Insider Selling: MGIC Investment (NYSE:MTG) EVP Sells 20,000 Shares of Stock

MGIC Investment Corporation (NYSE:MTG) EVP Paula Maggio sold 20,000 shares of the firm’s stock in a transaction on Friday, February 6th. The stock was sold at an average price of $27.51, for a total value of $550,200.00. Following the sale, the executive vice president directly owned 114,689 shares of the company’s stock, valued at approximately $3,155,094.39. This represents a 14.85% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink.

MGIC Investment Trading Down 2.6%

Shares of MGIC Investment stock traded down $0.71 on Monday, reaching $26.60. 1,987,951 shares of the company were exchanged, compared to its average volume of 2,491,991. MGIC Investment Corporation has a fifty-two week low of $21.94 and a fifty-two week high of $29.97. The firm has a market capitalization of $5.95 billion, a price-to-earnings ratio of 8.47, a price-to-earnings-growth ratio of 2.17 and a beta of 0.83. The company has a current ratio of 0.78, a quick ratio of 1.48 and a debt-to-equity ratio of 0.13. The stock has a fifty day moving average price of $28.09 and a 200-day moving average price of $27.77.

MGIC Investment (NYSE:MTG) last released its quarterly earnings results on Monday, February 2nd. The insurance provider reported $0.75 earnings per share for the quarter, beating analysts’ consensus estimates of $0.73 by $0.02. The business had revenue of $298.65 million during the quarter, compared to analyst estimates of $308.19 million. MGIC Investment had a return on equity of 14.33% and a net margin of 60.84%.MGIC Investment’s revenue for the quarter was down .9% on a year-over-year basis. During the same quarter last year, the company posted $0.72 EPS. On average, analysts expect that MGIC Investment Corporation will post 2.71 EPS for the current year.

MGIC Investment Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, March 6th. Stockholders of record on Tuesday, February 17th will be issued a dividend of $0.15 per share. The ex-dividend date is Tuesday, February 17th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 2.3%. MGIC Investment’s payout ratio is currently 19.11%.

Institutional Investors Weigh In On MGIC Investment

Several institutional investors have recently made changes to their positions in the company. True Wealth Design LLC increased its holdings in MGIC Investment by 262.5% in the second quarter. True Wealth Design LLC now owns 1,004 shares of the insurance provider’s stock worth $28,000 after buying an additional 727 shares during the last quarter. Alpine Bank Wealth Management bought a new stake in MGIC Investment in the third quarter worth approximately $28,000. Newbridge Financial Services Group Inc. acquired a new position in shares of MGIC Investment during the 3rd quarter worth $28,000. Hantz Financial Services Inc. raised its holdings in shares of MGIC Investment by 3,067.6% during the 2nd quarter. Hantz Financial Services Inc. now owns 1,077 shares of the insurance provider’s stock valued at $30,000 after purchasing an additional 1,043 shares in the last quarter. Finally, SBI Securities Co. Ltd. lifted its stake in shares of MGIC Investment by 61.1% in the 3rd quarter. SBI Securities Co. Ltd. now owns 1,041 shares of the insurance provider’s stock valued at $30,000 after purchasing an additional 395 shares during the last quarter. 95.58% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research firms have weighed in on MTG. Barclays lowered their price objective on shares of MGIC Investment from $30.00 to $28.00 and set an “equal weight” rating on the stock in a research report on Wednesday, February 4th. Weiss Ratings downgraded MGIC Investment from a “buy (a-)” rating to a “buy (b+)” rating in a research note on Thursday. Finally, Keefe, Bruyette & Woods raised their price objective on MGIC Investment from $27.00 to $28.00 and gave the stock a “market perform” rating in a research report on Thursday, December 18th. One research analyst has rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat, MGIC Investment has an average rating of “Hold” and a consensus price target of $27.50.

About MGIC Investment

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.