Sequoia Financial Advisors LLC Sells 27,907 Shares of MGIC Investment Corporation $MTG

Sequoia Financial Advisors LLC decreased its position in shares of MGIC Investment Corporation (NYSE:MTG) by 48.2% during the 1st quarter, Holdings Channel reports. The institutional investor owned 29,938 shares of the insurance provider’s stock after selling 27,907 shares during the quarter. Sequoia Financial Advisors LLC’s holdings in MGIC Investment were worth $786,000 at the end of the most recent quarter.

Other hedge funds have also recently bought and sold shares of the company. Norges Bank acquired a new stake in shares of MGIC Investment in the 4th quarter valued at $96,248,000. AQR Capital Management LLC lifted its stake in shares of 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 valued at $176,313,000 after acquiring an additional 3,041,446 shares during the period. Arbejdsmarkedets Tillaegspension acquired a new position in shares of MGIC Investment during the fourth quarter valued at $24,456,000. Jane Street Group LLC boosted its holdings in MGIC Investment by 71.2% in the fourth quarter. Jane Street Group LLC now owns 1,739,877 shares of the insurance provider’s stock valued at $50,839,000 after acquiring an additional 723,480 shares during the last quarter. Finally, Caisse de depot et placement du Quebec boosted its holdings in MGIC Investment by 20.4% in the third quarter. Caisse de depot et placement du Quebec now owns 3,943,965 shares of the insurance provider’s stock valued at $111,890,000 after acquiring an additional 667,876 shares during the last quarter. 95.58% of the stock is currently owned by institutional investors.

Insider Transactions at MGIC Investment

In related news, COO Salvatore A. Miosi sold 30,000 shares of the business’s stock in a transaction that occurred on Monday, June 8th. The shares were sold at an average price of $25.38, for a total transaction of $761,400.00. Following the completion of the transaction, 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 ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Paula C. Maggio sold 20,937 shares of the company’s stock in a transaction that occurred on Friday, May 29th. The shares were sold at an average price of $25.55, for a total transaction of $534,940.35. Following the completion of the sale, the executive vice president directly owned 169,620 shares of the company’s stock, valued at $4,333,791. The trade was a 10.99% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 1.34% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have weighed in on the company. Keefe, Bruyette & Woods boosted their price objective on MGIC Investment from $28.00 to $29.00 and gave the stock a “market perform” rating in a report on Friday, April 10th. Royal Bank Of Canada began coverage on shares of MGIC Investment in a research note on Friday, May 22nd. They issued a “sector perform” rating and a $28.00 target price on the stock. Barclays lowered their price target on shares of MGIC Investment from $29.00 to $28.00 and set an “equal weight” rating for the company in a research report on Friday, May 1st. Finally, Weiss Ratings raised shares of MGIC Investment from a “buy (b)” rating to a “buy (b+)” rating in a research note on Tuesday, July 7th. One research analyst has rated the stock with a Buy rating and four have issued a Hold rating to the company’s stock. According to MarketBeat, the company has an average rating of “Hold” and a consensus target price of $28.25.

MGIC Investment Stock Up 0.7%

NYSE:MTG opened at $29.46 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. MGIC Investment Corporation has a 12-month low of $24.69 and a 12-month high of $29.97. The stock’s fifty day simple moving average is $26.68 and its 200-day simple moving average is $26.92. The firm has a market capitalization of $6.23 billion, a P/E ratio of 9.35, a P/E/G ratio of 2.03 and a beta of 0.67.

MGIC Investment (NYSE:MTG) last released its quarterly earnings data on Wednesday, April 29th. The insurance provider reported $0.76 EPS for the quarter, beating analysts’ consensus estimates of $0.73 by $0.03. MGIC Investment had a return on equity of 14.01% and a net margin of 59.63%.The business had revenue of $297.08 million during the quarter, compared to the consensus estimate of $303.12 million. During the same quarter in the prior year, the company posted $0.75 earnings per share. The firm’s revenue was down 3.0% on a year-over-year basis. Equities research analysts expect that MGIC Investment Corporation will post 3.05 earnings per share for the current year.

MGIC Investment declared that its Board of Directors has initiated a stock repurchase plan on Thursday, April 23rd that permits the company to repurchase $750.00 million in shares. This repurchase authorization permits the insurance provider to buy up to 12.4% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s leadership believes its shares are undervalued.

MGIC Investment Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, May 21st. Stockholders of record on Wednesday, May 6th were paid a $0.15 dividend. The ex-dividend date of this dividend was Wednesday, May 6th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 2.0%. MGIC Investment’s dividend payout ratio is 19.05%.

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.