MGIC Investment (NYSE:MTG) COO Sells $921,900.00 in Stock

MGIC Investment Corporation (NYSE:MTG) COO Salvatore Miosi sold 30,000 shares of the firm’s stock in a transaction on Tuesday, September 1st. The shares were sold at an average price of $30.73, for a total transaction of $921,900.00. Following the sale, the chief operating officer owned 470,951 shares in the company, valued at approximately $14,472,324.23. This represents a 5.99% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

MGIC Investment Trading Down 1.5%

Shares of MGIC Investment stock opened at $31.01 on Friday. The firm has a 50-day simple moving average of $29.91 and a two-hundred day simple moving average of $27.69. The company has a market cap of $6.36 billion, a P/E ratio of 9.69, a price-to-earnings-growth ratio of 0.80 and a beta of 0.65. 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 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 posted its earnings results on Wednesday, July 29th. The insurance provider reported $0.87 EPS for the quarter, beating analysts’ consensus estimates of $0.76 by $0.11. The firm had revenue of $295.39 million for the quarter, compared to analysts’ expectations of $297.54 million. MGIC Investment had a return on equity of 13.90% and a net margin of 59.20%.The company’s quarterly revenue was down 2.9% on a year-over-year basis. During the same period last year, the firm earned $0.82 EPS. As a group, equities analysts predict that MGIC Investment Corporation will post 3.24 earnings per share for the current fiscal year.

MGIC Investment Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, August 20th. Stockholders of record on Wednesday, August 5th were given a $0.17 dividend. This represents a $0.68 dividend on an annualized basis and a dividend yield of 2.2%. This is a boost from MGIC Investment’s previous quarterly dividend of $0.15. The ex-dividend date was Wednesday, August 5th. MGIC Investment’s dividend payout ratio (DPR) is presently 21.25%.

Institutional Trading of MGIC Investment

A number of hedge funds have recently bought and sold shares of MTG. BlackRock Inc. purchased a new position in MGIC Investment in the 2nd quarter worth approximately $618,467,000. California State Teachers Retirement System grew its position in shares of MGIC Investment by 2,724.4% in the second quarter. California State Teachers Retirement System now owns 7,744,171 shares of the insurance provider’s stock valued at $218,386,000 after purchasing an additional 7,469,978 shares in the last quarter. Caisse de depot et placement du Quebec acquired a new stake in shares of MGIC Investment in the second quarter valued at approximately $98,074,000. Norges Bank acquired a new stake in shares of MGIC Investment in the fourth quarter valued at approximately $96,248,000. Finally, AQR Capital Management LLC lifted its position in MGIC Investment by 92.4% during the second quarter. AQR Capital Management LLC now owns 6,333,091 shares of the insurance provider’s stock worth $176,313,000 after buying an additional 3,041,446 shares in the last quarter. Institutional investors and hedge funds own 95.58% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have recently issued reports on MTG. Weiss Ratings upgraded MGIC Investment from a “buy (b+)” rating to a “buy (a-)” rating in a research report on Wednesday, August 19th. Roth Capital reaffirmed a “buy” rating and set a $35.00 price objective on shares of MGIC Investment in a report on Thursday, July 30th. Royal Bank Of Canada lifted their target price on shares of MGIC Investment from $28.00 to $32.00 and gave the company a “sector perform” rating in a research report on Friday, July 31st. Keefe, Bruyette & Woods raised their target price on MGIC Investment from $29.00 to $30.00 and gave the company a “market perform” rating in a research report on Friday, July 31st. Finally, Zacks Research upgraded MGIC Investment from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, August 25th. Two investment analysts have rated the stock with a Strong Buy rating, one has issued a Buy rating and four have issued a Hold rating to the company. According to MarketBeat.com, MGIC Investment presently has an average rating of “Moderate Buy” and a consensus price target of $30.60.

About MGIC Investment

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.