Voya Investment Management LLC Reduces Stock Position in MGIC Investment Corporation $MTG

Voya Investment Management LLC cut its holdings in MGIC Investment Corporation (NYSE:MTG) by 41.9% in the 3rd quarter, Holdings Channel reports. The institutional investor owned 351,816 shares of the insurance provider’s stock after selling 253,681 shares during the period. Voya Investment Management LLC’s holdings in MGIC Investment were worth $9,981,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also bought and sold shares of MTG. FCG Investment Co grew its position in shares of MGIC Investment by 21.4% in the third quarter. FCG Investment Co now owns 36,889 shares of the insurance provider’s stock valued at $1,047,000 after purchasing an additional 6,514 shares in the last quarter. Aaron Wealth Advisors LLC bought a new position in MGIC Investment in the 3rd quarter worth about $719,000. GAMMA Investing LLC grew its holdings in MGIC Investment by 11.3% during the 3rd quarter. GAMMA Investing LLC now owns 6,558 shares of the insurance provider’s stock valued at $186,000 after buying an additional 665 shares in the last quarter. Corient Private Wealth LLC grew its holdings in MGIC Investment by 92.6% during the 2nd quarter. Corient Private Wealth LLC now owns 300,789 shares of the insurance provider’s stock valued at $8,374,000 after buying an additional 144,650 shares in the last quarter. Finally, Osaic Holdings Inc. increased its position in shares of MGIC Investment by 11.3% during the second quarter. Osaic Holdings Inc. now owns 26,975 shares of the insurance provider’s stock valued at $738,000 after buying an additional 2,744 shares during the period. 95.58% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research firms have recently commented on MTG. Barclays raised their price objective on shares of MGIC Investment from $27.00 to $28.00 and gave the company a “cautious” rating in a research report on Monday, October 6th. Weiss Ratings restated a “buy (a-)” rating on shares of MGIC Investment in a research report on Wednesday, October 8th. Finally, Keefe, Bruyette & Woods increased their price objective on MGIC Investment from $27.00 to $28.00 and gave the stock a “market perform” rating in a research report on Thursday, December 18th. One equities research analyst has rated the stock with a Strong Buy rating, three have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $27.50.

Insider Activity

In other MGIC Investment news, EVP Paula C. Maggio sold 20,000 shares of the stock in a transaction that occurred on Friday, October 31st. The shares were sold at an average price of $27.44, for a total transaction of $548,800.00. Following the transaction, the executive vice president directly owned 117,395 shares in the company, valued at $3,221,318.80. This trade represents a 14.56% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, COO Salvatore A. Miosi sold 30,000 shares of MGIC Investment stock in a transaction that occurred on Wednesday, October 1st. The stock was sold at an average price of $28.15, for a total transaction of $844,500.00. Following the transaction, the chief operating officer directly owned 189,401 shares in the company, valued at $5,331,638.15. This trade represents a 13.67% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last three months, insiders have sold 219,203 shares of company stock worth $5,989,909. 1.41% of the stock is currently owned by insiders.

MGIC Investment Price Performance

MTG stock opened at $29.69 on Wednesday. The firm has a 50 day simple moving average of $28.09 and a two-hundred day simple moving average of $27.54. The stock has a market cap of $6.64 billion, a PE ratio of 9.55, a P/E/G ratio of 1.66 and a beta of 0.85. MGIC Investment Corporation has a one year low of $21.94 and a one year high of $29.97. The company has a debt-to-equity ratio of 0.12, a current ratio of 1.48 and a quick ratio of 1.48.

MGIC Investment (NYSE:MTG) last posted its quarterly earnings data on Wednesday, October 29th. The insurance provider reported $0.83 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.72 by $0.11. The company had revenue of $304.51 million during the quarter, compared to the consensus estimate of $308.16 million. MGIC Investment had a net margin of 61.96% and a return on equity of 14.62%. The firm’s revenue was down .7% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.77 EPS. On average, analysts predict that MGIC Investment Corporation will post 2.71 EPS for the current fiscal year.

MGIC Investment Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, November 20th. Stockholders of record on Thursday, November 6th were given a dividend of $0.15 per share. The ex-dividend date was Thursday, November 6th. This represents a $0.60 annualized dividend and a dividend yield of 2.0%. MGIC Investment’s dividend payout ratio is 19.29%.

MGIC Investment 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.