MGIC Investment (NYSE:MTG) EVP Sells $606,000.00 in Stock

MGIC Investment Corporation (NYSE:MTG) EVP Paula Maggio sold 20,000 shares of MGIC Investment stock in a transaction that occurred on Friday, August 7th. The shares were sold at an average price of $30.30, for a total transaction of $606,000.00. Following the sale, the executive vice president directly owned 149,620 shares in the company, valued at approximately $4,533,486. The trade was a 11.79% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

MGIC Investment Trading Up 1.0%

Shares of MGIC Investment stock opened at $30.65 on Thursday. The firm has a market capitalization of $6.29 billion, a price-to-earnings ratio of 9.58, a PEG ratio of 0.78 and a beta of 0.66. 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. The stock has a 50 day moving average of $28.24 and a 200 day moving average of $27.19.

MGIC Investment (NYSE:MTG) last posted its earnings results on Wednesday, July 29th. The insurance provider reported $0.87 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.76 by $0.11. MGIC Investment had a return on equity of 13.90% and a net margin of 59.20%.The company had revenue of $295.39 million during the quarter, compared to analysts’ expectations of $297.54 million. During the same quarter last year, the firm earned $0.82 earnings per share. The firm’s quarterly revenue was down 2.9% compared to the same quarter last year. As a group, research analysts predict that MGIC Investment Corporation will post 3.21 earnings per share for the current year.

MGIC Investment Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, August 20th. Investors of record on Wednesday, August 5th will be given a dividend of $0.17 per share. This represents a $0.68 dividend on an annualized basis and a dividend yield of 2.2%. The ex-dividend date of this dividend is Wednesday, August 5th. This is a positive change from MGIC Investment’s previous quarterly dividend of $0.15. MGIC Investment’s dividend payout ratio is 21.25%.

MGIC Investment announced that its Board of Directors has initiated a share repurchase program on Thursday, April 23rd that allows the company to buyback $750.00 million in shares. This buyback authorization allows the insurance provider to purchase up to 12.4% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s management believes its shares are undervalued.

Wall Street Analyst Weigh In

A number of research analysts have commented on MTG shares. Royal Bank Of Canada upped 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 boosted their price target on shares of MGIC Investment from $29.00 to $30.00 and gave the company a “market perform” rating in a research note on Friday, July 31st. Barclays lowered their price objective 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. Weiss Ratings upgraded shares of MGIC Investment from a “buy (b)” rating to a “buy (b+)” rating in a report on Tuesday, July 7th. Finally, Roth Capital restated a “buy” rating and set a $35.00 price target on shares of MGIC Investment in a research note on Thursday, July 30th. Two equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $30.60.

Institutional Trading of MGIC Investment

A number of hedge funds and other institutional investors have recently bought and sold shares of MTG. Newbridge Financial Services Group Inc. acquired a new position in shares of MGIC Investment during the 3rd quarter worth about $28,000. V Square Quantitative Management LLC acquired a new stake in shares of MGIC Investment during the 4th quarter worth about $36,000. SBI Securities Co. Ltd. lifted its stake in MGIC Investment by 40.3% during the fourth quarter. SBI Securities Co. Ltd. now owns 1,461 shares of the insurance provider’s stock worth $43,000 after purchasing an additional 420 shares during the last quarter. Geneos Wealth Management Inc. lifted its stake in MGIC Investment by 88.0% during the first quarter. Geneos Wealth Management Inc. now owns 1,745 shares of the insurance provider’s stock worth $43,000 after purchasing an additional 817 shares during the last quarter. Finally, Mitsubishi UFJ Asset Management Co. Ltd. acquired a new position in MGIC Investment in the second quarter valued at approximately $62,000. 95.58% of the stock is currently owned by institutional investors and hedge funds.

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.