LSV Asset Management Trims Stock Position in MGIC Investment Corporation $MTG

LSV Asset Management lessened its stake in MGIC Investment Corporation (NYSE:MTG) by 2.5% in the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 10,318,036 shares of the insurance provider’s stock after selling 265,690 shares during the period. LSV Asset Management’s holdings in MGIC Investment were worth $292,723,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also recently modified their holdings of MTG. Alpine Bank Wealth Management acquired a new position in MGIC Investment in the third quarter valued at approximately $28,000. True Wealth Design LLC grew its stake in shares of MGIC Investment by 262.5% during the 2nd quarter. True Wealth Design LLC now owns 1,004 shares of the insurance provider’s stock worth $28,000 after purchasing an additional 727 shares during the period. SBI Securities Co. Ltd. increased its holdings in shares of MGIC Investment by 61.1% during the 3rd quarter. SBI Securities Co. Ltd. now owns 1,041 shares of the insurance provider’s stock valued at $30,000 after purchasing an additional 395 shares in the last quarter. Hantz Financial Services Inc. lifted its stake in shares of MGIC Investment by 3,067.6% in the 2nd quarter. Hantz Financial Services Inc. now owns 1,077 shares of the insurance provider’s stock valued at $30,000 after purchasing an additional 1,043 shares during the period. Finally, Employees Retirement System of Texas acquired a new position in shares of MGIC Investment in the 2nd quarter valued at $32,000. Hedge funds and other institutional investors own 95.58% of the company’s stock.

MGIC Investment Price Performance

Shares of MGIC Investment stock opened at $27.36 on Thursday. The stock has a market capitalization of $6.12 billion, a P/E ratio of 8.71, a PEG ratio of 2.13 and a beta of 0.83. The business has a 50 day simple moving average of $28.00 and a two-hundred day simple moving average of $27.78. MGIC Investment Corporation has a 12 month low of $21.94 and a 12 month high of $29.97. The company has a debt-to-equity ratio of 0.13, a current ratio of 0.78 and a quick ratio of 1.48.

MGIC Investment (NYSE:MTG) last posted its quarterly earnings data on Monday, February 2nd. The insurance provider reported $0.75 EPS for the quarter, beating the consensus estimate of $0.73 by $0.02. MGIC Investment had a return on equity of 14.33% and a net margin of 60.84%.The firm had revenue of $298.65 million during the quarter, compared to the consensus estimate of $308.19 million. During the same period in the prior year, the company earned $0.72 EPS. The firm’s revenue was down .9% compared to the same quarter last year. As a group, analysts predict that MGIC Investment Corporation will post 2.71 EPS for the current fiscal year.

MGIC Investment Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, March 6th. Investors of record on Tuesday, February 17th will be given a dividend of $0.15 per share. The ex-dividend date is Tuesday, February 17th. This represents a $0.60 dividend on an annualized basis and a yield of 2.2%. MGIC Investment’s payout ratio is presently 19.11%.

Insider Activity at MGIC Investment

In other MGIC Investment news, EVP Paula C. Maggio sold 20,000 shares of the firm’s stock in a transaction that occurred on Friday, February 6th. The shares were sold at an average price of $27.51, for a total value of $550,200.00. Following the transaction, the executive vice president directly owned 114,689 shares of the company’s stock, valued at $3,155,094.39. This trade represents a 14.85% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, COO Salvatore A. Miosi sold 30,000 shares of the company’s stock in a transaction that occurred on Monday, February 2nd. The shares were sold at an average price of $27.27, for a total value of $818,100.00. Following the completion of the sale, the chief operating officer owned 454,245 shares of the company’s stock, valued at $12,387,261.15. This trade represents a 6.20% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders sold 189,203 shares of company stock valued at $5,058,572. Corporate insiders own 1.05% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on MTG. Keefe, Bruyette & Woods lifted their price objective on shares of MGIC Investment from $27.00 to $28.00 and gave the company a “market perform” rating in a report on Thursday, December 18th. Barclays dropped their target price on MGIC Investment from $30.00 to $28.00 and set an “equal weight” rating on the stock in a research report on Wednesday, February 4th. Finally, Weiss Ratings cut MGIC Investment from a “buy (a-)” rating to a “buy (b+)” rating in a report on Thursday, February 5th. One research analyst has rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $27.50.

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.