Insider Selling: MGIC Investment (NYSE:MTG) COO Sells $761,400.00 in Stock

MGIC Investment Corporation (NYSE:MTG) COO Salvatore Miosi sold 30,000 shares of the stock in a transaction on Monday, June 8th. The stock was sold at an average price of $25.38, for a total value of $761,400.00. Following the completion of the sale, the chief operating officer owned 560,951 shares in the company, valued at approximately $14,236,936.38. The trade was a 5.08% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

MGIC Investment Stock Performance

MTG stock opened at $25.46 on Friday. The company has a quick ratio of 1.14, a current ratio of 1.14 and a debt-to-equity ratio of 0.13. The business’s fifty day simple moving average is $26.63 and its two-hundred day simple moving average is $27.14. MGIC Investment Corporation has a twelve month low of $24.69 and a twelve month high of $29.97. The firm has a market cap of $5.39 billion, a price-to-earnings ratio of 8.08, a PEG ratio of 1.77 and a beta of 0.68.

MGIC Investment (NYSE:MTG) last announced its quarterly earnings results on Wednesday, April 29th. The insurance provider reported $0.76 EPS for the quarter, beating the consensus estimate of $0.73 by $0.03. The firm had revenue of $297.08 million for the quarter, compared to analyst estimates of $303.12 million. MGIC Investment had a return on equity of 14.01% and a net margin of 59.63%.The business’s revenue for the quarter was down 3.0% on a year-over-year basis. During the same quarter last year, the firm posted $0.75 earnings per share. Analysts predict that MGIC Investment Corporation will post 3.06 earnings per share for the current year.

MGIC Investment Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, May 21st. Stockholders of record on Wednesday, May 6th were paid a dividend of $0.15 per share. The ex-dividend date was Wednesday, May 6th. This represents a $0.60 annualized dividend and a dividend yield of 2.4%. MGIC Investment’s dividend payout ratio (DPR) is currently 19.05%.

MGIC Investment declared that its Board of Directors has approved a stock repurchase plan on Thursday, April 23rd that permits the company to buyback $750.00 million in outstanding shares. This buyback authorization permits the insurance provider to reacquire up to 12.4% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s management believes its stock is undervalued.

Hedge Funds Weigh In On MGIC Investment

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Compound Planning Inc. grew its stake in MGIC Investment by 5.3% in the third quarter. Compound Planning Inc. now owns 7,788 shares of the insurance provider’s stock valued at $221,000 after purchasing an additional 389 shares during the last quarter. SBI Securities Co. Ltd. grew its stake in MGIC Investment by 61.1% in the third quarter. SBI Securities Co. Ltd. now owns 1,041 shares of the insurance provider’s stock valued at $30,000 after purchasing an additional 395 shares during the last quarter. Waddell & Associates LLC grew its stake in MGIC Investment by 5.3% in the third quarter. Waddell & Associates LLC now owns 8,090 shares of the insurance provider’s stock valued at $230,000 after purchasing an additional 410 shares during the last quarter. Clearstead Advisors LLC grew its stake in MGIC Investment by 24.7% in the third quarter. Clearstead Advisors LLC now owns 2,209 shares of the insurance provider’s stock valued at $63,000 after purchasing an additional 438 shares during the last quarter. Finally, Oregon Public Employees Retirement Fund grew its stake in MGIC Investment by 1.1% in the first quarter. Oregon Public Employees Retirement Fund now owns 44,972 shares of the insurance provider’s stock valued at $1,181,000 after purchasing an additional 481 shares during the last quarter. Hedge funds and other institutional investors own 95.58% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on the company. UBS Group cut their price target on MGIC Investment from $29.50 to $28.00 and set a “neutral” rating on the stock in a research note on Thursday, March 12th. Royal Bank Of Canada assumed coverage on MGIC Investment in a research note on Friday, May 22nd. They set a “sector perform” rating and a $28.00 price target on the stock. Barclays cut their price target on MGIC Investment from $29.00 to $28.00 and set an “equal weight” rating on the stock in a research note on Friday, May 1st. Finally, Keefe, Bruyette & Woods raised their price target on MGIC Investment from $28.00 to $29.00 and gave the company a “market perform” rating in a research note on Friday, April 10th. One research analyst has rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $28.25.

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.