MGIC Investment Corporation $MTG Shares Sold by Vanguard Group Inc.

Vanguard Group Inc. lowered its position in MGIC Investment Corporation (NYSE:MTG) by 2.4% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 30,782,757 shares of the insurance provider’s stock after selling 742,072 shares during the quarter. Vanguard Group Inc. owned about 13.76% of MGIC Investment worth $873,307,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently bought and sold shares of MTG. Norges Bank acquired a new position in MGIC Investment in the second quarter valued at approximately $95,857,000. AQR Capital Management LLC grew its holdings in shares of MGIC Investment by 92.4% during the 2nd quarter. AQR Capital Management LLC now owns 6,333,091 shares of the insurance provider’s stock worth $176,313,000 after purchasing an additional 3,041,446 shares during the period. First Trust Advisors LP increased its position in shares of MGIC Investment by 48.1% during the 2nd quarter. First Trust Advisors LP now owns 7,302,263 shares of the insurance provider’s stock worth $203,295,000 after purchasing an additional 2,370,403 shares during the last quarter. JPMorgan Chase & Co. increased its position in shares of MGIC Investment by 13.4% during the 2nd quarter. JPMorgan Chase & Co. now owns 18,331,120 shares of the insurance provider’s stock worth $510,338,000 after purchasing an additional 2,168,940 shares during the last quarter. Finally, Assetmark Inc. lifted its position in MGIC Investment by 1,208.1% in the third quarter. Assetmark Inc. now owns 1,674,152 shares of the insurance provider’s stock valued at $47,496,000 after buying an additional 1,546,173 shares during the last quarter. 95.58% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at MGIC Investment

In other news, COO Salvatore A. Miosi sold 30,000 shares of the firm’s stock in a transaction dated Monday, February 2nd. The stock was sold at an average price of $27.27, for a total transaction of $818,100.00. Following the sale, the chief operating officer owned 454,245 shares of the company’s stock, valued at approximately $12,387,261.15. This trade represents a 6.20% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Paula C. Maggio sold 20,000 shares of the company’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 completion of 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 ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 189,203 shares of company stock valued at $5,058,572 over the last quarter. 1.41% of the stock is owned by insiders.

MGIC Investment Trading Up 0.5%

MTG opened at $26.19 on Monday. The company has a debt-to-equity ratio of 0.13, a current ratio of 0.78 and a quick ratio of 1.48. The stock has a market capitalization of $5.86 billion, a price-to-earnings ratio of 8.34, a PEG ratio of 2.08 and a beta of 0.83. The business has a fifty day moving average price of $27.77 and a 200 day moving average price of $27.82. MGIC Investment Corporation has a 12 month low of $21.94 and a 12 month high of $29.97.

MGIC Investment (NYSE:MTG) last announced its quarterly earnings data on Monday, February 2nd. The insurance provider reported $0.75 EPS for the quarter, topping analysts’ consensus estimates of $0.73 by $0.02. MGIC Investment had a return on equity of 14.33% and a net margin of 60.84%.The business had revenue of $298.65 million during the quarter, compared to the consensus estimate of $308.19 million. During the same period in the previous year, the company posted $0.72 earnings per share. The business’s revenue for the quarter was down .9% on a year-over-year basis. Sell-side analysts expect that MGIC Investment Corporation will post 2.71 earnings per share for the current fiscal year.

MGIC Investment Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, March 6th. Investors of record on Tuesday, February 17th will be paid 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 dividend yield of 2.3%. MGIC Investment’s payout ratio is presently 19.11%.

Analysts Set New Price Targets

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

About MGIC Investment

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.