MGIC Investment Corporation $MTG Stock Sold by Jefferies Financial Group Inc.

Jefferies Financial Group Inc. lowered its holdings in MGIC Investment Corporation (NYSE:MTG) by 69.2% during the 3rd quarter, HoldingsChannel.com reports. The fund owned 131,735 shares of the insurance provider’s stock after selling 296,435 shares during the quarter. Jefferies Financial Group Inc.’s holdings in MGIC Investment were worth $3,404,000 at the end of the most recent reporting period.

Other large investors have also recently modified their holdings of the company. NewEdge Advisors LLC raised its stake in MGIC Investment by 126.3% in the second quarter. NewEdge Advisors LLC now owns 319,592 shares of the insurance provider’s stock valued at $9,012,000 after purchasing an additional 178,381 shares in the last quarter. VIRGINIA RETIREMENT SYSTEMS ET Al bought a new stake in MGIC Investment during the second quarter valued at approximately $29,919,000. WINTON GROUP Ltd grew its stake in MGIC Investment by 317.3% in the 2nd quarter. WINTON GROUP Ltd now owns 189,475 shares of the insurance provider’s stock worth $5,343,000 after buying an additional 144,073 shares in the last quarter. The Manufacturers Life Insurance Company purchased a new position in MGIC Investment in the 2nd quarter worth approximately $4,191,000. Finally, Bank of America Corp DE increased its holdings in shares of MGIC Investment by 15.4% in the 1st quarter. Bank of America Corp DE now owns 1,415,378 shares of the insurance provider’s stock worth $37,154,000 after buying an additional 188,519 shares during the last quarter. Institutional investors own 95.58% of the company’s stock.

MGIC Investment Price Performance

MTG stock opened at $27.73 on Friday. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.28 and a current ratio of 1.28. MGIC Investment Corporation has a 52 week low of $24.69 and a 52 week high of $31.89. The firm’s fifty day moving average is $28.59 and its 200 day moving average is $27.84. The firm has a market cap of $5.52 billion, a P/E ratio of 8.61, a P/E/G ratio of 1.42 and a beta of 0.64.

MGIC Investment (NYSE:MTG) last posted its quarterly earnings results on Wednesday, November 4th. The insurance provider reported $0.85 earnings per share for the quarter, topping the consensus estimate of $0.81 by $0.04. The business had revenue of $299.08 million during the quarter, compared to the consensus estimate of $298.66 million. MGIC Investment had a net margin of 58.12% and a return on equity of 13.81%. The firm’s revenue for the quarter was down 1.8% on a year-over-year basis. During the same period in the previous year, the firm posted $0.83 earnings per share. Research analysts predict that MGIC Investment Corporation will post 3.21 earnings per share for the current year.

MGIC Investment Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, November 23rd. Stockholders of record on Thursday, November 12th will be issued a $0.17 dividend. The ex-dividend date is Thursday, November 12th. This represents a $0.68 annualized dividend and a dividend yield of 2.5%. MGIC Investment’s payout ratio is currently 21.12%.

Insider Activity

In other news, COO Salvatore Miosi sold 30,000 shares of the business’s stock in a transaction dated 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 sale, the chief operating officer owned 440,951 shares of the company’s stock, valued at approximately $11,491,183.06. The trade was a 6.37% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Timothy Mattke sold 137,114 shares of the business’s stock in a transaction dated Thursday, October 1st. The shares were sold at an average price of $26.23, for a total value of $3,596,500.22. Following the completion of the sale, the chief executive officer directly owned 843,778 shares of the company’s stock, valued at approximately $22,132,296.94. This trade represents a 13.98% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders sold 197,114 shares of company stock worth $5,300,200. Company insiders own 1.34% of the company’s stock.

Wall Street Analyst Weigh In

MTG has been the topic of several research reports. BTIG Research assumed coverage on shares of MGIC Investment in a research report on Tuesday, September 22nd. They set a “hold” rating on the stock. Zacks Research lowered shares of MGIC Investment from a “strong-buy” rating to a “hold” rating in a research report on Monday, October 19th. Royal Bank Of Canada increased their target price on MGIC Investment from $28.00 to $32.00 and gave the company a “sector perform” rating in a research note on Friday, July 31st. Roth Capital reissued a “buy” rating and issued a $35.00 target price on shares of MGIC Investment in a research note on Thursday, July 30th. Finally, Barclays raised their price target on MGIC Investment from $29.00 to $30.00 and gave the company an “equal weight” rating in a research report on Friday, November 6th. One analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and six have issued a Hold rating to the company. According to data from MarketBeat, the company has an average rating of “Hold” and an average price target of $31.00.

MGIC Investment Profile

MGIC Investment Corporation is a mortgage insurance company whose principal subsidiary, Mortgage Guaranty Insurance Corporation (MGIC), provides private mortgage insurance to lenders. Its coverage helps protect lenders from losses if borrowers default on their mortgages and can help qualified borrowers purchase homes with smaller down payments. Founded in 1957 by Max H. Karl, MGIC is widely recognized as a pioneer in the private mortgage insurance industry. The company serves mortgage lenders and borrowers across the United States.