LSV Asset Management Sells 265,690 Shares of MGIC Investment Corporation $MTG

LSV Asset Management cut its holdings in MGIC Investment Corporation (NYSE:MTG) by 2.5% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 10,318,036 shares of the insurance provider’s stock after selling 265,690 shares during the quarter. LSV Asset Management owned approximately 4.61% of MGIC Investment worth $292,723,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in the business. True Wealth Design LLC boosted its stake in shares of MGIC Investment by 262.5% during the second quarter. True Wealth Design LLC now owns 1,004 shares of the insurance provider’s stock valued at $28,000 after purchasing an additional 727 shares in the last quarter. Alpine Bank Wealth Management bought a new position in MGIC Investment in the third quarter worth approximately $28,000. Hantz Financial Services Inc. lifted its holdings in MGIC Investment by 3,067.6% during the second quarter. Hantz Financial Services Inc. now owns 1,077 shares of the insurance provider’s stock worth $30,000 after buying an additional 1,043 shares during the period. SBI Securities Co. Ltd. boosted its position in MGIC Investment by 61.1% during the 3rd quarter. SBI Securities Co. Ltd. now owns 1,041 shares of the insurance provider’s stock valued at $30,000 after acquiring an additional 395 shares in the last quarter. Finally, Employees Retirement System of Texas purchased a new position in shares of MGIC Investment in the 2nd quarter valued at $32,000. Hedge funds and other institutional investors own 95.58% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on MTG. Keefe, Bruyette & Woods raised their price objective on MGIC Investment from $27.00 to $28.00 and gave the company a “market perform” rating in a research report on Thursday, December 18th. Weiss Ratings cut shares of MGIC Investment from a “buy (a-)” rating to a “buy (b+)” rating in a report on Thursday, February 5th. Finally, Barclays cut their price objective on shares of MGIC Investment from $30.00 to $28.00 and set an “equal weight” rating on the stock in a research report on Wednesday, February 4th. One equities research analyst has rated the stock with a Buy rating and four have issued a Hold rating to the company. According to MarketBeat, MGIC Investment presently has an average rating of “Hold” and an average price target of $27.50.

Insider Transactions at MGIC Investment

In other MGIC Investment news, COO Salvatore A. Miosi sold 30,000 shares of the firm’s stock in a transaction that occurred on Monday, February 2nd. The shares were sold at an average price of $27.27, for a total transaction of $818,100.00. Following the completion of the transaction, the chief operating officer directly 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 transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Timothy J. Mattke sold 139,203 shares of MGIC Investment stock in a transaction that occurred on Tuesday, January 13th. The shares were sold at an average price of $26.51, for a total transaction of $3,690,271.53. Following the sale, the chief executive officer owned 822,588 shares of the company’s stock, valued at approximately $21,806,807.88. The trade was a 14.47% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 189,203 shares of company stock worth $5,058,572 over the last three months. 1.05% of the stock is currently owned by insiders.

MGIC Investment Stock Up 1.9%

MTG stock opened at $27.36 on Thursday. The firm has a 50 day moving average of $28.00 and a 200 day moving average of $27.78. The stock has a market capitalization of $6.12 billion, a PE ratio of 8.71, a price-to-earnings-growth ratio of 2.13 and a beta of 0.83. The company has a quick ratio of 1.48, a current ratio of 0.78 and a debt-to-equity ratio of 0.13. MGIC Investment Corporation has a 52 week low of $21.94 and a 52 week high of $29.97.

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

MGIC Investment Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 6th. Stockholders of record on Tuesday, February 17th will be issued a $0.15 dividend. The ex-dividend date of this dividend is Tuesday, February 17th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 2.2%. MGIC Investment’s dividend payout ratio is currently 19.11%.

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.