Chicago Partners Investment Group LLC Takes $208,000 Position in MGIC Investment Corporation $MTG

Chicago Partners Investment Group LLC purchased a new position in shares of MGIC Investment Corporation (NYSE:MTG) in the 2nd quarter, according to the company in its most recent filing with the SEC. The institutional investor purchased 8,064 shares of the insurance provider’s stock, valued at approximately $208,000.

Several other institutional investors and hedge funds also recently made changes to their positions in MTG. WPG Advisers LLC bought a new position in MGIC Investment in the 1st quarter worth about $26,000. Cullen Frost Bankers Inc. purchased a new position in shares of MGIC Investment during the 1st quarter valued at about $33,000. Quarry LP purchased a new position in shares of MGIC Investment during the 1st quarter valued at about $38,000. Geneos Wealth Management Inc. raised its holdings 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 buying an additional 817 shares in the last quarter. Finally, Harbor Capital Advisors Inc. purchased a new position in MGIC Investment in the 2nd quarter worth approximately $49,000. Institutional investors own 95.58% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on MTG. Barclays lifted their price objective on MGIC Investment from $27.00 to $28.00 and gave the stock a “cautious” rating in a research report on Monday, October 6th. Weiss Ratings restated a “buy (a-)” rating on shares of MGIC Investment in a research report on Saturday. Finally, Keefe, Bruyette & Woods boosted their target price on MGIC Investment from $26.00 to $27.00 and gave the stock a “market perform” rating in a report on Monday, July 7th. One analyst has rated the stock with a Strong Buy rating, four have issued a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $26.83.

Insider Activity at MGIC Investment

In related news, COO Salvatore A. Miosi sold 30,000 shares of the firm’s stock in a transaction that occurred on Wednesday, October 1st. The stock was sold at an average price of $28.15, for a total transaction of $844,500.00. Following the completion of the sale, the chief operating officer directly owned 189,401 shares of the company’s stock, valued at approximately $5,331,638.15. This trade represents a 13.67% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Timothy J. Mattke sold 139,203 shares of the firm’s stock in a transaction that occurred on Tuesday, October 7th. The stock was sold at an average price of $27.09, for a total value of $3,771,009.27. Following the sale, the chief executive officer directly owned 961,791 shares of the company’s stock, valued at $26,054,918.19. This represents a 12.64% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 338,406 shares of company stock valued at $9,096,557 over the last ninety days. Corporate insiders own 1.05% of the company’s stock.

MGIC Investment Stock Performance

NYSE:MTG opened at $27.39 on Friday. The company has a current ratio of 1.46, a quick ratio of 1.46 and a debt-to-equity ratio of 0.13. MGIC Investment Corporation has a 12-month low of $21.94 and a 12-month high of $29.01. The stock has a 50-day moving average price of $27.79 and a 200 day moving average price of $26.69. The stock has a market capitalization of $6.31 billion, a P/E ratio of 8.98, a P/E/G ratio of 1.98 and a beta of 0.88.

MGIC Investment (NYSE:MTG) last released its quarterly earnings results on Wednesday, July 30th. The insurance provider reported $0.82 earnings per share for the quarter, beating the consensus estimate of $0.70 by $0.12. The business had revenue of $304.25 million during 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 for the quarter was down .3% compared to the same quarter last year. During the same quarter last year, the business posted $0.77 EPS. Equities research analysts forecast that MGIC Investment Corporation will post 2.71 EPS for the current fiscal year.

MGIC Investment Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, November 20th. Shareholders of record on Thursday, November 6th will be issued a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a yield of 2.2%. The ex-dividend date is Thursday, November 6th. 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.