Caxton Associates LLP Invests $741,000 in MGIC Investment Corporation $MTG

Caxton Associates LLP purchased a new stake in shares of MGIC Investment Corporation (NYSE:MTG) in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 28,214 shares of the insurance provider’s stock, valued at approximately $741,000.

Other large investors have also recently modified their holdings of the company. Sei Investments Co. grew its holdings in shares of MGIC Investment by 65.1% during the first quarter. Sei Investments Co. now owns 519,236 shares of the insurance provider’s stock valued at $13,631,000 after buying an additional 204,745 shares during the last quarter. Lido Advisors LLC increased its position in shares of MGIC Investment by 2.4% during the first quarter. Lido Advisors LLC now owns 24,373 shares of the insurance provider’s stock valued at $640,000 after acquiring an additional 574 shares in the last quarter. State of Wyoming raised its holdings in MGIC Investment by 103.6% in the 1st quarter. State of Wyoming now owns 9,712 shares of the insurance provider’s stock worth $255,000 after acquiring an additional 4,941 shares during the last quarter. Militia Capital Management LLC purchased a new position in MGIC Investment in the 1st quarter worth approximately $262,000. Finally, NewEdge Wealth LLC lifted its position in MGIC Investment by 12.3% in the 1st quarter. NewEdge Wealth LLC now owns 2,452,355 shares of the insurance provider’s stock valued at $64,374,000 after acquiring an additional 268,753 shares in the last quarter. Hedge funds and other institutional investors own 95.58% of the company’s stock.

Insider Buying and Selling at MGIC Investment

In other MGIC Investment news, COO Salvatore A. Miosi sold 30,000 shares of the firm’s stock in a transaction dated Monday, June 8th. The stock was sold at an average price of $25.38, for a total transaction of $761,400.00. Following the sale, the chief operating officer directly owned 560,951 shares of the company’s stock, valued at $14,236,936.38. This trade represents a 5.08% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Paula C. Maggio sold 20,937 shares of MGIC Investment stock in a transaction that occurred on Friday, May 29th. The shares were sold at an average price of $25.55, for a total transaction of $534,940.35. Following the sale, the executive vice president owned 169,620 shares in the company, valued at approximately $4,333,791. The trade was a 10.99% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 1.34% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on the company. Barclays lowered their price target on MGIC Investment from $29.00 to $28.00 and set an “equal weight” rating on the stock in a report on Friday, May 1st. Keefe, Bruyette & Woods lifted their price objective on MGIC Investment from $28.00 to $29.00 and gave the stock a “market perform” rating in a report on Friday, April 10th. Royal Bank Of Canada started coverage on MGIC Investment in a research report on Friday, May 22nd. They issued a “sector perform” rating and a $28.00 target price for the company. Finally, Weiss Ratings upgraded shares of MGIC Investment from a “buy (b)” rating to a “buy (b+)” rating in a research note on Tuesday, July 7th. One research analyst has rated the stock with a Buy rating and four have issued a Hold rating to the company. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $28.25.

MGIC Investment Trading Down 0.0%

MGIC Investment stock opened at $29.65 on Monday. MGIC Investment Corporation has a 52-week low of $24.69 and a 52-week high of $29.97. The company has a market cap of $6.27 billion, a P/E ratio of 9.41, a P/E/G ratio of 2.04 and a beta of 0.67. The company has a quick ratio of 1.14, a current ratio of 1.14 and a debt-to-equity ratio of 0.13. The business has a 50-day simple moving average of $27.01 and a two-hundred day simple moving average of $26.90.

MGIC Investment (NYSE:MTG) last issued its quarterly earnings data on Wednesday, April 29th. The insurance provider reported $0.76 earnings per share for the quarter, topping the consensus estimate of $0.73 by $0.03. The firm had revenue of $297.08 million for the quarter, compared to analysts’ expectations of $303.12 million. MGIC Investment had a net margin of 59.63% and a return on equity of 14.01%. The business’s quarterly revenue was down 3.0% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.75 EPS. Analysts predict that MGIC Investment Corporation will post 3.05 EPS for the current year.

MGIC Investment declared that its board has approved a stock buyback plan on Thursday, April 23rd that allows the company to buyback $750.00 million in shares. This buyback authorization allows the insurance provider to reacquire up to 12.4% of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s leadership believes its shares are undervalued.

MGIC Investment Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, August 20th. Investors of record on Wednesday, August 5th will be issued a $0.17 dividend. The ex-dividend date of this dividend is Wednesday, August 5th. This represents a $0.68 dividend on an annualized basis and a yield of 2.3%. This is an increase from MGIC Investment’s previous quarterly dividend of $0.15. MGIC Investment’s payout ratio is 19.05%.

MGIC Investment Company Profile

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.