Glenmede Trust Co. NA Sells 41,661 Shares of MGIC Investment Corporation $MTG

Glenmede Trust Co. NA trimmed its position in shares of MGIC Investment Corporation (NYSE:MTG) by 70.2% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 17,673 shares of the insurance provider’s stock after selling 41,661 shares during the period. Glenmede Trust Co. NA’s holdings in MGIC Investment were worth $464,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently modified their holdings of MTG. Newbridge Financial Services Group Inc. bought a new stake in MGIC Investment in the third quarter worth $28,000. V Square Quantitative Management LLC bought a new position in MGIC Investment during the fourth quarter valued at $36,000. SBI Securities Co. Ltd. lifted its position in MGIC Investment by 40.3% during the fourth quarter. SBI Securities Co. Ltd. now owns 1,461 shares of the insurance provider’s stock valued at $43,000 after purchasing an additional 420 shares during the last quarter. Geneos Wealth Management Inc. grew its stake in shares of MGIC Investment by 88.0% in the 1st quarter. Geneos Wealth Management Inc. now owns 1,745 shares of the insurance provider’s stock worth $43,000 after buying an additional 817 shares in the last quarter. Finally, Kestra Advisory Services LLC purchased a new position in shares of MGIC Investment in the 4th quarter worth $79,000. 95.58% of the stock is currently owned by institutional investors.

Insider Activity

In other MGIC Investment news, COO Salvatore A. Miosi sold 30,000 shares of the firm’s stock in a transaction on Monday, June 8th. The stock was sold at an average price of $25.38, for a total transaction of $761,400.00. Following the transaction, the chief operating officer directly owned 560,951 shares in the company, valued at $14,236,936.38. This trade represents a 5.08% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Paula C. Maggio sold 20,937 shares of MGIC Investment stock in a transaction on Friday, May 29th. The shares were sold at an average price of $25.55, for a total value of $534,940.35. Following the sale, the executive vice president directly owned 169,620 shares of the company’s stock, valued at approximately $4,333,791. This trade represents a 10.99% 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. 1.34% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several analysts recently weighed in on MTG shares. Barclays decreased their price target on MGIC Investment from $29.00 to $28.00 and set an “equal weight” rating on the stock in a report on Friday, May 1st. Weiss Ratings upgraded shares of MGIC Investment from a “buy (b)” rating to a “buy (b+)” rating in a research report on Tuesday, July 7th. Keefe, Bruyette & Woods increased their target price on shares of MGIC Investment from $29.00 to $30.00 and gave the company a “market perform” rating in a research note on Friday, July 31st. Royal Bank Of Canada upped their price target on shares of MGIC Investment from $28.00 to $32.00 and gave the company a “sector perform” rating in a report on Friday, July 31st. Finally, Roth Capital reissued a “buy” rating and issued a $35.00 price objective on shares of MGIC Investment in a research note on Thursday, July 30th. Two analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $30.60.

MGIC Investment Stock Performance

MTG stock opened at $30.52 on Friday. MGIC Investment Corporation has a twelve month low of $24.69 and a twelve month high of $31.89. The firm has a market cap of $6.26 billion, a price-to-earnings ratio of 9.54, a PEG ratio of 0.78 and a beta of 0.66. The business’s fifty day simple moving average is $27.91 and its two-hundred day simple moving average is $27.10. The company has a quick ratio of 1.19, a current ratio of 1.19 and a debt-to-equity ratio of 0.13.

MGIC Investment (NYSE:MTG) last issued its earnings results on Wednesday, July 29th. The insurance provider reported $0.87 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.76 by $0.11. The firm had revenue of $295.39 million during the quarter, compared to analyst estimates of $297.54 million. MGIC Investment had a net margin of 59.20% and a return on equity of 13.90%. The business’s revenue was down 2.9% on a year-over-year basis. During the same period in the previous year, the firm earned $0.82 earnings per share. Analysts predict that MGIC Investment Corporation will post 3.21 earnings per share for the current year.

MGIC Investment announced that its board has authorized a stock repurchase plan on Thursday, April 23rd that permits the company to repurchase $750.00 million in shares. This repurchase authorization permits the insurance provider to repurchase up to 12.4% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s board of directors believes its stock is undervalued.

MGIC Investment Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, August 20th. Shareholders of record on Wednesday, August 5th will be given a $0.17 dividend. This is a positive change from MGIC Investment’s previous quarterly dividend of $0.15. The ex-dividend date of this dividend is Wednesday, August 5th. This represents a $0.68 annualized dividend and a yield of 2.2%. MGIC Investment’s dividend payout ratio is presently 21.25%.

MGIC Investment 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.