MGIC Investment (NYSE:MTG) EVP Sells $606,000.00 in Stock

MGIC Investment Corporation (NYSE:MTG) EVP Paula Maggio sold 20,000 shares of the business’s stock in a transaction that occurred on Friday, August 7th. The stock was sold at an average price of $30.30, for a total value of $606,000.00. Following the sale, the executive vice president owned 149,620 shares of the company’s stock, valued at approximately $4,533,486. The trade was a 11.79% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

MGIC Investment Stock Down 0.6%

MTG traded down $0.19 on Monday, reaching $30.29. The company’s stock had a trading volume of 1,357,874 shares, compared to its average volume of 2,049,520. The company has a market capitalization of $6.21 billion, a price-to-earnings ratio of 9.47, a P/E/G ratio of 0.78 and a beta of 0.66. MGIC Investment Corporation has a fifty-two week low of $24.69 and a fifty-two week high of $31.89. The company has a quick ratio of 1.19, a current ratio of 1.19 and a debt-to-equity ratio of 0.13. The stock has a 50 day moving average of $27.91 and a two-hundred day moving average of $27.11.

MGIC Investment (NYSE:MTG) last released its quarterly earnings data on Wednesday, July 29th. The insurance provider reported $0.87 earnings per share for the quarter, topping analysts’ consensus estimates of $0.76 by $0.11. The company had revenue of $295.39 million for the quarter, compared to analysts’ expectations of $297.54 million. MGIC Investment had a net margin of 59.20% and a return on equity of 13.90%. The firm’s revenue for the quarter was down 2.9% on a year-over-year basis. During the same quarter last year, the company earned $0.82 earnings per share. As a group, analysts forecast that MGIC Investment Corporation will post 3.21 EPS for the current fiscal year.

MGIC Investment announced that its Board of Directors has approved a stock buyback program on Thursday, April 23rd that authorizes the company to buyback $750.00 million in outstanding shares. This buyback authorization authorizes the insurance provider to purchase up to 12.4% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s board of directors 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 given a $0.17 dividend. This is a positive change from MGIC Investment’s previous quarterly dividend of $0.15. The ex-dividend date of this dividend is Wednesday, August 5th. This represents a $0.68 dividend on an annualized basis and a dividend yield of 2.2%. MGIC Investment’s payout ratio is 21.25%.

Analysts Set New Price Targets

Several research firms have issued reports on MTG. Royal Bank Of Canada upped their price objective on shares of MGIC Investment from $28.00 to $32.00 and gave the company a “sector perform” rating in a research note on Friday, July 31st. Roth Capital reiterated a “buy” rating and set a $35.00 target price on shares of MGIC Investment in a research report on Thursday, July 30th. Weiss Ratings raised MGIC Investment from a “buy (b)” rating to a “buy (b+)” rating in a report on Tuesday, July 7th. Keefe, Bruyette & Woods upped their target price on MGIC Investment from $29.00 to $30.00 and gave the company a “market perform” rating in a research report on Friday, July 31st. Finally, Barclays dropped their price target on MGIC Investment from $29.00 to $28.00 and set an “equal weight” rating on the stock in a research note on Friday, May 1st. Two analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $30.60.

Institutional Trading of MGIC Investment

A number of hedge funds have recently added to or reduced their stakes in the stock. SBI Securities Co. Ltd. raised its stake in shares of MGIC Investment by 40.3% in the fourth quarter. SBI Securities Co. Ltd. now owns 1,461 shares of the insurance provider’s stock valued at $43,000 after purchasing an additional 420 shares in the last quarter. Compound Planning Inc. lifted its position in MGIC Investment by 4.3% in the first quarter. Compound Planning Inc. now owns 10,392 shares of the insurance provider’s stock worth $273,000 after purchasing an additional 433 shares during the period. Oregon Public Employees Retirement Fund boosted its stake in MGIC Investment by 1.1% during the first quarter. Oregon Public Employees Retirement Fund now owns 44,972 shares of the insurance provider’s stock worth $1,181,000 after buying an additional 481 shares in the last quarter. Lido Advisors LLC boosted its stake in MGIC Investment by 2.2% during the fourth quarter. Lido Advisors LLC now owns 23,799 shares of the insurance provider’s stock worth $689,000 after buying an additional 522 shares in the last quarter. Finally, Victory Financial Group LLC increased its holdings in MGIC Investment by 1.9% in the 3rd quarter. Victory Financial Group LLC now owns 27,994 shares of the insurance provider’s stock valued at $794,000 after buying an additional 535 shares during the period. 95.58% of the stock is owned by institutional investors and hedge funds.

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.