Glenmede Trust Co. NA Sells 41,661 Shares of MGIC Investment Corporation $MTG

Glenmede Trust Co. NA cut its holdings in shares of MGIC Investment Corporation (NYSE:MTG) by 70.2% during the first quarter, Holdings Channel.com reports. The firm owned 17,673 shares of the insurance provider’s stock after selling 41,661 shares during the period. Glenmede Trust Co. NA’s holdings in MGIC Investment were worth $464,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of MTG. Newbridge Financial Services Group Inc. bought a new position in MGIC Investment in the third quarter worth approximately $28,000. V Square Quantitative Management LLC bought a new stake in MGIC Investment during the 4th quarter valued at $36,000. SBI Securities Co. Ltd. increased its holdings in shares of MGIC Investment by 40.3% in the 4th quarter. SBI Securities Co. Ltd. now owns 1,461 shares of the insurance provider’s stock valued at $43,000 after acquiring an additional 420 shares during the period. Geneos Wealth Management Inc. lifted its stake in shares of MGIC Investment by 88.0% during the 1st quarter. Geneos Wealth Management Inc. now owns 1,745 shares of the insurance provider’s stock worth $43,000 after purchasing an additional 817 shares during the last quarter. Finally, Kestra Advisory Services LLC bought a new stake in MGIC Investment during the fourth quarter valued at about $79,000. 95.58% of the stock is owned by hedge funds and other institutional investors.

MGIC Investment Trading Up 0.9%

NYSE:MTG opened at $30.52 on Friday. MGIC Investment Corporation has a 12 month low of $24.69 and a 12 month high of $31.89. The firm has a fifty day simple moving average of $27.91 and a 200-day simple moving average of $27.10. The company has a current ratio of 1.19, a quick ratio of 1.19 and a debt-to-equity ratio of 0.13. The company has a market capitalization of $6.26 billion, a P/E ratio of 9.54, a PEG ratio of 0.78 and a beta of 0.66.

MGIC Investment (NYSE:MTG) last released its earnings results on Wednesday, July 29th. The insurance provider reported $0.87 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.76 by $0.11. The firm had revenue of $295.39 million for the quarter, compared to the consensus estimate of $297.54 million. MGIC Investment had a return on equity of 13.90% and a net margin of 59.20%.The firm’s revenue was down 2.9% on a year-over-year basis. During the same period in the prior year, the firm earned $0.82 EPS. On average, equities research analysts anticipate that MGIC Investment Corporation will post 3.21 earnings per share for the current year.

MGIC Investment announced that its board has authorized a share buyback program on Thursday, April 23rd that allows the company to repurchase $750.00 million in outstanding shares. This repurchase authorization allows the insurance provider to reacquire up to 12.4% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s board of directors believes its shares are undervalued.

MGIC Investment Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, August 20th. Stockholders of record on Wednesday, August 5th will be issued a $0.17 dividend. This is a boost from MGIC Investment’s previous quarterly dividend of $0.15. This represents a $0.68 dividend on an annualized basis and a dividend yield of 2.2%. The ex-dividend date of this dividend is Wednesday, August 5th. MGIC Investment’s dividend payout ratio is currently 21.25%.

Insider Activity

In other news, COO Salvatore A. Miosi sold 30,000 shares of the firm’s stock in a transaction dated Monday, June 8th. The stock was 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 $14,236,936.38. This trade represents a 5.08% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Paula C. Maggio sold 20,937 shares of the company’s stock in a transaction that occurred on Friday, May 29th. The shares were sold at an average price of $25.55, for a total value of $534,940.35. Following the completion of the sale, the executive vice president owned 169,620 shares in the company, valued at approximately $4,333,791. This represents a 10.99% 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. Company insiders own 1.34% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on MTG. Roth Capital reaffirmed a “buy” rating and issued a $35.00 price objective on shares of MGIC Investment in a research report on Thursday, July 30th. Weiss Ratings upgraded shares of MGIC Investment from a “buy (b)” rating to a “buy (b+)” rating in a research note on Tuesday, July 7th. Royal Bank Of Canada lifted their price target on shares of MGIC Investment from $28.00 to $32.00 and gave the stock a “sector perform” rating in a report on Friday, July 31st. Barclays reduced their price target on MGIC Investment from $29.00 to $28.00 and set an “equal weight” rating on the stock in a research report on Friday, May 1st. Finally, Keefe, Bruyette & Woods increased their price objective on MGIC Investment from $29.00 to $30.00 and gave the company a “market perform” rating in a report on Friday, July 31st. Two research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $30.60.

MGIC Investment 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.