Blue Trust Inc. Trims Stake in MGIC Investment Corporation $MTG

Blue Trust Inc. lessened its holdings in shares of MGIC Investment Corporation (NYSE:MTG) by 19.4% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 4,622 shares of the insurance provider’s stock after selling 1,112 shares during the quarter. Blue Trust Inc.’s holdings in MGIC Investment were worth $129,000 at the end of the most recent quarter.

Other large investors also recently made changes to their positions in the company. EP Wealth Advisors LLC increased its holdings in MGIC Investment by 0.9% in the 1st quarter. EP Wealth Advisors LLC now owns 45,481 shares of the insurance provider’s stock valued at $1,127,000 after purchasing an additional 398 shares in the last quarter. Brooklyn Investment Group grew its stake in shares of MGIC Investment by 15.5% during the first quarter. Brooklyn Investment Group now owns 3,094 shares of the insurance provider’s stock valued at $77,000 after acquiring an additional 416 shares in the last quarter. Signaturefd LLC lifted its position in shares of MGIC Investment by 1.9% during the first quarter. Signaturefd LLC now owns 22,112 shares of the insurance provider’s stock worth $548,000 after purchasing an additional 421 shares during the last quarter. PNC Financial Services Group Inc. lifted its position in shares of MGIC Investment by 4.2% during the first quarter. PNC Financial Services Group Inc. now owns 10,894 shares of the insurance provider’s stock worth $270,000 after purchasing an additional 437 shares during the last quarter. Finally, Fifth Third Bancorp lifted its position in shares of MGIC Investment by 20.1% during the first quarter. Fifth Third Bancorp now owns 2,749 shares of the insurance provider’s stock worth $68,000 after purchasing an additional 461 shares during the last quarter. Hedge funds and other institutional investors own 95.58% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have issued reports on MTG shares. Barclays raised their target price on shares of MGIC Investment from $27.00 to $28.00 and gave the stock a “cautious” rating in a report on Monday, October 6th. Weiss Ratings reiterated a “buy (a-)” rating on shares of MGIC Investment in a research note on Wednesday, October 8th. Finally, Keefe, Bruyette & Woods lifted their price target on shares of MGIC Investment from $26.00 to $27.00 and gave the stock a “market perform” rating in a research report on Monday, July 7th. One equities research analyst has rated the stock with a Strong Buy rating, four have issued a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat, MGIC Investment has an average rating of “Hold” and an average price target of $26.83.

Insider Buying and Selling at MGIC Investment

In other news, COO Salvatore A. Miosi sold 30,000 shares of the business’s stock in a transaction dated Wednesday, October 1st. The shares were sold at an average price of $28.15, for a total transaction of $844,500.00. Following the transaction, the chief operating officer owned 189,401 shares in the company, valued at approximately $5,331,638.15. The trade was a 13.67% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Timothy J. Mattke sold 139,203 shares of the company’s stock in a transaction dated Thursday, August 7th. The shares were sold at an average price of $26.54, for a total transaction of $3,694,447.62. Following the completion of the sale, the chief executive officer directly owned 1,100,994 shares in the company, valued at approximately $29,220,380.76. The trade was a 11.22% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 338,406 shares of company stock worth $9,096,557 in the last quarter. Insiders own 1.05% of the company’s stock.

MGIC Investment Trading Down 3.0%

Shares of NYSE:MTG opened at $26.55 on Friday. The company has a quick ratio of 1.46, a current ratio of 1.46 and a debt-to-equity ratio of 0.13. MGIC Investment Corporation has a 12-month low of $21.94 and a 12-month high of $29.01. The firm has a fifty day moving average of $27.83 and a two-hundred day moving average of $26.52. The firm has a market capitalization of $6.12 billion, a P/E ratio of 8.70, a price-to-earnings-growth ratio of 1.98 and a beta of 0.88.

MGIC Investment (NYSE:MTG) last released its quarterly earnings data on Wednesday, July 30th. The insurance provider reported $0.82 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.70 by $0.12. MGIC Investment had a net margin of 62.58% and a return on equity of 14.73%. The business had revenue of $304.25 million during the quarter, compared to analyst estimates of $306.25 million. During the same quarter in the previous year, the business earned $0.77 EPS. MGIC Investment’s quarterly revenue was down .3% compared to the same quarter last year. On average, equities analysts expect that MGIC Investment Corporation will post 2.71 EPS for the current fiscal year.

MGIC Investment Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, August 21st. Investors of record on Thursday, August 7th were issued a $0.15 dividend. This is a boost from MGIC Investment’s previous quarterly dividend of $0.13. The ex-dividend date was Thursday, August 7th. This represents a $0.60 annualized dividend and a yield of 2.3%. MGIC Investment’s payout ratio is 19.67%.

MGIC Investment Company Profile

MGIC Investment Corporation, through its subsidiaries, provides private mortgage insurance, other mortgage credit risk management solutions, and ancillary services to lenders and government sponsored entities in the United States, the District of Columbia, Puerto Rico, and Guam. The company offers primary mortgage insurance that provides mortgage default protection on individual loans, as well as covers unpaid loan principal, delinquent interest, and various expenses associated with the default and subsequent foreclosure.