Vest Financial LLC Reduces Holdings in MGIC Investment Corporation $MTG

Vest Financial LLC cut its stake in MGIC Investment Corporation (NYSE:MTG) by 63.2% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 199,977 shares of the insurance provider’s stock after selling 343,256 shares during the period. Vest Financial LLC owned about 0.09% of MGIC Investment worth $5,673,000 as of its most recent SEC filing.

Several other large investors also recently bought and sold shares of MTG. FCG Investment Co acquired a new stake in MGIC Investment during the 2nd quarter worth $846,000. Sequoia Financial Advisors LLC purchased a new stake in shares of MGIC Investment in the second quarter valued at about $568,000. North Star Asset Management Inc. acquired a new stake in shares of MGIC Investment during the second quarter worth about $375,000. Moody Aldrich Partners LLC purchased a new position in shares of MGIC Investment during the third quarter worth about $4,648,000. Finally, WINTON GROUP Ltd acquired a new position in MGIC Investment in the 2nd quarter valued at about $6,797,000. Institutional investors and hedge funds own 95.58% of the company’s stock.

Insider Activity

In other news, COO Salvatore A. Miosi sold 30,000 shares of the company’s stock in a transaction on Monday, November 3rd. The stock was sold at an average price of $27.52, for a total value of $825,600.00. Following the sale, the chief operating officer directly owned 159,401 shares in the company, valued at $4,386,715.52. This represents a 15.84% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Timothy J. Mattke sold 139,203 shares of MGIC Investment stock in a transaction dated Tuesday, January 13th. The stock was sold at an average price of $26.51, for a total value 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. This represents a 14.47% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 189,203 shares of company stock worth $5,064,672 over the last three months. 1.05% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on MTG shares. Keefe, Bruyette & Woods increased their price objective on MGIC Investment from $27.00 to $28.00 and gave the stock a “market perform” rating in a research report on Thursday, December 18th. Barclays increased their price target on MGIC Investment from $28.00 to $30.00 and gave the stock an “equal weight” rating in a report on Tuesday, January 6th. Finally, Weiss Ratings reiterated a “buy (a-)” rating on shares of MGIC Investment in a research report on Wednesday, October 8th. One equities research analyst has rated the stock with a Strong Buy rating and four have issued a Hold rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $28.00.

MGIC Investment Stock Up 1.3%

Shares of NYSE MTG opened at $26.68 on Thursday. The company has a debt-to-equity ratio of 0.12, a current ratio of 1.48 and a quick ratio of 1.48. The firm’s 50-day moving average is $28.42 and its two-hundred day moving average is $27.68. MGIC Investment Corporation has a 12-month low of $21.94 and a 12-month high of $29.97. The company has a market capitalization of $5.97 billion, a PE ratio of 8.58, a price-to-earnings-growth ratio of 1.46 and a beta of 0.84.

MGIC Investment (NYSE:MTG) last issued its quarterly earnings data on Wednesday, October 29th. The insurance provider reported $0.83 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.72 by $0.11. The firm had revenue of $304.51 million during the quarter, compared to the consensus estimate of $308.16 million. MGIC Investment had a return on equity of 14.62% and a net margin of 61.96%.The company’s quarterly revenue was down .7% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.77 EPS. Equities analysts anticipate that MGIC Investment Corporation will post 2.71 EPS for the current fiscal year.

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.