Insider Selling: MGIC Investment (NYSE:MTG) COO Sells $781,800.00 in Stock

MGIC Investment Corporation (NYSE:MTG) COO Salvatore Miosi sold 30,000 shares of the company’s stock in a transaction dated Thursday, October 1st. The stock was sold at an average price of $26.06, for a total value of $781,800.00. Following the sale, the chief operating officer owned 440,951 shares in the company, valued at approximately $11,491,183.06. This trade represents a 6.37% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

MGIC Investment Stock Up 1.9%

Shares of MTG traded up $0.49 during midday trading on Friday, hitting $26.86. The company had a trading volume of 3,799,041 shares, compared to its average volume of 2,059,271. The company’s 50-day simple moving average is $30.22 and its 200-day simple moving average is $28.08. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.19 and a current ratio of 1.19. The firm has a market capitalization of $5.51 billion, a P/E ratio of 8.40, a P/E/G ratio of 0.66 and a beta of 0.67. MGIC Investment Corporation has a 1 year low of $24.69 and a 1 year high of $31.89.

MGIC Investment (NYSE:MTG) last released its earnings results on Wednesday, July 29th. The insurance provider reported $0.87 earnings per share for the quarter, topping analysts’ consensus estimates of $0.76 by $0.11. The firm had revenue of $295.39 million for 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 quarterly revenue was down 2.9% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.82 earnings per share. As a group, sell-side analysts expect that MGIC Investment Corporation will post 3.24 EPS for the current year.

MGIC Investment Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, August 20th. Shareholders of record on Wednesday, August 5th were issued a dividend of $0.17 per share. This is a boost from MGIC Investment’s previous quarterly dividend of $0.15. The ex-dividend date was Wednesday, August 5th. This represents a $0.68 annualized dividend and a yield of 2.5%. MGIC Investment’s dividend payout ratio (DPR) is presently 21.25%.

Institutional Trading of MGIC Investment

Several institutional investors have recently modified their holdings of the stock. Baird Financial Group Inc. boosted its holdings in shares of MGIC Investment by 3.1% in the 2nd quarter. Baird Financial Group Inc. now owns 13,092 shares of the insurance provider’s stock valued at $369,000 after purchasing an additional 392 shares during the last quarter. Compound Planning Inc. increased its holdings in shares of MGIC Investment by 4.3% during the 1st quarter. Compound Planning Inc. now owns 10,392 shares of the insurance provider’s stock worth $273,000 after buying an additional 433 shares during the last quarter. Oregon Public Employees Retirement Fund raised its position in shares of MGIC Investment by 1.1% in the 1st quarter. Oregon Public Employees Retirement Fund now owns 44,972 shares of the insurance provider’s stock worth $1,181,000 after buying an additional 481 shares during the period. Versant Capital Management Inc raised its position in shares of MGIC Investment by 9.4% in the 3rd quarter. Versant Capital Management Inc now owns 5,917 shares of the insurance provider’s stock worth $153,000 after buying an additional 508 shares during the period. Finally, Lido Advisors LLC boosted its holdings in MGIC Investment by 2.4% in the first quarter. Lido Advisors LLC now owns 24,373 shares of the insurance provider’s stock valued at $640,000 after acquiring an additional 574 shares during the last quarter. Hedge funds and other institutional investors own 95.58% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on MTG. Roth Capital restated a “buy” rating and issued a $35.00 price objective on shares of MGIC Investment in a report on Thursday, July 30th. Zacks Research raised MGIC Investment from a “hold” rating to a “strong-buy” rating in a report on Tuesday, August 25th. Weiss Ratings upgraded MGIC Investment from a “buy (b+)” rating to a “buy (a-)” rating in a research note on Wednesday, August 19th. Royal Bank Of Canada lifted their price target on MGIC Investment from $28.00 to $32.00 and gave the stock a “sector perform” rating in a report on Friday, July 31st. Finally, Keefe, Bruyette & Woods upped their price objective on MGIC Investment from $29.00 to $30.00 and gave the stock a “market perform” rating in a research report on Friday, July 31st. Two equities research analysts have rated the stock with a Strong Buy rating, one has given a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $30.60.

About MGIC Investment

MGIC Investment Corporation is a holding company whose principal subsidiary, Mortgage Guaranty Insurance Corporation (MGIC), provides private mortgage insurance in the United States. Its insurance helps lenders manage credit risk on residential mortgage loans, particularly loans made to borrowers who provide down payments below traditional thresholds.

MGIC’s products are primarily designed for lenders and other mortgage-finance participants, including primary mortgage insurance covering individual residential loans.