Insider Selling: MGIC Investment (NYSE:MTG) EVP Sells 20,000 Shares of Stock

MGIC Investment Corporation (NYSE:MTG) EVP Paula Maggio sold 20,000 shares of the stock in a transaction dated Friday, October 31st. The shares were sold at an average price of $27.44, for a total transaction of $548,800.00. Following the transaction, the executive vice president directly owned 117,395 shares of the company’s stock, valued at $3,221,318.80. This trade represents a 14.56% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

MGIC Investment Price Performance

Shares of MTG stock traded up $0.25 during trading hours on Monday, hitting $27.67. The stock had a trading volume of 1,572,313 shares, compared to its average volume of 2,122,123. The stock’s 50-day moving average price is $27.73 and its two-hundred day moving average price is $26.86. MGIC Investment Corporation has a one year low of $21.94 and a one year high of $29.01. The stock has a market capitalization of $6.19 billion, a price-to-earnings ratio of 8.90, a PEG ratio of 1.91 and a beta of 0.88. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.46 and a quick ratio of 1.46.

MGIC Investment (NYSE:MTG) last released its quarterly earnings results on Wednesday, October 29th. The insurance provider reported $0.83 earnings per share for the quarter, beating the consensus estimate of $0.72 by $0.11. MGIC Investment had a return on equity of 14.63% and a net margin of 61.96%.The business had revenue of $304.51 million during the quarter, compared to analysts’ expectations of $308.16 million. During the same quarter last year, the business posted $0.77 EPS. The firm’s revenue for the quarter was down .7% compared to the same quarter last year. Equities analysts forecast that MGIC Investment Corporation will post 2.71 EPS for the current year.

MGIC Investment Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, November 20th. Shareholders of record on Thursday, November 6th will be paid a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a dividend yield of 2.2%. The ex-dividend date of this dividend is Thursday, November 6th. MGIC Investment’s dividend payout ratio (DPR) is presently 19.29%.

Analyst Ratings Changes

MTG has been the subject of a number of recent research reports. Weiss Ratings reissued a “buy (a-)” rating on shares of MGIC Investment in a research note on Wednesday, October 8th. Keefe, Bruyette & Woods raised their price objective on MGIC Investment from $26.00 to $27.00 and gave the company a “market perform” rating in a research note on Monday, July 7th. Finally, Barclays lifted their target price on MGIC Investment from $27.00 to $28.00 and gave the stock a “cautious” rating in a report on Monday, October 6th. One equities research analyst has rated the stock with a Strong Buy rating, four have given a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $26.83.

Institutional Investors Weigh In On MGIC Investment

Large investors have recently modified their holdings of the business. KBC Group NV boosted its position in MGIC Investment by 10.2% during the first quarter. KBC Group NV now owns 11,417 shares of the insurance provider’s stock valued at $283,000 after purchasing an additional 1,060 shares in the last quarter. Cerity Partners LLC lifted its position in shares of MGIC Investment by 59.2% during the first quarter. Cerity Partners LLC now owns 78,307 shares of the insurance provider’s stock valued at $1,940,000 after buying an additional 29,104 shares during the last quarter. PNC Financial Services Group Inc. boosted its holdings in shares of MGIC Investment by 4.2% in the 1st quarter. PNC Financial Services Group Inc. now owns 10,894 shares of the insurance provider’s stock valued at $270,000 after buying an additional 437 shares in the last quarter. Allspring Global Investments Holdings LLC boosted its holdings in shares of MGIC Investment by 50.1% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 16,147 shares of the insurance provider’s stock valued at $406,000 after buying an additional 5,393 shares in the last quarter. Finally, Sequoia Financial Advisors LLC purchased a new position in shares of MGIC Investment in the 2nd quarter worth approximately $568,000. Institutional investors own 95.58% of the company’s stock.

About MGIC Investment

MGIC Investment Corporation, through its subsidiaries, provides private mortgage insurance, other mortgage credit risk management solutions, and ancillary services to lenders and government sponsored entities in the United States, the District of Columbia, Puerto Rico, and Guam. The company offers primary mortgage insurance that provides mortgage default protection on individual loans, as well as covers unpaid loan principal, delinquent interest, and various expenses associated with the default and subsequent foreclosure.