Key Points
- MGIC Investment COO Salvatore Miosi sold 30,000 shares for approximately $781,800 under a pre-arranged Rule 10b5-1 trading plan, reducing his stake by 6.37% to 440,951 shares.
- The company reported quarterly EPS of $0.87, exceeding estimates of $0.76, while revenue fell 2.9% year over year to $295.39 million.
- MGIC increased its quarterly dividend to $0.17, or $0.68 annually, representing a 2.5% yield; analysts maintain a consensus “Moderate Buy” rating 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 business's stock in a transaction dated Thursday, October 1st. The stock was sold at an average price of $26.06, for a total value of $781,800.00. Following the sale, the chief operating officer owned 440,951 shares in the company, valued at approximately $11,491,183.06. The trade was a 6.37% 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 Price Performance
MTG stock opened at $26.86 on Friday. The company has a current ratio of 1.19, a quick ratio of 1.19 and a debt-to-equity ratio of 0.13. MGIC Investment Corporation has a one year low of $24.69 and a one year high of $31.89. The firm has a market capitalization of $5.51 billion, a PE ratio of 8.40, a P/E/G ratio of 0.67 and a beta of 0.67. The firm has a 50-day moving average of $30.17 and a two-hundred day moving average of $28.07.
MGIC Investment (NYSE:MTG - Get Free Report) last announced its earnings results on Wednesday, July 29th. The insurance provider reported $0.87 EPS for the quarter, topping the consensus estimate of $0.76 by $0.11. The company had revenue of $295.39 million during the quarter, compared to analysts' expectations of $297.54 million. MGIC Investment had a net margin of 59.20% and a return on equity of 13.90%. The business's revenue for the quarter was down 2.9% on a year-over-year basis. During the same period last year, the company posted $0.82 earnings per share. On average, analysts forecast that MGIC Investment Corporation will post 3.24 earnings per share for the current year.
MGIC Investment Increases Dividend
The company also recently declared a quarterly dividend, which was paid on Thursday, August 20th. Investors of record on Wednesday, August 5th were given a $0.17 dividend. This is a boost from MGIC Investment's previous quarterly dividend of $0.15. The ex-dividend date was Wednesday, August 5th. This represents a $0.68 annualized dividend and a dividend yield of 2.5%. MGIC Investment's payout ratio is currently 21.25%.
Institutional Trading of MGIC Investment
A number of hedge funds have recently made changes to their positions in MTG. BlackRock Inc. acquired a new stake in shares of MGIC Investment during the second quarter worth approximately $618,467,000. Caisse de depot et placement du Quebec acquired a new position in MGIC Investment in the 2nd quarter valued at approximately $98,074,000. Norges Bank acquired a new position in MGIC Investment in the 4th quarter valued at approximately $96,248,000. NewEdge Wealth LLC acquired a new position in MGIC Investment in the 2nd quarter valued at approximately $71,375,000. Finally, Bank of New York Mellon Corp purchased a new stake in MGIC Investment in the 2nd quarter worth approximately $51,059,000. 95.58% of the stock is owned by hedge funds and other institutional investors.
Analysts Set New Price Targets
MTG has been the topic of several research analyst reports. Roth Capital reiterated a "buy" rating and set a $35.00 price objective on shares of MGIC Investment in a research report on Thursday, July 30th. Keefe, Bruyette & Woods boosted their target price 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. Zacks Research upgraded MGIC Investment from a "hold" rating to a "strong-buy" rating in a report on Tuesday, August 25th. BTIG Research started coverage on MGIC Investment in a research report on Tuesday, September 22nd. They issued a "hold" rating for the company. Finally, Weiss Ratings upgraded MGIC Investment from a "buy (b+)" rating to a "buy (a-)" rating in a report on Wednesday, August 19th. Two investment analysts have rated the stock with a Strong Buy rating, one has assigned a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $30.60.
Check Out Our Latest Analysis on MTG
About MGIC Investment
(
Get Free Report)
MGIC Investment Corporation is a holding company whose principal subsidiary, Mortgage Guaranty Insurance Corporation (MGIC), provides private mortgage insurance in the United States. Its insurance helps lenders manage credit risk on residential mortgage loans, particularly loans made to borrowers who provide down payments below traditional thresholds.
MGIC's products are primarily designed for lenders and other mortgage-finance participants, including primary mortgage insurance covering individual residential loans.
Further Reading
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