Brevan Howard Capital Management LP Has $4.74 Million Stock Holdings in MGIC Investment Corporation $MTG

Brevan Howard Capital Management LP boosted its stake in shares of MGIC Investment Corporation (NYSE:MTG) by 467.9% in the third quarter, HoldingsChannel reports. The firm owned 166,962 shares of the insurance provider’s stock after purchasing an additional 137,564 shares during the quarter. Brevan Howard Capital Management LP’s holdings in MGIC Investment were worth $4,737,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Alpine Bank Wealth Management bought a new position in shares of MGIC Investment in the third quarter valued at about $28,000. Newbridge Financial Services Group Inc. bought a new stake in shares of MGIC Investment during the 3rd quarter worth about $28,000. SBI Securities Co. Ltd. grew its stake in MGIC Investment by 61.1% in the 3rd quarter. SBI Securities Co. Ltd. now owns 1,041 shares of the insurance provider’s stock valued at $30,000 after buying an additional 395 shares during the last quarter. Employees Retirement System of Texas bought a new position in MGIC Investment in the 2nd quarter valued at about $32,000. Finally, Mitsubishi UFJ Asset Management Co. Ltd. raised its holdings in MGIC Investment by 118.0% in the 2nd quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 1,308 shares of the insurance provider’s stock valued at $36,000 after acquiring an additional 708 shares during the period. 95.58% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on MTG shares. Keefe, Bruyette & Woods raised their price objective on shares of MGIC Investment from $27.00 to $28.00 and gave the stock a “market perform” rating in a research report on Thursday, December 18th. Barclays decreased their target price on MGIC Investment from $30.00 to $28.00 and set an “equal weight” rating on the stock in a research report on Wednesday, February 4th. Weiss Ratings lowered MGIC Investment from a “buy (a-)” rating to a “buy (b+)” rating in a research note on Thursday, February 5th. Finally, UBS Group dropped their price target on MGIC Investment from $29.50 to $28.00 and set a “neutral” rating for the company in a report on Thursday. One investment analyst has rated the stock with a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $28.00.

MGIC Investment Price Performance

NYSE:MTG opened at $26.01 on Monday. MGIC Investment Corporation has a 52 week low of $21.94 and a 52 week high of $29.97. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.52 and a current ratio of 1.52. The firm’s 50-day simple moving average is $26.85 and its 200 day simple moving average is $27.70. The firm has a market cap of $5.59 billion, a price-to-earnings ratio of 8.28, a P/E/G ratio of 2.07 and a beta of 0.83.

MGIC Investment (NYSE:MTG) last posted its quarterly earnings data 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 net margin of 60.84% and a return on equity of 14.33%. During the same period in the prior year, the company posted $0.72 earnings per share. The firm’s revenue was down .9% on a year-over-year basis. As a group, sell-side analysts predict that MGIC Investment Corporation will post 2.71 earnings per share for the current year.

MGIC Investment Announces Dividend

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

Insider Buying and Selling at MGIC Investment

In related news, EVP Paula C. Maggio sold 20,000 shares of the firm’s stock in a transaction on Friday, February 6th. The stock was sold at an average price of $27.51, for a total value of $550,200.00. Following the transaction, the executive vice president owned 114,689 shares in the company, valued at approximately $3,155,094.39. This trade represents a 14.85% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, COO Salvatore A. Miosi sold 30,000 shares of the firm’s stock in a transaction on Monday, February 2nd. The stock was sold at an average price of $27.27, for a total value of $818,100.00. Following the completion of the transaction, the chief operating officer owned 454,245 shares in the company, valued at $12,387,261.15. The trade was a 6.20% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 189,203 shares of company stock valued at $5,058,572 in the last three months. Corporate insiders own 1.41% of the company’s stock.

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.