Insider Selling: MGIC Investment (NYSE:MTG) COO Sells $781,800.00 in Stock

MGIC Investment Corporation (NYSE:MTG) COO Salvatore Miosi sold 30,000 shares of MGIC Investment stock in a transaction that occurred on Thursday, October 1st. The stock was sold at an average price of $26.06, for a total value of $781,800.00. Following the completion of the transaction, the chief operating officer owned 440,951 shares of the company’s stock, valued at approximately $11,491,183.06. This trade represents a 6.37% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

MGIC Investment Stock Performance

NYSE MTG opened at $26.86 on Monday. The business’s 50 day moving average price is $30.17 and its 200-day moving average price is $28.09. MGIC Investment Corporation has a fifty-two week low of $24.69 and a fifty-two week high of $31.89. The company has a market cap of $5.51 billion, a P/E ratio of 8.40, a P/E/G ratio of 0.69 and a beta of 0.67. 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 (NYSE:MTG) last issued its quarterly earnings results on Wednesday, July 29th. The insurance provider reported $0.87 earnings per share (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 during the quarter, compared to the consensus estimate of $297.54 million. During the same period last year, the company earned $0.82 earnings per share. MGIC Investment’s revenue was down 2.9% on a year-over-year basis. Sell-side analysts predict that MGIC Investment Corporation will post 3.24 earnings per share for the current year.

MGIC Investment Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, August 20th. Investors of record on Wednesday, August 5th were paid a dividend of $0.17 per share. The ex-dividend date of this dividend was Wednesday, August 5th. This represents a $0.68 dividend on an annualized basis and a dividend yield of 2.5%. This is a boost from MGIC Investment’s previous quarterly dividend of $0.15. MGIC Investment’s dividend payout ratio is presently 21.25%.

Institutional Investors Weigh In On MGIC Investment

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. NewEdge Advisors LLC raised its stake in shares of MGIC Investment by 126.3% during the second quarter. NewEdge Advisors LLC now owns 319,592 shares of the insurance provider’s stock valued at $9,012,000 after acquiring an additional 178,381 shares in the last quarter. Norges Bank bought a new position in MGIC Investment in the fourth quarter worth approximately $96,248,000. Geode Capital Management LLC increased its holdings in MGIC Investment by 2.8% during the 4th quarter. Geode Capital Management LLC now owns 5,371,470 shares of the insurance provider’s stock worth $163,368,000 after purchasing an additional 146,589 shares during the period. WINTON GROUP Ltd increased its holdings in MGIC Investment by 317.3% during the 2nd quarter. WINTON GROUP Ltd now owns 189,475 shares of the insurance provider’s stock worth $5,343,000 after purchasing an additional 144,073 shares during the period. Finally, Hsbc Holdings PLC raised its position in MGIC Investment by 24.5% during the 4th quarter. Hsbc Holdings PLC now owns 207,412 shares of the insurance provider’s stock valued at $6,089,000 after purchasing an additional 40,751 shares in the last quarter. Institutional investors own 95.58% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on the stock. Roth Capital reissued a “buy” rating and issued a $35.00 price objective on shares of MGIC Investment in a research report on Thursday, July 30th. Keefe, Bruyette & Woods upped their target price on MGIC Investment from $29.00 to $30.00 and gave the company a “market perform” rating in a research note on Friday, July 31st. Zacks Research upgraded MGIC Investment from a “hold” rating to a “strong-buy” rating in a report on Tuesday, August 25th. BTIG Research began coverage on MGIC Investment in a research note on Tuesday, September 22nd. They set a “hold” rating for the company. Finally, Weiss Ratings upgraded MGIC Investment from a “buy (b+)” rating to a “buy (a-)” rating in a report on Wednesday, August 19th. Two investment analysts have rated the stock with a Strong Buy rating, one has assigned a Buy rating and five have issued a Hold rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $30.60.

About MGIC Investment

MGIC Investment Corporation is a holding company whose principal subsidiary, Mortgage Guaranty Insurance Corporation (MGIC), provides private mortgage insurance in the United States. Its insurance helps lenders manage credit risk on residential mortgage loans, particularly loans made to borrowers who provide down payments below traditional thresholds.

MGIC’s products are primarily designed for lenders and other mortgage-finance participants, including primary mortgage insurance covering individual residential loans.