NFC Investments LLC has increased its stake in MGIC Investment Corporation (NYSE: MTG) by 1.0% during the second quarter of 2023. According to a recent filing with the Securities and Exchange Commission, the institutional investor now owns a total of 1,875,864 shares after acquiring an additional 18,872 shares during the quarter. This investment represents approximately 14.9% of NFC Investments LLC’s overall portfolio, making MGIC its largest holding, valued at about $52.2 million.
Other institutional investors have also adjusted their positions in MGIC Investment. Notably, Waterloo Capital L.P. raised its holdings by 11.3%, bringing its total to 34,265 shares valued at $954,000 after buying 3,488 additional shares. Similarly, Prudential Financial Inc. increased its position by an impressive 41.4%, now owning 204,397 shares worth $5.69 million following the acquisition of 59,855 shares. Centric Wealth Management and American Century Companies Inc. also grew their stakes, indicating a strong institutional interest in MGIC.
Stock Performance and Market Indicators
As of Monday, MGIC Investment’s stock opened at $28.31. The company’s performance over the past 50 days shows a simple moving average of $27.70, while the 200-day average is at $27.18. MGIC has recorded a 12-month low of $21.94 and a high of $29.01, with a market capitalization of $6.33 billion. The stock’s price-to-earnings (P/E) ratio stands at 9.10, and it has a dividend yield of 2.1%, following the recent declaration of a quarterly dividend of $0.15 per share.
The recent dividend was announced for payment on November 20, 2023, to shareholders of record as of November 6, 2023. This translates to an annualized dividend of $0.60, reinforcing the company’s commitment to returning value to its shareholders.
Analyst Ratings and Insider Activity
Market analysts have expressed mixed views on MGIC Investment’s stock. On October 8, 2023, Weiss Ratings reaffirmed a “buy (A-)” rating, while Barclays raised its price target from $27.00 to $28.00, advising a cautious approach. Currently, the stock holds an average rating of “Hold” with a target price of $26.80, as reported by MarketBeat.
In recent insider transactions, COO Salvatore A. Miosi sold 30,000 shares at an average price of $28.15 on October 1, 2023, reducing his holdings by 13.67%. Following this sale, he retains 189,401 shares valued at approximately $5.33 million. CEO Timothy J. Mattke also participated in selling shares, offloading 139,203 shares at an average price of $27.09 on October 7, 2023, which decreased his position by 12.64% to 961,791 shares, valued at around $26.05 million.
Overall, insiders have sold a total of 219,203 shares worth around $5.99 million in the last ninety days, while retaining 1.05% ownership of the company’s stock.
MGIC Investment Corporation specializes in providing private mortgage insurance and related risk management services primarily in the United States, as well as in territories like the District of Columbia, Puerto Rico, and Guam. The company’s offerings include primary mortgage insurance products designed to protect lenders against mortgage defaults.
Investors and stakeholders continue to monitor MGIC’s financial health and market position as institutional interest remains strong, reflecting confidence in the company’s future performance.
