Handelsbanken Fonder AB Sells 5,200 Shares of MGIC Investment Corporation $MTG

Handelsbanken Fonder AB cut its position in MGIC Investment Corporation (NYSE:MTG) by 7.7% in the 2nd quarter, according to its most recent disclosure with the SEC. The fund owned 62,282 shares of the insurance provider’s stock after selling 5,200 shares during the period. Handelsbanken Fonder AB’s holdings in MGIC Investment were worth $1,734,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Private Advisor Group LLC purchased a new position in MGIC Investment in the 1st quarter worth approximately $238,000. Mackenzie Financial Corp increased its holdings in shares of MGIC Investment by 20.7% in the 1st quarter. Mackenzie Financial Corp now owns 542,207 shares of the insurance provider’s stock worth $13,436,000 after purchasing an additional 92,824 shares in the last quarter. Cozad Asset Management Inc. raised its stake in shares of MGIC Investment by 8.2% in the first quarter. Cozad Asset Management Inc. now owns 82,468 shares of the insurance provider’s stock worth $2,044,000 after purchasing an additional 6,256 shares during the last quarter. GSA Capital Partners LLP purchased a new position in shares of MGIC Investment in the first quarter worth $1,353,000. Finally, XTX Topco Ltd lifted its holdings in shares of MGIC Investment by 1.7% during the first quarter. XTX Topco Ltd now owns 44,500 shares of the insurance provider’s stock valued at $1,103,000 after purchasing an additional 731 shares in the last quarter. Hedge funds and other institutional investors own 95.58% of the company’s stock.

Insider Buying and Selling

In related news, EVP Paula C. Maggio sold 20,000 shares of the stock in a transaction that occurred on Friday, October 31st. The shares were sold at an average price of $27.44, for a total value of $548,800.00. Following the completion of the sale, the executive vice president directly owned 117,395 shares of the company’s stock, valued at approximately $3,221,318.80. This represents a 14.56% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Timothy J. Mattke sold 139,203 shares of the stock in a transaction on Tuesday, October 7th. The stock was sold at an average price of $27.09, for a total transaction of $3,771,009.27. Following the completion of the sale, the chief executive officer directly owned 961,791 shares of the company’s stock, valued at approximately $26,054,918.19. This trade represents a 12.64% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders have sold 219,203 shares of company stock valued at $5,989,909. 1.05% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several research firms recently commented on MTG. Weiss Ratings reiterated a “buy (a-)” rating on shares of MGIC Investment in a report on Wednesday, October 8th. Barclays raised their price target on shares of MGIC Investment from $27.00 to $28.00 and gave the company a “cautious” rating in a report on Monday, October 6th. One analyst has rated the stock with a Strong Buy rating, three have assigned a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $26.80.

MGIC Investment Price Performance

NYSE MTG opened at $28.38 on Thursday. The company has a 50-day moving average price of $27.72 and a 200-day moving average price of $27.21. MGIC Investment Corporation has a 52 week low of $21.94 and a 52 week high of $29.01. The company has a quick ratio of 1.46, a current ratio of 1.46 and a debt-to-equity ratio of 0.13. The firm has a market capitalization of $6.35 billion, a P/E ratio of 9.13, a PEG ratio of 1.91 and a beta of 0.92.

MGIC Investment (NYSE:MTG) last announced its earnings results on Wednesday, October 29th. The insurance provider reported $0.83 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.72 by $0.11. MGIC Investment had a net margin of 61.96% and a return on equity of 14.63%. The company had revenue of $304.51 million during the quarter, compared to analyst estimates of $308.16 million. During the same period in the previous year, the business posted $0.77 earnings per share. The firm’s quarterly revenue was down .7% compared to the same quarter last year. Equities research analysts anticipate 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 Thursday, November 20th. Stockholders of record on Thursday, November 6th were paid a $0.15 dividend. This represents a $0.60 annualized dividend and a dividend yield of 2.1%. The ex-dividend date was Thursday, November 6th. MGIC Investment’s dividend payout ratio is 19.29%.

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.