Paula Maggio Sells 20,000 Shares of MGIC Investment (NYSE:MTG) 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 Up 0.9%

Shares of NYSE MTG opened at $26.86 on Wednesday. The company has a quick ratio of 1.48, a current ratio of 0.78 and a debt-to-equity ratio of 0.13. MGIC Investment Corporation has a 12 month low of $21.94 and a 12 month high of $29.97. The company has a market cap of $6.01 billion, a price-to-earnings ratio of 8.55, a P/E/G ratio of 2.11 and a beta of 0.83. The business has a fifty day simple moving average of $28.02 and a 200-day simple moving average of $27.79.

MGIC Investment (NYSE:MTG) last posted its quarterly earnings data on Monday, February 2nd. The insurance provider reported $0.75 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.73 by $0.02. MGIC Investment had a return on equity of 14.33% and a net margin of 60.84%.The firm had revenue of $298.65 million for the quarter, compared to the consensus estimate of $308.19 million. During the same quarter in the previous year, the company earned $0.72 EPS. The business’s revenue for the quarter was down .9% compared to the same quarter last year. Sell-side analysts predict that MGIC Investment Corporation will post 2.71 EPS for the current year.

MGIC Investment Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, March 6th. Investors of record on Tuesday, February 17th will be given a $0.15 dividend. This represents a $0.60 annualized dividend and a dividend yield of 2.2%. The ex-dividend date is Tuesday, February 17th. MGIC Investment’s dividend payout ratio is 19.11%.

Hedge Funds Weigh In On MGIC Investment

Institutional investors and hedge funds have recently modified their holdings of the stock. JPMorgan Chase & Co. raised its holdings in shares of MGIC Investment by 13.4% during the second quarter. JPMorgan Chase & Co. now owns 18,331,120 shares of the insurance provider’s stock worth $510,338,000 after acquiring an additional 2,168,940 shares in the last quarter. AQR Capital Management LLC raised its stake in shares of MGIC Investment by 39.7% during the 3rd quarter. AQR Capital Management LLC now owns 8,844,749 shares of the insurance provider’s stock worth $250,926,000 after purchasing an additional 2,511,658 shares in the last quarter. First Trust Advisors LP lifted its holdings in shares of MGIC Investment by 48.1% during the 2nd quarter. First Trust Advisors LP now owns 7,302,263 shares of the insurance provider’s stock valued at $203,295,000 after buying an additional 2,370,403 shares during the last quarter. Allianz Asset Management GmbH lifted its holdings in shares of MGIC Investment by 40.6% during the 2nd quarter. Allianz Asset Management GmbH now owns 5,398,356 shares of the insurance provider’s stock valued at $150,290,000 after buying an additional 1,557,970 shares during the last quarter. Finally, Geode Capital Management LLC grew its stake in shares of MGIC Investment by 2.8% in the 4th quarter. Geode Capital Management LLC now owns 5,371,470 shares of the insurance provider’s stock valued at $163,368,000 after buying an additional 146,589 shares in the last quarter. 95.58% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on MTG shares. Barclays reduced their target price on MGIC Investment from $30.00 to $28.00 and set an “equal weight” rating for the company in a 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, February 5th. 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 equities research analyst has rated the stock with a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $27.50.

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.