Monarch Partners Asset Management LLC trimmed its stake in MGIC Investment Corp. (NYSE:MTG) by 66.5% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 300,225 shares of the insurance provider’s stock after selling 594,905 shares during the period. Monarch Partners Asset Management LLC owned 0.08% of MGIC Investment worth $3,777,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds also recently added to or reduced their stakes in the company. APG Asset Management N.V. increased its position in MGIC Investment by 29.3% during the 2nd quarter. APG Asset Management N.V. now owns 11,918,400 shares of the insurance provider’s stock valued at $137,520,000 after buying an additional 2,700,000 shares in the last quarter. Renaissance Technologies LLC increased its position in MGIC Investment by 4.1% during the 2nd quarter. Renaissance Technologies LLC now owns 6,338,100 shares of the insurance provider’s stock valued at $83,283,000 after buying an additional 250,200 shares in the last quarter. Point72 Asset Management L.P. increased its position in MGIC Investment by 47.2% during the 2nd quarter. Point72 Asset Management L.P. now owns 6,094,043 shares of the insurance provider’s stock valued at $80,076,000 after buying an additional 1,954,265 shares in the last quarter. Russell Investments Group Ltd. increased its position in MGIC Investment by 4.7% during the 2nd quarter. Russell Investments Group Ltd. now owns 4,359,426 shares of the insurance provider’s stock valued at $57,283,000 after buying an additional 196,618 shares in the last quarter. Finally, JPMorgan Chase & Co. increased its position in MGIC Investment by 32.4% during the 2nd quarter. JPMorgan Chase & Co. now owns 3,503,987 shares of the insurance provider’s stock valued at $46,042,000 after buying an additional 857,460 shares in the last quarter. 92.53% of the stock is owned by hedge funds and other institutional investors.
In other news, Vice Chairman Patrick Sinks sold 88,520 shares of the stock in a transaction dated Wednesday, October 30th. The stock was sold at an average price of $13.87, for a total value of $1,227,772.40. Following the transaction, the insider now directly owns 1,882,108 shares of the company’s stock, valued at $26,104,837.96. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Julie K. Sperber sold 5,535 shares of the company’s stock in a transaction dated Tuesday, October 29th. The stock was sold at an average price of $14.05, for a total value of $77,766.75. Following the completion of the sale, the chief accounting officer now owns 75,747 shares in the company, valued at approximately $1,064,245.35. The disclosure for this sale can be found here. Insiders sold 166,419 shares of company stock worth $2,320,082 over the last three months. Corporate insiders own 0.81% of the company’s stock.
Shares of MTG stock traded up $0.08 during mid-day trading on Friday, reaching $13.97. The stock had a trading volume of 3,298,262 shares, compared to its average volume of 3,265,695. The business’s fifty day moving average is $13.34 and its 200-day moving average is $13.36. The company has a current ratio of 0.36, a quick ratio of 0.36 and a debt-to-equity ratio of 0.21. The firm has a market cap of $4.93 billion, a price-to-earnings ratio of 7.85, a PEG ratio of 1.59 and a beta of 1.50. MGIC Investment Corp. has a 1-year low of $9.41 and a 1-year high of $14.97.
MGIC Investment (NYSE:MTG) last announced its quarterly earnings data on Tuesday, October 22nd. The insurance provider reported $0.48 earnings per share for the quarter, beating analysts’ consensus estimates of $0.43 by $0.05. The business had revenue of $318.38 million for the quarter, compared to analyst estimates of $299.00 million. MGIC Investment had a return on equity of 16.99% and a net margin of 55.08%. The company’s revenue was up 9.6% on a year-over-year basis. During the same period in the prior year, the company earned $0.48 earnings per share. On average, analysts forecast that MGIC Investment Corp. will post 1.76 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, November 25th. Stockholders of record on Monday, November 11th will be issued a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a dividend yield of 1.72%. The ex-dividend date of this dividend is Thursday, November 7th. MGIC Investment’s dividend payout ratio is presently 13.48%.
Several research analysts recently issued reports on the company. Zacks Investment Research raised MGIC Investment from a “hold” rating to a “buy” rating and set a $14.00 target price on the stock in a research report on Friday, October 11th. ValuEngine lowered MGIC Investment from a “sell” rating to a “strong sell” rating in a research report on Tuesday. Deutsche Bank upped their target price on MGIC Investment from $18.00 to $18.50 and gave the company a “buy” rating in a research report on Wednesday, October 23rd. Finally, B. Riley reaffirmed a “buy” rating on shares of MGIC Investment in a research report on Tuesday, October 15th. One analyst has rated the stock with a sell rating and five have assigned a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and an average target price of $16.13.
MGIC Investment Company Profile
MGIC Investment Corporation, through its subsidiaries, provides private mortgage insurance, other mortgage credit risk management solutions, and ancillary services to lenders and government sponsored entities in the United States. The company offers primary mortgage insurance that provides mortgage default protection on individual loans, as well as covers unpaid loan principal, delinquent interest, and various expenses associated with the default and subsequent foreclosure.
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