AlphaQuest LLC Buys 28,349 Shares of MGIC Investment Corporation $MTG

AlphaQuest LLC grew its stake in shares of MGIC Investment Corporation (NYSE:MTG) by 26.5% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 135,396 shares of the insurance provider’s stock after purchasing an additional 28,349 shares during the period. AlphaQuest LLC owned approximately 0.06% of MGIC Investment worth $3,841,000 as of its most recent SEC filing.

A number of other institutional investors also recently bought and sold shares of the stock. Alpine Bank Wealth Management bought a new stake in MGIC Investment during the 3rd quarter valued at approximately $28,000. True Wealth Design LLC lifted its stake in shares of MGIC Investment by 262.5% in the 2nd quarter. True Wealth Design LLC now owns 1,004 shares of the insurance provider’s stock valued at $28,000 after purchasing an additional 727 shares during the period. Hantz Financial Services Inc. lifted its stake in shares of MGIC Investment by 3,067.6% in the 2nd quarter. Hantz Financial Services Inc. now owns 1,077 shares of the insurance provider’s stock valued at $30,000 after purchasing an additional 1,043 shares during the period. Employees Retirement System of Texas purchased a new stake in MGIC Investment in the second quarter worth $32,000. Finally, Mitsubishi UFJ Asset Management Co. Ltd. grew its stake 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 worth $36,000 after purchasing an additional 708 shares during the period. 95.58% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of analysts have recently weighed in on MTG shares. Barclays upped their target price on shares of MGIC Investment from $28.00 to $30.00 and gave the stock an “equal weight” rating in a research report on Tuesday, January 6th. Keefe, Bruyette & Woods upped their price objective 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. Finally, Weiss Ratings reaffirmed a “buy (a-)” rating on shares of MGIC Investment in a research note on Thursday, January 22nd. One analyst has rated the stock with a Strong Buy rating and four have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $28.00.

MGIC Investment Stock Up 2.1%

MTG stock opened at $26.99 on Friday. The stock has a market capitalization of $6.04 billion, a P/E ratio of 8.68, a P/E/G ratio of 1.47 and a beta of 0.84. The company has a debt-to-equity ratio of 0.12, a current ratio of 1.48 and a quick ratio of 1.48. MGIC Investment Corporation has a 1-year low of $21.94 and a 1-year high of $29.97. The business has a fifty day moving average price of $28.26 and a 200-day moving average price of $27.67.

MGIC Investment (NYSE:MTG) last released its quarterly earnings data on Wednesday, October 29th. The insurance provider reported $0.83 EPS for the quarter, topping the consensus estimate of $0.72 by $0.11. MGIC Investment had a return on equity of 14.62% and a net margin of 61.96%.The company had revenue of $304.51 million during the quarter, compared to the consensus estimate of $308.16 million. During the same period last year, the company earned $0.77 EPS. MGIC Investment’s revenue for the quarter was down .7% on a year-over-year basis. Equities analysts forecast that MGIC Investment Corporation will post 2.71 earnings per share for the current fiscal year.

MGIC Investment Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 6th. Stockholders of record on Tuesday, February 17th will be issued a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a dividend yield of 2.2%. The ex-dividend date of this dividend is Tuesday, February 17th. MGIC Investment’s payout ratio is presently 19.29%.

Insider Buying and Selling

In related news, CEO Timothy J. Mattke sold 139,203 shares of the stock in a transaction that occurred 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 transaction, the chief executive officer owned 822,588 shares in the company, valued at $21,806,807.88. This represents a 14.47% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, COO Salvatore A. Miosi sold 30,000 shares of MGIC Investment stock in a transaction that occurred on Monday, November 3rd. The stock was sold at an average price of $27.52, for a total transaction of $825,600.00. Following the completion of the sale, the chief operating officer directly owned 159,401 shares of the company’s stock, valued at approximately $4,386,715.52. This trade represents a 15.84% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 1.05% of the stock is owned by corporate insiders.

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.