Key Points
- CEO Timothy Mattke sold 139,202 shares at an average price of $26.49 for a total of $3,687,460.98 under a pre‑arranged Rule 10b5‑1 plan, trimming his stake by 11.07% to 1,118,005 shares (worth about $29.6M).
- MGIC (NYSE:MTG) trades with a P/E of 8.44 and $5.7B market cap, pays a $0.60 annual dividend (2.3% yield), reported Q1 EPS of $0.75 (beat by $0.02) with a 14.33% ROE, and carries a consensus analyst rating of Hold with a $28 target.
MGIC Investment Corporation (NYSE:MTG - Get Free Report) CEO Timothy Mattke sold 139,202 shares of the company's stock in a transaction dated Thursday, April 2nd. The stock was sold at an average price of $26.49, for a total transaction of $3,687,460.98. Following the completion of the sale, the chief executive officer owned 1,118,005 shares in the company, valued at $29,615,952.45. This represents a 11.07% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.
MGIC Investment Price Performance
MTG stock opened at $26.50 on Friday. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.52 and a current ratio of 1.52. The business has a 50-day simple moving average of $26.47 and a two-hundred day simple moving average of $27.49. The company has a market capitalization of $5.70 billion, a P/E ratio of 8.44, a price-to-earnings-growth ratio of 2.11 and a beta of 0.79. MGIC Investment Corporation has a 52-week low of $21.94 and a 52-week high of $29.97.
MGIC Investment (NYSE:MTG - Get Free Report) last issued its quarterly earnings data on Monday, February 2nd. The insurance provider reported $0.75 EPS for the quarter, topping the consensus estimate of $0.73 by $0.02. MGIC Investment had a return on equity of 14.33% and a net margin of 60.84%.The company's revenue for the quarter was down .9% on a year-over-year basis. During the same period in the prior year, the firm earned $0.72 earnings per share. Research analysts expect that MGIC Investment Corporation will post 2.71 EPS for the current fiscal year.
MGIC Investment Dividend Announcement
The company also recently announced a quarterly dividend, which was paid on Friday, March 6th. Stockholders of record on Tuesday, February 17th were paid a $0.15 dividend. The ex-dividend date was Tuesday, February 17th. This represents a $0.60 annualized dividend and a dividend yield of 2.3%. MGIC Investment's dividend payout ratio is presently 19.11%.
Hedge Funds Weigh In On MGIC Investment
A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Norges Bank bought a new position in MGIC Investment in the 2nd quarter valued at $95,857,000. AQR Capital Management LLC raised its position in shares of MGIC Investment by 92.4% in the second quarter. AQR Capital Management LLC now owns 6,333,091 shares of the insurance provider's stock worth $176,313,000 after buying an additional 3,041,446 shares in the last quarter. First Trust Advisors LP boosted its stake in MGIC Investment by 48.1% during the second quarter. First Trust Advisors LP now owns 7,302,263 shares of the insurance provider's stock valued at $203,295,000 after buying an additional 2,370,403 shares during the period. Assetmark Inc. boosted its stake in MGIC Investment by 1,208.1% during the third quarter. Assetmark Inc. now owns 1,674,152 shares of the insurance provider's stock valued at $47,496,000 after buying an additional 1,546,173 shares during the period. Finally, Arbejdsmarkedets Tillaegspension purchased a new position in MGIC Investment during the fourth quarter worth about $24,456,000. 95.58% of the stock is owned by hedge funds and other institutional investors.
Wall Street Analyst Weigh In
A number of research firms recently weighed in on MTG. Weiss Ratings lowered shares of MGIC Investment from a "buy (a-)" rating to a "buy (b+)" rating in a research report on Thursday, February 5th. Barclays decreased their price objective on shares of MGIC Investment from $30.00 to $28.00 and set an "equal weight" rating for the company in a research note on Wednesday, February 4th. UBS Group dropped their target price on shares of MGIC Investment from $29.50 to $28.00 and set a "neutral" rating on the stock in a research report on Thursday, March 12th. Finally, Keefe, Bruyette & Woods upped their target price on MGIC Investment from $27.00 to $28.00 and gave the company a "market perform" rating in a report on Thursday, December 18th. One analyst has rated the stock with a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat, MGIC Investment currently has a consensus rating of "Hold" and a consensus target price of $28.00.
View Our Latest Stock Analysis on MTG
MGIC Investment Company Profile
(
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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