Key Points
- COO Salvatore Miosi sold 30,000 MGIC Investment shares for approximately $921,900 under a pre-arranged Rule 10b5-1 plan, reducing his position by 5.99% to 470,951 shares.
- MGIC Investment reported quarterly EPS of $0.87, exceeding estimates of $0.76, although revenue declined 2.9% year over year to $295.39 million.
- The company increased its quarterly dividend from $0.15 to $0.17 per share, while analysts maintain a “Moderate Buy” consensus with an average price target of $30.60.
MGIC Investment Corporation (NYSE:MTG - Get Free Report) COO Salvatore Miosi sold 30,000 shares of the stock in a transaction on Tuesday, September 1st. The shares were sold at an average price of $30.73, for a total value of $921,900.00. Following the completion of the sale, the chief operating officer owned 470,951 shares of the company's stock, valued at $14,472,324.23. The trade was a 5.99% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.
MGIC Investment Price Performance
Shares of MTG opened at $31.04 on Thursday. The company has a market capitalization of $6.37 billion, a price-to-earnings ratio of 9.70, a P/E/G ratio of 0.78 and a beta of 0.65. 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 current ratio of 1.19 and a quick ratio of 1.19. The business's 50-day moving average is $29.76 and its 200-day moving average is $27.63.
MGIC Investment (NYSE:MTG - Get Free Report) last announced its quarterly earnings data 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 business had revenue of $295.39 million during the quarter, compared to analyst estimates of $297.54 million. During the same period last year, the company earned $0.82 earnings per share. MGIC Investment's quarterly revenue was down 2.9% compared to the same quarter last year. Equities research analysts expect that MGIC Investment Corporation will post 3.24 EPS for the current fiscal year.
MGIC Investment Increases Dividend
The firm also recently announced a quarterly dividend, which was paid on Thursday, August 20th. Shareholders of record on Wednesday, August 5th were given a dividend of $0.17 per share. The ex-dividend date of this dividend was Wednesday, August 5th. This is a positive change from MGIC Investment's previous quarterly dividend of $0.15. This represents a $0.68 annualized dividend and a yield of 2.2%. MGIC Investment's dividend payout ratio (DPR) is currently 21.25%.
Hedge Funds Weigh In On MGIC Investment
A number of institutional investors and hedge funds have recently bought and sold shares of MTG. VIRGINIA RETIREMENT SYSTEMS ET Al bought a new stake in MGIC Investment in the 2nd quarter valued at $29,919,000. California State Teachers Retirement System increased its holdings in shares of MGIC Investment by 2,724.4% during the 2nd quarter. California State Teachers Retirement System now owns 7,744,171 shares of the insurance provider's stock worth $218,386,000 after purchasing an additional 7,469,978 shares during the period. HB Wealth Management LLC raised its position in shares of MGIC Investment by 52.4% during the second quarter. HB Wealth Management LLC now owns 24,415 shares of the insurance provider's stock valued at $689,000 after buying an additional 8,398 shares during the last quarter. Nilsine Partners LLC raised its position in shares of MGIC Investment by 3.3% during the second quarter. Nilsine Partners LLC now owns 116,284 shares of the insurance provider's stock valued at $3,279,000 after buying an additional 3,680 shares during the last quarter. Finally, AlphaGrep UK Ltd bought a new stake in shares of MGIC Investment in the second quarter valued at about $366,000. Institutional investors own 95.58% of the company's stock.
Analyst Upgrades and Downgrades
A number of analysts have weighed in on MTG shares. Zacks Research raised MGIC Investment from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, August 25th. Roth Capital reissued a "buy" rating and set a $35.00 price objective on shares of MGIC Investment in a report on Thursday, July 30th. Keefe, Bruyette & Woods raised their price objective on MGIC Investment from $29.00 to $30.00 and gave the company a "market perform" rating in a research note on Friday, July 31st. Royal Bank Of Canada boosted their target price on MGIC Investment from $28.00 to $32.00 and gave the stock a "sector perform" rating in a report on Friday, July 31st. Finally, Weiss Ratings raised MGIC Investment from a "buy (b+)" rating to a "buy (a-)" rating in a research report on Wednesday, August 19th. Two analysts have rated the stock with a Strong Buy rating, one has given a Buy rating and four have issued a Hold rating to the company's stock. According to data from MarketBeat, MGIC Investment currently has an average rating of "Moderate Buy" and an average target price of $30.60.
View Our Latest Research Report 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.
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