MGIC Investment Corporation $MTG Stock Sold by Ballast Asset Management LP

Ballast Asset Management LP cut its holdings in MGIC Investment Corporation (NYSE:MTG) by 15.4% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 125,198 shares of the insurance provider’s stock after selling 22,800 shares during the period. Ballast Asset Management LP’s holdings in MGIC Investment were worth $3,235,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in MTG. Elevation Wealth Partners LLC lifted its position in shares of MGIC Investment by 345.6% in the third quarter. Elevation Wealth Partners LLC now owns 1,123 shares of the insurance provider’s stock worth $29,000 after purchasing an additional 871 shares in the last quarter. Provenance Wealth Advisors LLC acquired a new position in MGIC Investment during the third quarter worth $34,000. V Square Quantitative Management LLC grew its position in MGIC Investment by 91.2% in the third quarter. V Square Quantitative Management LLC now owns 1,363 shares of the insurance provider’s stock valued at $35,000 after purchasing an additional 650 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. bought a new position in MGIC Investment in the second quarter valued at $62,000. Finally, Harbor Investment Advisory LLC grew its position in MGIC Investment by 613.0% in the second quarter. Harbor Investment Advisory LLC now owns 2,574 shares of the insurance provider’s stock valued at $73,000 after purchasing an additional 2,213 shares in the last quarter. 95.58% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other MGIC Investment news, CEO Timothy J. Mattke sold 137,114 shares of the company’s stock in a transaction that occurred on Thursday, October 1st. The stock was sold at an average price of $26.23, for a total value of $3,596,500.22. Following the sale, the chief executive officer owned 843,778 shares in the company, valued at $22,132,296.94. This represents a 13.98% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, COO Salvatore A. Miosi sold 30,000 shares of the firm’s stock in a transaction that occurred on Thursday, October 1st. The shares were sold at an average price of $26.06, for a total value of $781,800.00. Following the completion of the sale, the chief operating officer directly owned 440,951 shares of the company’s stock, valued at approximately $11,491,183.06. The trade was a 6.37% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders have sold 197,114 shares of company stock worth $5,300,200. Company insiders own 1.34% of the company’s stock.

MGIC Investment Stock Performance

Shares of MTG opened at $28.54 on Tuesday. The company has a market cap of $5.85 billion, a PE ratio of 9.02, a price-to-earnings-growth ratio of 1.03 and a beta of 0.64. The firm has a 50-day moving average of $28.76 and a 200-day moving average of $27.82. MGIC Investment Corporation has a one year low of $24.69 and a one year high of $31.89. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.19 and a quick ratio of 1.19.

MGIC Investment (NYSE:MTG) last issued its earnings results on Wednesday, November 4th. The insurance provider reported $0.85 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.81 by $0.04. MGIC Investment had a net margin of 58.12% and a return on equity of 13.66%. The company had revenue of $299.08 million for the quarter, compared to analysts’ expectations of $298.66 million. During the same period in the prior year, the firm earned $0.83 EPS. MGIC Investment’s quarterly revenue was down 1.8% compared to the same quarter last year. As a group, equities analysts forecast that MGIC Investment Corporation will post 3.22 earnings per share for the current year.

MGIC Investment Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, November 23rd. Investors of record on Thursday, November 12th will be issued a dividend of $0.17 per share. The ex-dividend date is Thursday, November 12th. This represents a $0.68 dividend on an annualized basis and a yield of 2.4%. MGIC Investment’s dividend payout ratio (DPR) is presently 21.12%.

Analyst Ratings Changes

Several brokerages have issued reports on MTG. Royal Bank Of Canada lifted their price target 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. Zacks Research downgraded shares of MGIC Investment from a “strong-buy” rating to a “hold” rating in a research note on Monday, October 19th. Keefe, Bruyette & Woods increased their price objective on shares of MGIC Investment from $29.00 to $30.00 and gave the stock a “market perform” rating in a research note on Friday, July 31st. Barclays raised their price objective on MGIC Investment from $29.00 to $30.00 and gave the company an “equal weight” rating in a report on Friday. Finally, BTIG Research assumed coverage on MGIC Investment in a report on Tuesday, September 22nd. They issued a “hold” rating for the company. One analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and six have assigned a Hold rating to the stock. Based on data from MarketBeat.com, MGIC Investment currently has a consensus rating of “Hold” and a consensus price target of $31.00.

About MGIC Investment

MGIC Investment Corporation is a mortgage insurance company whose principal subsidiary, Mortgage Guaranty Insurance Corporation (MGIC), provides private mortgage insurance to lenders. Its coverage helps protect lenders from losses if borrowers default on their mortgages and can help qualified borrowers purchase homes with smaller down payments.

Founded in 1957 by Max H. Karl, MGIC is widely recognized as a pioneer in the private mortgage insurance industry. The company serves mortgage lenders and borrowers across the United States.

Based in Milwaukee, Wisconsin, MGIC Investment is led by President and Chief Executive Officer Timothy J.