Key Points
- CEO Timothy Mattke sold 139,203 shares on Jan. 13 at an average price of $26.51 for a total of $3,690,271.53, reducing his stake by 14.47% to 822,588 shares (worth about $21.81M).
- MGIC's stock trades around the mid-$20s with a market cap of about $5.85B, a P/E of 8.40, and a 52-week range of $21.94–$29.97.
- The company reported $0.83 EPS for the most recent quarter (beating the $0.72 estimate) with revenue of $304.5M (slightly below expectations), and pays a quarterly dividend of $0.15 (annualized $0.60, ~2.3% yield).
MGIC Investment Corporation (NYSE:MTG - Get Free Report) CEO Timothy Mattke sold 139,203 shares of the company's stock in a transaction on 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 transaction, the chief executive officer owned 822,588 shares of the company's stock, valued at approximately $21,806,807.88. The trade was a 14.47% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.
MGIC Investment Stock Performance
MTG stock opened at $26.13 on Thursday. MGIC Investment Corporation has a 1 year low of $21.94 and a 1 year high of $29.97. The stock has a market capitalization of $5.85 billion, a price-to-earnings ratio of 8.40, a PEG ratio of 1.43 and a beta of 0.84. The company has a debt-to-equity ratio of 0.12, a quick ratio of 1.48 and a current ratio of 1.48. The stock's fifty day moving average is $28.60 and its two-hundred day moving average is $27.74.
MGIC Investment (NYSE:MTG - Get Free Report) last released its quarterly earnings data on Wednesday, October 29th. The insurance provider reported $0.83 earnings per share for the quarter, topping analysts' consensus estimates of $0.72 by $0.11. The business had revenue of $304.51 million for the quarter, compared to analysts' expectations of $308.16 million. MGIC Investment had a net margin of 61.96% and a return on equity of 14.62%. The company's revenue for the quarter was down .7% compared to the same quarter last year. During the same quarter last year, the company earned $0.77 EPS. On average, research analysts predict that MGIC Investment Corporation will post 2.71 EPS for the current year.
MGIC Investment Dividend Announcement
The firm also recently declared a quarterly dividend, which was paid on Thursday, November 20th. Stockholders of record on Thursday, November 6th were issued a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a dividend yield of 2.3%. The ex-dividend date of this dividend was Thursday, November 6th. MGIC Investment's payout ratio is 19.29%.
Institutional Investors Weigh In On MGIC Investment
A number of institutional investors have recently added to or reduced their stakes in MTG. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. bought a new stake in shares of MGIC Investment in the 1st quarter worth $2,397,000. Goldman Sachs Group Inc. grew its holdings in MGIC Investment by 6.7% during the first quarter. Goldman Sachs Group Inc. now owns 3,103,366 shares of the insurance provider's stock worth $76,901,000 after acquiring an additional 195,895 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its position in MGIC Investment by 2.7% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,239,395 shares of the insurance provider's stock worth $30,712,000 after acquiring an additional 32,904 shares in the last quarter. Geneos Wealth Management Inc. raised its position in MGIC Investment by 88.0% in the first quarter. Geneos Wealth Management Inc. now owns 1,745 shares of the insurance provider's stock worth $43,000 after acquiring an additional 817 shares in the last quarter. Finally, Strs Ohio acquired a new stake in MGIC Investment in the 1st quarter valued at about $2,988,000. 95.58% of the stock is currently owned by institutional investors and hedge funds.
Analyst Upgrades and Downgrades
Several research firms recently commented on MTG. Barclays raised their target price on MGIC Investment from $28.00 to $30.00 and gave the company an "equal weight" rating in a research report on Tuesday, January 6th. Weiss Ratings reissued a "buy (a-)" rating on shares of MGIC Investment in a research note on Wednesday, October 8th. Finally, Keefe, Bruyette & Woods lifted their price objective on shares of MGIC Investment from $27.00 to $28.00 and gave the company a "market perform" rating in a research note on Thursday, December 18th. One investment analyst has rated the stock with a Strong Buy rating and four have given a Hold rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Hold" and an average price target of $28.00.
View Our Latest Research Report on MGIC Investment
About MGIC Investment
(
Get Free Report)
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.
Further Reading
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