Cresset Asset Management LLC Raises Stock Holdings in MGIC Investment Corporation $MTG

Cresset Asset Management LLC raised its position in shares of MGIC Investment Corporation (NYSE:MTG) by 140.4% during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 33,122 shares of the insurance provider’s stock after purchasing an additional 19,344 shares during the quarter. Cresset Asset Management LLC’s holdings in MGIC Investment were worth $940,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of MTG. Alpine Bank Wealth Management purchased a new position in shares of MGIC Investment in the third quarter worth about $28,000. SBI Securities Co. Ltd. lifted its holdings in shares of MGIC Investment by 61.1% during the third quarter. SBI Securities Co. Ltd. now owns 1,041 shares of the insurance provider’s stock worth $30,000 after purchasing an additional 395 shares during the period. Employees Retirement System of Texas purchased a new stake in MGIC Investment in the second quarter valued at approximately $32,000. Mitsubishi UFJ Asset Management Co. Ltd. boosted its position in MGIC Investment by 118.0% in the second quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 1,308 shares of the insurance provider’s stock valued at $36,000 after buying an additional 708 shares during the last quarter. Finally, Root Financial Partners LLC acquired a new position in MGIC Investment in the 3rd quarter worth approximately $38,000. 95.58% of the stock is owned by institutional investors and hedge funds.

MGIC Investment Stock Down 0.8%

MGIC Investment stock opened at $26.35 on Wednesday. The business’s 50-day moving average price is $27.05 and its 200 day moving average price is $27.75. The company has a quick ratio of 1.52, a current ratio of 1.52 and a debt-to-equity ratio of 0.13. The firm has a market cap of $5.66 billion, a price-to-earnings ratio of 8.39, a price-to-earnings-growth ratio of 2.11 and a beta of 0.83. MGIC Investment Corporation has a 52 week low of $21.94 and a 52 week high of $29.97.

MGIC Investment (NYSE:MTG) last announced its quarterly earnings results on Monday, February 2nd. The insurance provider reported $0.75 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.73 by $0.02. MGIC Investment had a return on equity of 14.33% and a net margin of 60.84%.During the same period in the prior year, the firm earned $0.72 earnings per share. MGIC Investment’s quarterly revenue was down .9% on a year-over-year basis. As a group, sell-side analysts anticipate that MGIC Investment Corporation will post 2.71 earnings per share for the current year.

MGIC Investment Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 6th. Investors of record on Tuesday, February 17th were paid a $0.15 dividend. This represents a $0.60 annualized dividend and a dividend yield of 2.3%. The ex-dividend date was Tuesday, February 17th. MGIC Investment’s payout ratio is currently 19.11%.

Insider Buying and Selling

In related news, CEO Timothy J. Mattke sold 139,203 shares of the stock in a transaction on Tuesday, January 13th. The shares were sold at an average price of $26.51, for a total transaction of $3,690,271.53. Following the sale, the chief executive officer directly owned 822,588 shares of the company’s stock, valued at approximately $21,806,807.88. This represents a 14.47% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, EVP Paula C. Maggio sold 20,000 shares of the firm’s stock in a transaction on Friday, February 6th. The shares were sold at an average price of $27.51, for a total transaction of $550,200.00. Following the sale, the executive vice president owned 114,689 shares in the company, valued at approximately $3,155,094.39. This represents a 14.85% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders have sold 189,203 shares of company stock valued at $5,058,572. Corporate insiders own 1.41% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have commented on MTG shares. Weiss Ratings cut shares of MGIC Investment from a “buy (a-)” rating to a “buy (b+)” rating in a research note on Thursday, February 5th. Barclays cut their price objective on shares of MGIC Investment from $30.00 to $28.00 and set an “equal weight” rating on the stock in a research note on Wednesday, February 4th. Finally, Keefe, Bruyette & Woods raised their target price on shares of MGIC Investment from $27.00 to $28.00 and gave the stock a “market perform” rating in a report on Thursday, December 18th. One investment analyst has rated the stock with a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $28.00.

About MGIC Investment

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.