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 company’s stock in a transaction that occurred on Monday, November 3rd. The stock was sold at an average price of $27.52, for a total value of $825,600.00. Following the transaction, the chief operating officer directly owned 159,401 shares of the company’s stock, valued at approximately $4,386,715.52. The trade was a 15.84% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link.

MGIC Investment Price Performance

Shares of MTG stock traded up $0.37 during trading hours on Tuesday, hitting $28.05. 1,216,733 shares of the company’s stock were exchanged, compared to its average volume of 2,116,478. The company has a quick ratio of 1.46, a current ratio of 1.46 and a debt-to-equity ratio of 0.13. The firm has a market cap of $6.28 billion, a P/E ratio of 9.02, a P/E/G ratio of 1.91 and a beta of 0.88. The firm has a 50 day moving average of $27.73 and a two-hundred day moving average of $26.86. MGIC Investment Corporation has a fifty-two week low of $21.94 and a fifty-two week high of $29.01.

MGIC Investment (NYSE:MTG) last issued its quarterly earnings results on Wednesday, October 29th. The insurance provider reported $0.83 EPS for the quarter, topping 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 firm had revenue of $304.51 million during the quarter, compared to analysts’ expectations of $308.16 million. During the same period in the previous year, the business earned $0.77 earnings per share. The firm’s revenue for the quarter was down .7% on a year-over-year basis. Sell-side analysts forecast that MGIC Investment Corporation will post 2.71 EPS for the current year.

MGIC Investment Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, November 20th. Investors of record on Thursday, November 6th will be given a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a dividend yield of 2.1%. The ex-dividend date is Thursday, November 6th. MGIC Investment’s payout ratio is presently 19.29%.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on MTG. Barclays upped their target price on MGIC Investment from $27.00 to $28.00 and gave the company a “cautious” rating in a report on Monday, October 6th. Keefe, Bruyette & Woods upped their target price on MGIC Investment from $26.00 to $27.00 and gave the company a “market perform” rating in a report on Monday, July 7th. Finally, Weiss Ratings restated a “buy (a-)” rating on shares of MGIC Investment in a report on Wednesday, October 8th. One research analyst has rated the stock with a Strong Buy rating, four have assigned a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $26.83.

Hedge Funds Weigh In On MGIC Investment

Several hedge funds have recently bought and sold shares of the company. Cerity Partners LLC increased its stake in MGIC Investment by 59.2% in the first quarter. Cerity Partners LLC now owns 78,307 shares of the insurance provider’s stock valued at $1,940,000 after purchasing an additional 29,104 shares during the last quarter. PNC Financial Services Group Inc. increased its stake in MGIC Investment by 4.2% in the first quarter. PNC Financial Services Group Inc. now owns 10,894 shares of the insurance provider’s stock valued at $270,000 after purchasing an additional 437 shares during the last quarter. Allspring Global Investments Holdings LLC increased its stake in MGIC Investment by 50.1% in the first quarter. Allspring Global Investments Holdings LLC now owns 16,147 shares of the insurance provider’s stock valued at $406,000 after purchasing an additional 5,393 shares during the last quarter. Sequoia Financial Advisors LLC acquired a new position in MGIC Investment in the second quarter valued at $568,000. Finally, GSA Capital Partners LLP acquired a new position in MGIC Investment in the first quarter valued at $1,353,000. Institutional investors and hedge funds own 95.58% of the company’s stock.

MGIC Investment Company Profile

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.