MGIC Investment Corporation $MTG Shares Purchased by Farther Finance Advisors LLC

Farther Finance Advisors LLC boosted its position in shares of MGIC Investment Corporation (NYSE:MTG) by 646.5% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 7,032 shares of the insurance provider’s stock after purchasing an additional 6,090 shares during the quarter. Farther Finance Advisors LLC’s holdings in MGIC Investment were worth $196,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of MTG. GAMMA Investing LLC grew its holdings in MGIC Investment by 3,346.4% in the first quarter. GAMMA Investing LLC now owns 150,365 shares of the insurance provider’s stock valued at $3,726,000 after purchasing an additional 146,002 shares during the last quarter. Rhumbline Advisers grew its holdings in MGIC Investment by 7.9% in the first quarter. Rhumbline Advisers now owns 822,871 shares of the insurance provider’s stock valued at $20,391,000 after purchasing an additional 59,960 shares during the last quarter. Merit Financial Group LLC acquired a new stake in MGIC Investment in the first quarter valued at $232,000. UMB Bank n.a. grew its holdings in MGIC Investment by 61.3% in the first quarter. UMB Bank n.a. now owns 2,660 shares of the insurance provider’s stock valued at $66,000 after purchasing an additional 1,011 shares during the last quarter. Finally, Miracle Mile Advisors LLC grew its holdings in MGIC Investment by 31.5% in the first quarter. Miracle Mile Advisors LLC now owns 11,888 shares of the insurance provider’s stock valued at $295,000 after purchasing an additional 2,847 shares during the last quarter. Institutional investors and hedge funds own 95.58% of the company’s stock.

Insider Activity

In related news, COO Salvatore A. Miosi sold 30,000 shares of the stock in a transaction dated Friday, August 1st. The stock was sold at an average price of $26.22, for a total transaction of $786,600.00. Following the transaction, the chief operating officer directly owned 249,401 shares in the company, valued at approximately $6,539,294.22. This represents a 10.74% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, 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 value of $3,694,447.62. Following the transaction, the chief executive officer owned 1,100,994 shares in the company, valued at $29,220,380.76. This trade represents a 11.22% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 1.05% of the company’s stock.

Wall Street Analysts Forecast Growth

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

MGIC Investment Stock Down 0.9%

Shares of NYSE:MTG opened at $28.12 on Thursday. 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 52-week low of $21.94 and a 52-week high of $29.01. The stock’s fifty day simple moving average is $27.59 and its 200-day simple moving average is $26.28. The company has a market capitalization of $6.48 billion, a P/E ratio of 9.22, a P/E/G ratio of 2.05 and a beta of 0.88.

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

MGIC Investment Increases Dividend

The firm also recently announced 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. This represents a $0.60 annualized dividend and a yield of 2.1%. This is a boost from MGIC Investment’s previous quarterly dividend of $0.13. The ex-dividend date was Thursday, August 7th. MGIC Investment’s dividend payout ratio (DPR) is currently 19.67%.

MGIC Investment Company Profile

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.