Insider Selling: MGIC Investment (NYSE:MTG) COO Sells $781,800.00 in Stock

MGIC Investment Corporation (NYSE:MTG) COO Salvatore Miosi sold 30,000 shares of MGIC Investment stock in a transaction that occurred on Thursday, October 1st. The shares were sold at an average price of $26.06, for a total transaction of $781,800.00. Following the transaction, the chief operating officer directly owned 440,951 shares in the company, valued at approximately $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 Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

MGIC Investment Trading Up 1.9%

Shares of MGIC Investment stock traded up $0.49 during trading hours on Friday, hitting $26.86. The company’s stock had a trading volume of 3,799,041 shares, compared to its average volume of 2,059,271. The business has a fifty day moving average of $30.22 and a 200 day moving average of $28.08. MGIC Investment Corporation has a 1-year low of $24.69 and a 1-year high of $31.89. The company has a quick ratio of 1.19, a current ratio of 1.19 and a debt-to-equity ratio of 0.13. The company has a market capitalization of $5.51 billion, a PE ratio of 8.40, a P/E/G ratio of 0.66 and a beta of 0.67.

MGIC Investment (NYSE:MTG) last posted its earnings results on Wednesday, July 29th. The insurance provider reported $0.87 earnings per share 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 business had revenue of $295.39 million for the quarter, compared to analyst estimates of $297.54 million. During the same quarter in the previous year, the business posted $0.82 EPS. The business’s quarterly revenue was down 2.9% on a year-over-year basis. As a group, equities analysts forecast that MGIC Investment Corporation will post 3.24 EPS for the current year.

MGIC Investment Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, August 20th. Shareholders of record on Wednesday, August 5th were paid a dividend of $0.17 per share. 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 2.5%. The ex-dividend date was Wednesday, August 5th. MGIC Investment’s payout ratio is presently 21.25%.

Analyst Upgrades and Downgrades

MTG has been the topic of several analyst reports. Keefe, Bruyette & Woods raised their target price on MGIC Investment from $29.00 to $30.00 and gave the company a “market perform” rating in a report on Friday, July 31st. 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. Zacks Research upgraded shares of MGIC Investment from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, August 25th. Royal Bank Of Canada boosted their target price on shares of MGIC Investment from $28.00 to $32.00 and gave the stock a “sector perform” rating in a research report on Friday, July 31st. Finally, 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. Two research analysts have rated the stock with a Strong Buy rating, one has assigned a Buy rating and five have issued a Hold rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $30.60.

Institutional Investors Weigh In On MGIC Investment

A number of hedge funds have recently bought and sold shares of the business. Mitsubishi UFJ Asset Management Co. Ltd. purchased a new position in shares of MGIC Investment during the 2nd quarter valued at approximately $62,000. Harbor Investment Advisory LLC raised its holdings in MGIC Investment by 613.0% in the second quarter. Harbor Investment Advisory LLC now owns 2,574 shares of the insurance provider’s stock valued at $73,000 after acquiring an additional 2,213 shares in the last quarter. Root Financial Partners LLC boosted its stake in MGIC Investment by 100.7% during the 1st quarter. Root Financial Partners LLC now owns 3,022 shares of the insurance provider’s stock valued at $79,000 after acquiring an additional 1,516 shares during the last quarter. Caitong International Asset Management Co. Ltd boosted its stake in MGIC Investment by 957.6% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 3,046 shares of the insurance provider’s stock valued at $89,000 after acquiring an additional 2,758 shares during the last quarter. Finally, Nykredit A S acquired a new position in MGIC Investment during the 2nd quarter worth $87,000. Institutional investors and hedge funds own 95.58% of the company’s stock.

About MGIC Investment

MGIC Investment Corporation is a holding company whose principal subsidiary, Mortgage Guaranty Insurance Corporation (MGIC), provides private mortgage insurance in the United States. Its insurance helps lenders manage credit risk on residential mortgage loans, particularly loans made to borrowers who provide down payments below traditional thresholds.

MGIC’s products are primarily designed for lenders and other mortgage-finance participants, including primary mortgage insurance covering individual residential loans.