MGIC Investment (NYSE:MTG) COO Salvatore Miosi Sells 30,000 Shares

MGIC Investment Corporation (NYSE:MTG) COO Salvatore Miosi sold 30,000 shares of the stock in a transaction on Monday, June 8th. The shares were sold at an average price of $25.38, for a total value of $761,400.00. Following the completion of the transaction, the chief operating officer directly owned 560,951 shares in the company, valued at approximately $14,236,936.38. This trade represents a 5.08% decrease in their position. The transaction 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 Up 1.2%

Shares of MTG stock traded up $0.30 during trading hours on Tuesday, reaching $25.55. The company had a trading volume of 1,523,468 shares, compared to its average volume of 2,110,503. The company has a 50 day moving average of $26.65 and a 200 day moving average of $27.19. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.14 and a quick ratio of 1.14. The firm has a market cap of $5.40 billion, a price-to-earnings ratio of 8.11, a P/E/G ratio of 1.75 and a beta of 0.68. MGIC Investment Corporation has a 1-year low of $24.69 and a 1-year high of $29.97.

MGIC Investment (NYSE:MTG) last posted its quarterly earnings results on Wednesday, April 29th. The insurance provider reported $0.76 earnings per share for the quarter, beating analysts’ consensus estimates of $0.73 by $0.03. The company had revenue of $297.08 million for the quarter, compared to the consensus estimate of $303.12 million. MGIC Investment had a return on equity of 14.01% and a net margin of 59.63%.The firm’s quarterly revenue was down 3.0% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.75 EPS. On average, equities research analysts anticipate that MGIC Investment Corporation will post 3.06 EPS for the current year.

MGIC Investment Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, May 21st. Stockholders of record on Wednesday, May 6th were paid a $0.15 dividend. The ex-dividend date of this dividend was Wednesday, May 6th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 2.3%. MGIC Investment’s dividend payout ratio is 19.05%.

MGIC Investment declared that its board has authorized a share buyback plan on Thursday, April 23rd that authorizes the company to repurchase $750.00 million in outstanding shares. This repurchase authorization authorizes the insurance provider to reacquire up to 12.4% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s leadership believes its stock is undervalued.

Analysts Set New Price Targets

Several analysts recently commented on MTG shares. Barclays dropped their price objective on MGIC Investment from $29.00 to $28.00 and set an “equal weight” rating on the stock in a research note on Friday, May 1st. Royal Bank Of Canada started coverage on MGIC Investment in a research note on Friday, May 22nd. They set a “sector perform” rating and a $28.00 price objective on the stock. Keefe, Bruyette & Woods raised their price objective on MGIC Investment from $28.00 to $29.00 and gave the stock a “market perform” rating in a research note on Friday, April 10th. Finally, UBS Group dropped their price objective on MGIC Investment from $29.50 to $28.00 and set a “neutral” rating on the stock in a research note on Thursday, March 12th. One equities research analyst has rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $28.25.

Institutional Investors Weigh In On MGIC Investment

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Alps Advisors Inc. grew its holdings in shares of MGIC Investment by 60.6% in the 3rd quarter. Alps Advisors Inc. now owns 701,943 shares of the insurance provider’s stock valued at $19,914,000 after acquiring an additional 264,968 shares in the last quarter. Jefferies Financial Group Inc. grew its holdings in shares of MGIC Investment by 245.3% in the 4th quarter. Jefferies Financial Group Inc. now owns 364,650 shares of the insurance provider’s stock valued at $10,655,000 after acquiring an additional 259,039 shares in the last quarter. Tudor Investment Corp ET AL grew its holdings in shares of MGIC Investment by 106.1% in the 3rd quarter. Tudor Investment Corp ET AL now owns 687,445 shares of the insurance provider’s stock valued at $19,503,000 after acquiring an additional 353,935 shares in the last quarter. Arbejdsmarkedets Tillaegspension bought a new position in shares of MGIC Investment in the 4th quarter valued at about $24,456,000. Finally, Assetmark Inc. grew its holdings in shares of MGIC Investment by 1,208.1% in the 3rd quarter. Assetmark Inc. now owns 1,674,152 shares of the insurance provider’s stock valued at $47,496,000 after acquiring an additional 1,546,173 shares in the last quarter. 95.58% of the stock is currently owned by institutional investors and hedge funds.

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.