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

MGIC Investment Corporation (NYSE:MTG) COO Salvatore Miosi sold 30,000 shares of the stock in a transaction on Tuesday, September 1st. The shares were sold at an average price of $30.73, for a total transaction of $921,900.00. Following the completion of the transaction, the chief operating officer directly owned 470,951 shares in the company, valued at $14,472,324.23. This trade represents a 5.99% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

MGIC Investment Stock Performance

MTG traded up $0.35 on Wednesday, reaching $31.04. The company had a trading volume of 1,622,243 shares, compared to its average volume of 1,995,468. MGIC Investment Corporation has a 1 year low of $24.69 and a 1 year high of $31.89. The stock has a market capitalization of $6.37 billion, a PE ratio of 9.70, a P/E/G ratio of 0.78 and a beta of 0.65. 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 stock has a 50-day moving average price of $29.68 and a 200-day moving average price of $27.60.

MGIC Investment (NYSE:MTG) last released its quarterly earnings data 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. MGIC Investment had a net margin of 59.20% and a return on equity of 13.90%. The company had revenue of $295.39 million during the quarter, compared to the consensus estimate of $297.54 million. During the same quarter in the prior year, the firm posted $0.82 earnings per share. MGIC Investment’s revenue for the quarter was down 2.9% on a year-over-year basis. As a group, research analysts forecast that MGIC Investment Corporation will post 3.24 EPS for the current fiscal year.

MGIC Investment Increases Dividend

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

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Newbridge Financial Services Group Inc. acquired a new stake in shares of MGIC Investment during the third quarter worth $28,000. SBI Securities Co. Ltd. raised its position in MGIC Investment by 40.3% during the 4th quarter. SBI Securities Co. Ltd. now owns 1,461 shares of the insurance provider’s stock worth $43,000 after buying an additional 420 shares during the last quarter. Geneos Wealth Management Inc. lifted its stake in shares of MGIC Investment by 88.0% in the 1st quarter. Geneos Wealth Management Inc. now owns 1,745 shares of the insurance provider’s stock worth $43,000 after acquiring an additional 817 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new stake in shares of MGIC Investment in the 2nd quarter worth $62,000. Finally, Harbor Investment Advisory LLC boosted its holdings in shares of 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. Institutional investors and hedge funds own 95.58% of the company’s stock.

Wall Street Analyst Weigh In

MTG has been the subject of a number of research reports. Zacks Research upgraded MGIC Investment from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, August 25th. Weiss Ratings upgraded shares of MGIC Investment from a “buy (b+)” rating to a “buy (a-)” rating in a research report on Wednesday, August 19th. Royal Bank Of Canada upped their price target on shares of MGIC Investment from $28.00 to $32.00 and gave the company a “sector perform” rating in a research report on Friday, July 31st. Keefe, Bruyette & Woods raised their price objective on shares of MGIC Investment from $29.00 to $30.00 and gave the stock a “market perform” rating in a research report on Friday, July 31st. Finally, Roth Capital reaffirmed a “buy” rating and issued a $35.00 target price on shares of MGIC Investment in a report on Thursday, July 30th. Two research analysts have rated the stock with a Strong Buy rating, one has given a Buy rating and four have assigned a Hold rating to the stock. Based on data from MarketBeat, MGIC Investment presently has an average rating of “Moderate Buy” and an average target price of $30.60.

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.