MGIC Investment (NYSE:MTG) Shares Cross Above Fifty Day Moving Average – Time to Sell?

MGIC Investment Corporation (NYSE:MTG)’s share price passed above its 50-day moving average during trading on Wednesday. The stock has a 50-day moving average of $28.90 and traded as high as $29.25. MGIC Investment shares last traded at $29.0350, with a volume of 2,415,801 shares.

Wall Street Analysts Forecast Growth

MTG has been the topic of several recent analyst reports. Zacks Research cut shares of MGIC Investment from a “strong-buy” rating to a “hold” rating in a research report on Monday, October 19th. Weiss Ratings upgraded shares of MGIC Investment from a “buy (b+)” rating to a “buy (a-)” rating in a research note on Wednesday, August 19th. Keefe, Bruyette & Woods lifted their price target on MGIC Investment from $29.00 to $30.00 and gave the company a “market perform” rating in a research report on Friday, July 31st. Royal Bank Of Canada boosted their price objective on MGIC Investment from $28.00 to $32.00 and gave the company a “sector perform” rating in a research note on Friday, July 31st. Finally, BTIG Research initiated coverage on MGIC Investment in a research note on Tuesday, September 22nd. They set a “hold” rating on the stock. One analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and six have given a Hold rating to the stock. According to data from MarketBeat.com, MGIC Investment presently has an average rating of “Hold” and a consensus target price of $30.80.

MGIC Investment Stock Up 1.4%

The stock has a 50-day simple moving average of $28.90 and a two-hundred day simple moving average of $27.79. The firm has a market cap of $5.96 billion, a PE ratio of 9.07, a P/E/G ratio of 1.01 and a beta of 0.64. 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 posted its quarterly earnings results on Wednesday, November 4th. The insurance provider reported $0.85 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.81 by $0.04. MGIC Investment had a net margin of 59.20% and a return on equity of 13.90%. The business had revenue of $299.08 million during the quarter, compared to analyst estimates of $298.66 million. During the same period in the prior year, the business posted $0.83 earnings per share. The company’s revenue was down 1.8% on a year-over-year basis. Analysts expect that MGIC Investment Corporation will post 3.22 earnings per share for the current year.

MGIC Investment Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, November 23rd. Shareholders of record on Thursday, November 12th will be issued a $0.17 dividend. This represents a $0.68 dividend on an annualized basis and a yield of 2.3%. The ex-dividend date of this dividend is Thursday, November 12th. MGIC Investment’s dividend payout ratio (DPR) is 21.25%.

Insider Activity at MGIC Investment

In other MGIC Investment news, COO Salvatore A. Miosi sold 30,000 shares of the firm’s stock in a transaction dated Thursday, October 1st. The shares were sold at an average price of $26.06, for a total value of $781,800.00. Following the completion of the sale, the chief operating officer directly owned 440,951 shares in the company, valued at $11,491,183.06. This trade represents a 6.37% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at 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 MGIC Investment stock in a transaction that occurred on Thursday, October 1st. The shares were sold at an average price of $26.23, for a total value of $3,596,500.22. Following the sale, the chief executive officer owned 843,778 shares in the company, valued at $22,132,296.94. This represents a 13.98% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 217,114 shares of company stock worth $5,906,200 in the last 90 days. Company insiders own 1.34% of the company’s stock.

Institutional Investors Weigh In On MGIC Investment

A number of institutional investors have recently modified their holdings of MTG. Elevation Wealth Partners LLC lifted its stake in shares of MGIC Investment by 345.6% during the 3rd quarter. Elevation Wealth Partners LLC now owns 1,123 shares of the insurance provider’s stock valued at $29,000 after buying an additional 871 shares in the last quarter. Provenance Wealth Advisors LLC purchased a new position in shares of MGIC Investment in the third quarter valued at $34,000. V Square Quantitative Management LLC raised its position in shares of MGIC Investment by 91.2% during the 3rd quarter. V Square Quantitative Management LLC now owns 1,363 shares of the insurance provider’s stock valued at $35,000 after buying an additional 650 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. purchased a new position in MGIC Investment in the second quarter worth about $62,000. Finally, Harbor Investment Advisory LLC boosted its holdings 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 purchasing an additional 2,213 shares during the period. 95.58% of the stock is owned by hedge funds and other institutional investors.

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.