .3% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.77 earnings per share. As a group, sell-side analysts expect that MGIC Investment Corporation will post 2.71 earnings per share for the current year.

MGIC Investment Increases Dividend

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

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.