Insider Selling: MGIC Investment (NYSE:MTG) CEO Sells $3,771,009.27 in Stock

MGIC Investment Corporation (NYSE:MTG) CEO Timothy Mattke sold 139,203 shares of the firm’s stock in a transaction that occurred on Tuesday, October 7th. The shares were sold at an average price of $27.09, for a total value of $3,771,009.27. Following the completion of the transaction, the chief executive officer directly owned 961,791 shares in the company, valued at $26,054,918.19. The trade was a 12.64% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink.

MGIC Investment Stock Performance

Shares of NYSE MTG opened at $26.71 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. The business’s 50 day moving average is $27.80 and its two-hundred day moving average is $26.45. The company has a market cap of $6.16 billion, a P/E ratio of 8.76, a P/E/G ratio of 1.94 and a beta of 0.88. MGIC Investment Corporation has a 12 month low of $21.94 and a 12 month high of $29.01.

MGIC Investment (NYSE:MTG) last issued its quarterly earnings results on Wednesday, July 30th. The insurance provider reported $0.82 EPS for the quarter, topping the consensus estimate of $0.70 by $0.12. The company had revenue of $304.25 million for the quarter, compared to the consensus estimate of $306.25 million. MGIC Investment had a return on equity of 14.73% and a net margin of 62.58%.The company’s revenue for the quarter was down .3% on a year-over-year basis. During the same period in the previous year, the business posted $0.77 EPS. On average, equities analysts expect that MGIC Investment Corporation will post 2.71 EPS for the current year.

MGIC Investment Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, August 21st. Shareholders of record on Thursday, August 7th were given a $0.15 dividend. The ex-dividend date of this dividend was Thursday, August 7th. This represents a $0.60 annualized dividend and a yield of 2.2%. This is an increase from MGIC Investment’s previous quarterly dividend of $0.13. MGIC Investment’s dividend payout ratio (DPR) is presently 19.67%.

Wall Street Analysts Forecast Growth

Several brokerages have commented on MTG. Weiss Ratings reaffirmed a “buy (a-)” rating on shares of MGIC Investment in a research report on Wednesday. Barclays boosted their price objective on MGIC Investment from $27.00 to $28.00 and gave the company a “cautious” rating in a research report on Monday. Finally, Keefe, Bruyette & Woods boosted their price objective on MGIC Investment from $26.00 to $27.00 and gave the company a “market perform” rating in a research report on Monday, July 7th. One research analyst has rated the stock with a Strong Buy rating, four have assigned a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $26.83.

Institutional Trading of MGIC Investment

Institutional investors have recently bought and sold shares of the stock. WPG Advisers LLC acquired a new stake in MGIC Investment in the 1st quarter valued at $26,000. True Wealth Design LLC boosted its stake in MGIC Investment by 262.5% in the 2nd quarter. True Wealth Design LLC now owns 1,004 shares of the insurance provider’s stock valued at $28,000 after buying an additional 727 shares in the last quarter. Hantz Financial Services Inc. boosted its stake in MGIC Investment by 3,067.6% in the 2nd quarter. Hantz Financial Services Inc. now owns 1,077 shares of the insurance provider’s stock valued at $30,000 after buying an additional 1,043 shares in the last quarter. Employees Retirement System of Texas acquired a new stake in MGIC Investment in the 2nd quarter valued at $32,000. Finally, Cullen Frost Bankers Inc. acquired a new stake in MGIC Investment in the 1st quarter valued at $33,000. Institutional investors and hedge funds own 95.58% of the company’s stock.

About MGIC Investment

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.