Insider Selling: MGIC Investment (NYSE:MTG) CEO Sells 139,203 Shares of Stock

MGIC Investment Corporation (NYSE:MTG) CEO Timothy Mattke sold 139,203 shares of the company’s stock in a transaction dated Tuesday, January 13th. The shares were sold at an average price of $26.51, for a total value of $3,690,271.53. Following the completion of the sale, the chief executive officer owned 822,588 shares of the company’s stock, valued at $21,806,807.88. This represents a 14.47% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink.

MGIC Investment Trading Up 1.7%

MTG traded up $0.43 during midday trading on Wednesday, reaching $26.13. 3,804,266 shares of the company were exchanged, compared to its average volume of 2,401,241. The stock has a market capitalization of $5.85 billion, a P/E ratio of 8.40, a PEG ratio of 1.55 and a beta of 0.84. MGIC Investment Corporation has a one year low of $21.94 and a one year high of $29.97. The stock’s 50-day simple moving average is $28.60 and its 200 day simple moving average is $27.74. The company has a debt-to-equity ratio of 0.12, a quick ratio of 1.48 and a current ratio of 1.48.

MGIC Investment (NYSE:MTG) last announced its quarterly earnings results on Wednesday, October 29th. The insurance provider reported $0.83 earnings per share for the quarter, beating analysts’ consensus estimates of $0.72 by $0.11. The business had revenue of $304.51 million for the quarter, compared to the consensus estimate of $308.16 million. MGIC Investment had a net margin of 61.96% and a return on equity of 14.62%. MGIC Investment’s revenue for the quarter was down .7% on a year-over-year basis. During the same period last year, the company posted $0.77 EPS. As a group, analysts forecast that MGIC Investment Corporation will post 2.71 earnings per share for the current fiscal year.

MGIC Investment Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, November 20th. Stockholders of record on Thursday, November 6th were given a dividend of $0.15 per share. The ex-dividend date of this dividend was Thursday, November 6th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 2.3%. MGIC Investment’s dividend payout ratio (DPR) is currently 19.29%.

Hedge Funds Weigh In On MGIC Investment

Several hedge funds have recently bought and sold shares of MTG. Mechanics Bank Trust Department bought a new stake in shares of MGIC Investment in the fourth quarter valued at $251,000. Exchange Traded Concepts LLC bought a new stake in shares of MGIC Investment in the fourth quarter valued at approximately $211,000. Pallas Capital Advisors LLC raised its stake in shares of MGIC Investment by 12.8% during the 4th quarter. Pallas Capital Advisors LLC now owns 28,272 shares of the insurance provider’s stock valued at $826,000 after purchasing an additional 3,201 shares during the period. Dakota Wealth Management purchased a new stake in MGIC Investment in the 4th quarter worth approximately $451,000. Finally, Kathmere Capital Management LLC purchased a new position in shares of MGIC Investment during the fourth quarter worth about $218,000. 95.58% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on the company. Keefe, Bruyette & Woods increased their target price on MGIC Investment from $27.00 to $28.00 and gave the stock a “market perform” rating in a research note on Thursday, December 18th. Barclays increased their price objective on shares of MGIC Investment from $28.00 to $30.00 and gave the stock an “equal weight” rating in a research report on Tuesday, January 6th. Finally, Weiss Ratings restated a “buy (a-)” rating on shares of MGIC Investment in a report on Wednesday, October 8th. One investment analyst has rated the stock with a Strong Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat, MGIC Investment presently has a consensus rating of “Hold” and a consensus target price of $28.00.

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.