MGIC Investment (NYSE:MTG) COO Salvatore Miosi Sells 30,000 Shares

MGIC Investment Corporation (NYSE:MTG) COO Salvatore Miosi sold 30,000 shares of MGIC Investment stock in a transaction dated Monday, November 3rd. The shares were sold at an average price of $27.52, for a total value of $825,600.00. Following the completion of the sale, the chief operating officer owned 159,401 shares of the company’s stock, valued at $4,386,715.52. The trade was a 15.84% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link.

MGIC Investment Stock Up 1.3%

Shares of MTG stock traded up $0.37 on Tuesday, hitting $28.05. The stock had a trading volume of 1,216,733 shares, 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 business has a 50 day moving average price of $27.73 and a 200 day moving average price of $26.86. The company has a market cap of $6.28 billion, a PE ratio of 9.02, a P/E/G ratio of 1.91 and a beta of 0.88. MGIC Investment Corporation has a one year low of $21.94 and a one year high of $29.01.

MGIC Investment (NYSE:MTG) last posted its earnings results on Wednesday, October 29th. The insurance provider reported $0.83 earnings per share (EPS) 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 company had revenue of $304.51 million for the quarter, compared to analyst estimates of $308.16 million. During the same quarter in the previous year, the firm earned $0.77 earnings per share. The firm’s quarterly revenue was down .7% compared to the same quarter last year. Research analysts anticipate that MGIC Investment Corporation will post 2.71 earnings per share for the current fiscal year.

MGIC Investment Dividend Announcement

The business also recently announced 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 annualized dividend and a yield of 2.1%. The ex-dividend date is Thursday, November 6th. MGIC Investment’s payout ratio is 19.29%.

Institutional Investors Weigh In On MGIC Investment

A number of institutional investors and hedge funds have recently modified their holdings of the company. EP Wealth Advisors LLC lifted its holdings in shares of MGIC Investment by 0.9% during the first quarter. EP Wealth Advisors LLC now owns 45,481 shares of the insurance provider’s stock worth $1,127,000 after purchasing an additional 398 shares during the period. Brooklyn Investment Group lifted its holdings in MGIC Investment by 15.5% in the first quarter. Brooklyn Investment Group now owns 3,094 shares of the insurance provider’s stock valued at $77,000 after acquiring an additional 416 shares during the period. Signaturefd LLC lifted its holdings in MGIC Investment by 1.9% in the first quarter. Signaturefd LLC now owns 22,112 shares of the insurance provider’s stock valued at $548,000 after acquiring an additional 421 shares during the period. PNC Financial Services Group Inc. lifted its holdings 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 acquiring an additional 437 shares during the period. Finally, NDVR Inc. lifted its holdings in MGIC Investment by 3.6% in the second quarter. NDVR Inc. now owns 12,708 shares of the insurance provider’s stock valued at $354,000 after acquiring an additional 445 shares during the period. Institutional investors and hedge funds own 95.58% of the company’s stock.

Wall Street Analysts Forecast Growth

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

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.