Paula Maggio Sells 20,937 Shares of MGIC Investment (NYSE:MTG) Stock

MGIC Investment Corporation (NYSE:MTG) EVP Paula Maggio sold 20,937 shares of the firm’s stock in a transaction on Friday, May 29th. The stock was sold at an average price of $25.55, for a total transaction of $534,940.35. Following the sale, the executive vice president owned 169,620 shares in the company, valued at approximately $4,333,791. The trade was a 10.99% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

MGIC Investment Trading Down 0.7%

Shares of NYSE:MTG opened at $24.90 on Wednesday. MGIC Investment Corporation has a 12 month low of $24.77 and a 12 month high of $29.97. The company has a quick ratio of 1.14, a current ratio of 1.14 and a debt-to-equity ratio of 0.13. The company’s fifty day simple moving average is $26.73 and its 200 day simple moving average is $27.29. The firm has a market cap of $5.27 billion, a price-to-earnings ratio of 7.90, a PEG ratio of 1.72 and a beta of 0.68.

MGIC Investment (NYSE:MTG) last issued its quarterly earnings data on Wednesday, April 29th. The insurance provider reported $0.76 EPS for the quarter, topping analysts’ consensus estimates of $0.73 by $0.03. MGIC Investment had a net margin of 59.63% and a return on equity of 14.01%. The business had revenue of $297.08 million for the quarter, compared to analyst estimates of $303.12 million. During the same period last year, the business posted $0.75 earnings per share. The firm’s quarterly revenue was down 3.0% on a year-over-year basis. As a group, research analysts forecast that MGIC Investment Corporation will post 3.06 EPS for the current fiscal year.

MGIC Investment announced that its Board of Directors has approved a share repurchase 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 typically an indication that the company’s leadership believes its stock is undervalued.

MGIC Investment Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, May 21st. Investors of record on Wednesday, May 6th were issued a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a dividend yield of 2.4%. The ex-dividend date was Wednesday, May 6th. MGIC Investment’s dividend payout ratio (DPR) is presently 19.05%.

Analyst Ratings Changes

A number of equities research analysts recently commented on the stock. Royal Bank Of Canada assumed coverage on shares of MGIC Investment in a report on Friday, May 22nd. They set a “sector perform” rating and a $28.00 price objective on the stock. Weiss Ratings lowered shares of MGIC Investment from a “buy (a-)” rating to a “buy (b+)” rating in a report on Thursday, February 5th. Barclays dropped their price objective on shares of MGIC Investment from $29.00 to $28.00 and set an “equal weight” rating on the stock in a report on Friday, May 1st. Keefe, Bruyette & Woods raised their target price on shares of MGIC Investment from $28.00 to $29.00 and gave the company a “market perform” rating in a research report on Friday, April 10th. Finally, UBS Group decreased their target price on shares of MGIC Investment from $29.50 to $28.00 and set a “neutral” rating for the company in a research report on Thursday, March 12th. One analyst has rated the stock with a Buy rating and four have given a Hold rating to the company. According to MarketBeat, the stock has an average rating of “Hold” and an average target price of $28.25.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in MTG. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. bought a new position in MGIC Investment in the first quarter valued at $2,397,000. Goldman Sachs Group Inc. grew its position in MGIC Investment by 6.7% in the first quarter. Goldman Sachs Group Inc. now owns 3,103,366 shares of the insurance provider’s stock valued at $76,901,000 after purchasing an additional 195,895 shares in the last quarter. Geneos Wealth Management Inc. grew its position in MGIC Investment by 88.0% in the first quarter. Geneos Wealth Management Inc. now owns 1,745 shares of the insurance provider’s stock valued at $43,000 after purchasing an additional 817 shares in the last quarter. Sivia Capital Partners LLC bought a new position in MGIC Investment in the second quarter valued at $425,000. Finally, Northwestern Mutual Wealth Management Co. grew its position in MGIC Investment by 18.9% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 5,211 shares of the insurance provider’s stock valued at $145,000 after purchasing an additional 830 shares in the last quarter. Institutional investors own 95.58% of the company’s stock.

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.