MGIC Investment (NYSE:MTG) COO Salvatore Miosi Sells 30,000 Shares

MGIC Investment Corporation (NYSE:MTG) COO Salvatore Miosi sold 30,000 shares of the stock in a transaction dated Monday, June 8th. The shares were sold at an average price of $25.38, for a total transaction of $761,400.00. Following the completion of the sale, the chief operating officer owned 560,951 shares of the company’s stock, valued at approximately $14,236,936.38. The trade was a 5.08% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

MGIC Investment Stock Up 1.2%

MTG stock opened at $25.55 on Wednesday. The company has a market cap of $5.40 billion, a price-to-earnings ratio of 8.11, a PEG ratio of 1.73 and a beta of 0.68. The company has a current ratio of 1.14, a quick ratio of 1.14 and a debt-to-equity ratio of 0.13. MGIC Investment Corporation has a 12 month low of $24.69 and a 12 month high of $29.97. The firm has a 50-day moving average of $26.65 and a two-hundred day moving average of $27.17.

MGIC Investment (NYSE:MTG) last released its quarterly earnings data on Wednesday, April 29th. The insurance provider reported $0.76 EPS for the quarter, beating analysts’ consensus estimates of $0.73 by $0.03. The company had revenue of $297.08 million during the quarter, compared to the consensus estimate of $303.12 million. MGIC Investment had a net margin of 59.63% and a return on equity of 14.01%. MGIC Investment’s quarterly revenue was down 3.0% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.75 EPS. As a group, analysts forecast that MGIC Investment Corporation will post 3.06 earnings per share for the current fiscal year.

MGIC Investment Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, May 21st. Shareholders of record on Wednesday, May 6th were issued a $0.15 dividend. The ex-dividend date was Wednesday, May 6th. This represents a $0.60 dividend on an annualized basis and a yield of 2.3%. MGIC Investment’s dividend payout ratio is presently 19.05%.

MGIC Investment announced that its board has approved a share buyback plan on Thursday, April 23rd that allows the company to repurchase $750.00 million in shares. This repurchase authorization allows the insurance provider to buy up to 12.4% of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s management believes its shares are undervalued.

Analysts Set New Price Targets

MTG has been the subject of a number of recent research reports. Keefe, Bruyette & Woods increased their price objective on shares of MGIC Investment from $28.00 to $29.00 and gave the company a “market perform” rating in a report on Friday, April 10th. Royal Bank Of Canada initiated coverage on shares of MGIC Investment in a report on Friday, May 22nd. They issued a “sector perform” rating and a $28.00 price objective for the company. Barclays cut their price objective on shares of MGIC Investment from $29.00 to $28.00 and set an “equal weight” rating for the company in a report on Friday, May 1st. Finally, UBS Group cut their price target on shares of MGIC Investment from $29.50 to $28.00 and set a “neutral” rating for the company in a report on Thursday, March 12th. One research analyst has rated the stock with a Buy rating and four have issued a Hold rating to the company’s stock. According to MarketBeat, MGIC Investment currently has an average rating of “Hold” and an average price target of $28.25.

Hedge Funds Weigh In On MGIC Investment

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. AQR Capital Management LLC boosted its position in MGIC Investment by 31.3% in the 4th quarter. AQR Capital Management LLC now owns 11,616,282 shares of the insurance provider’s stock valued at $339,428,000 after buying an additional 2,771,533 shares during the period. Geode Capital Management LLC boosted its position in 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 during the period. Allianz Asset Management GmbH boosted its position in MGIC Investment by 1.0% in the 4th quarter. Allianz Asset Management GmbH now owns 5,010,157 shares of the insurance provider’s stock valued at $146,397,000 after buying an additional 48,064 shares during the period. First Trust Advisors LP lifted its position in shares of MGIC Investment by 1.7% during the 4th quarter. First Trust Advisors LP now owns 4,609,318 shares of the insurance provider’s stock worth $134,684,000 after purchasing an additional 76,306 shares during the last quarter. Finally, Northern Trust Corp lifted its position in shares of MGIC Investment by 10.7% during the 3rd quarter. Northern Trust Corp now owns 4,561,398 shares of the insurance provider’s stock worth $129,407,000 after purchasing an additional 441,809 shares during the last quarter. Hedge funds and other institutional investors own 95.58% of the company’s stock.

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.