Key Points
- COO Salvatore Miosi sold 10,931 shares of MGIC (NYSE:MTG) on April 1 at an average price of $26.25 for $286,938.75, trimming his stake by 1.82% to 590,951 shares; the transaction was executed under a pre-arranged Rule 10b5-1 trading plan.
- MGIC reported $0.75 EPS for the quarter (beating estimates by $0.02), has a net margin of 60.84% and ROE of 14.33%, and pays a quarterly dividend of $0.15 (annualized $0.60) for a 2.3% yield.
MGIC Investment Corporation (NYSE:MTG - Get Free Report) COO Salvatore Miosi sold 10,931 shares of the company's stock in a transaction that occurred on Wednesday, April 1st. The shares were sold at an average price of $26.25, for a total value of $286,938.75. Following the sale, the chief operating officer owned 590,951 shares in the company, valued at $15,512,463.75. The trade was a 1.82% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.
MGIC Investment Stock Performance
MTG stock opened at $26.50 on Friday. The stock's 50 day simple moving average is $26.46 and its 200 day simple moving average is $27.50. MGIC Investment Corporation has a 12-month low of $21.94 and a 12-month high of $29.97. The firm has a market cap of $5.70 billion, a P/E ratio of 8.44, a P/E/G ratio of 2.09 and a beta of 0.79. The company has a current ratio of 1.52, a quick ratio of 1.52 and a debt-to-equity ratio of 0.13.
MGIC Investment (NYSE:MTG - Get Free Report) last released its quarterly earnings data on Monday, February 2nd. The insurance provider reported $0.75 EPS for the quarter, topping analysts' consensus estimates of $0.73 by $0.02. MGIC Investment had a net margin of 60.84% and a return on equity of 14.33%. During the same period in the prior year, the firm earned $0.72 earnings per share. The company's quarterly revenue was down .9% on a year-over-year basis. As a group, equities research analysts predict that MGIC Investment Corporation will post 2.71 EPS for the current year.
MGIC Investment Announces Dividend
The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 6th. Investors of record on Tuesday, February 17th were given 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 Tuesday, February 17th. MGIC Investment's dividend payout ratio is currently 19.11%.
Institutional Trading of MGIC Investment
Several hedge funds have recently added to or reduced their stakes in the business. Alpine Bank Wealth Management acquired a new position in shares of MGIC Investment during the third quarter valued at $28,000. Newbridge Financial Services Group Inc. bought a new stake in MGIC Investment during the third quarter worth approximately $28,000. SBI Securities Co. Ltd. lifted its position in MGIC Investment by 61.1% in the third quarter. SBI Securities Co. Ltd. now owns 1,041 shares of the insurance provider's stock worth $30,000 after purchasing an additional 395 shares during the period. V Square Quantitative Management LLC acquired a new stake in MGIC Investment in the fourth quarter worth approximately $36,000. Finally, Root Financial Partners LLC acquired a new stake in shares of MGIC Investment in the third quarter valued at $38,000. Institutional investors own 95.58% of the company's stock.
Wall Street Analyst Weigh In
A number of brokerages have commented on MTG. Keefe, Bruyette & Woods lifted their target price on MGIC Investment from $27.00 to $28.00 and gave the company a "market perform" rating in a research note on Thursday, December 18th. Weiss Ratings lowered MGIC Investment from a "buy (a-)" rating to a "buy (b+)" rating in a research report on Thursday, February 5th. UBS Group reduced their price target on shares of MGIC Investment from $29.50 to $28.00 and set a "neutral" rating for the company in a report on Thursday, March 12th. Finally, Barclays dropped their price objective on shares of MGIC Investment from $30.00 to $28.00 and set an "equal weight" rating on the stock in a report on Wednesday, February 4th. One research analyst has rated the stock with a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Hold" and an average target price of $28.00.
Check Out Our Latest 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.
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