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 that occurred on Tuesday, September 1st. The stock was sold at an average price of $30.73, for a total transaction of $921,900.00. Following the transaction, the chief operating officer directly owned 470,951 shares of the company’s stock, valued at $14,472,324.23. The trade was a 5.99% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

MGIC Investment Stock Up 1.4%

MGIC Investment stock opened at $31.48 on Friday. The company has a market capitalization of $6.46 billion, a PE ratio of 9.84, a price-to-earnings-growth ratio of 0.79 and a beta of 0.65. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.19 and a current ratio of 1.19. MGIC Investment Corporation has a fifty-two week low of $24.69 and a fifty-two week high of $31.89. The firm has a 50 day moving average price of $29.84 and a 200 day moving average price of $27.66.

MGIC Investment (NYSE:MTG) last released its quarterly earnings results on Wednesday, July 29th. The insurance provider reported $0.87 EPS for the quarter, topping analysts’ consensus estimates of $0.76 by $0.11. MGIC Investment had a return on equity of 13.90% and a net margin of 59.20%.The company had revenue of $295.39 million for the quarter, compared to analysts’ expectations of $297.54 million. During the same period in the prior year, the firm earned $0.82 earnings per share. The firm’s revenue was down 2.9% compared to the same quarter last year. Research analysts expect that MGIC Investment Corporation will post 3.24 earnings per share for the current year.

MGIC Investment Increases Dividend

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

Analyst Upgrades and Downgrades

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

Institutional Trading of MGIC Investment

Institutional investors and hedge funds have recently made changes to their positions in the company. Newbridge Financial Services Group Inc. purchased a new position in MGIC Investment during the 3rd quarter worth approximately $28,000. SBI Securities Co. Ltd. lifted its stake in MGIC Investment by 40.3% in the fourth quarter. SBI Securities Co. Ltd. now owns 1,461 shares of the insurance provider’s stock valued at $43,000 after buying an additional 420 shares during the last quarter. Geneos Wealth Management Inc. lifted its stake in MGIC Investment by 88.0% in the first quarter. Geneos Wealth Management Inc. now owns 1,745 shares of the insurance provider’s stock valued at $43,000 after buying an additional 817 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. purchased a new position in shares of MGIC Investment during the second quarter worth approximately $62,000. Finally, Harbor Investment Advisory LLC increased its holdings in shares of MGIC Investment by 613.0% in the 2nd 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 during the period. 95.58% of the stock is owned by hedge funds and other institutional investors.

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.