MGIC Investment Corporation (NYSE:MTG) Shares Will Pay Quarterly Dividend of $0.17

MGIC Investment Corporation (NYSE:MTG) announced a quarterly dividend on Thursday, October 29th. Stockholders of record on Thursday, November 12th will be paid a dividend of $0.17 per share by the insurance provider on Monday, November 23rd. This represents a $0.68 annualized dividend and a dividend yield of 2.4%. The ex-dividend date of this dividend is Thursday, November 12th.

MGIC Investment has increased its dividend by an average of 0.2% per year over the last three years and has increased its dividend annually for the last 6 consecutive years. MGIC Investment has a dividend payout ratio of 22.4% indicating that its dividend is sufficiently covered by earnings. Research analysts expect MGIC Investment to earn $3.37 per share next year, which means the company should continue to be able to cover its $0.68 annual dividend with an expected future payout ratio of 20.2%.

MGIC Investment Price Performance

MGIC Investment stock opened at $28.87 on Friday. The business has a fifty day moving average price of $29.08 and a 200-day moving average price of $27.74. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.19 and a quick ratio of 1.19. MGIC Investment has a one year low of $24.69 and a one year high of $31.89. The firm has a market capitalization of $5.92 billion, a P/E ratio of 9.02, a PEG ratio of 1.00 and a beta of 0.67.

MGIC Investment (NYSE:MTG) last released its earnings results on Wednesday, July 29th. The insurance provider reported $0.87 EPS for the quarter, beating the consensus estimate of $0.76 by $0.11. MGIC Investment had a net margin of 59.20% and a return on equity of 13.90%. The company had revenue of $295.39 million for the quarter, compared to analyst estimates of $297.54 million. During the same quarter last year, the firm earned $0.82 EPS. The firm’s quarterly revenue was down 2.9% compared to the same quarter last year. As a group, equities research analysts forecast that MGIC Investment will post 3.22 EPS for the current year.

Insider Transactions at MGIC Investment

In other MGIC Investment news, EVP Paula C. Maggio sold 20,000 shares of the company’s stock in a transaction that occurred on Friday, August 7th. The stock was sold at an average price of $30.30, for a total value of $606,000.00. Following the sale, the executive vice president owned 149,620 shares in the company, valued at approximately $4,533,486. This represents a 11.79% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Timothy J. Mattke sold 137,114 shares of the company’s stock in a transaction dated Thursday, October 1st. The stock was sold at an average price of $26.23, for a total transaction of $3,596,500.22. Following the completion of the transaction, the chief executive officer owned 843,778 shares of the company’s stock, valued at approximately $22,132,296.94. This trade represents a 13.98% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders sold 217,114 shares of company stock worth $5,906,200. Company insiders own 1.34% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the company. Elevation Wealth Partners LLC raised its holdings in MGIC Investment by 345.6% in the 3rd quarter. Elevation Wealth Partners LLC now owns 1,123 shares of the insurance provider’s stock valued at $29,000 after acquiring an additional 871 shares during the last quarter. V Square Quantitative Management LLC boosted its stake in MGIC Investment by 91.2% during the third quarter. V Square Quantitative Management LLC now owns 1,363 shares of the insurance provider’s stock worth $35,000 after buying an additional 650 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new position in MGIC Investment during the second quarter worth $62,000. Harbor Investment Advisory LLC increased its stake in shares of MGIC Investment by 613.0% in the 2nd quarter. Harbor Investment Advisory LLC now owns 2,574 shares of the insurance provider’s stock worth $73,000 after acquiring an additional 2,213 shares during the last quarter. Finally, Root Financial Partners LLC acquired a new position in MGIC Investment in the 3rd quarter valued at about $76,000. 95.58% of the stock is owned by institutional investors and hedge funds.

MGIC Investment Company Profile

MGIC Investment Corporation (NYSE:MTG) is a holding company whose principal subsidiary is Mortgage Guaranty Insurance Corporation (MGIC), a provider of private mortgage insurance in the United States. MGIC’s insurance helps protect mortgage lenders and investors against losses when borrowers default, enabling qualified homebuyers to obtain mortgages with smaller down payments.

MGIC primarily offers primary mortgage insurance for residential loans, working with mortgage lenders, banks and other housing-finance institutions.