Amalgamated Bank Has $3.11 Million Position in MGIC Investment Corporation $MTG

Amalgamated Bank lessened its position in MGIC Investment Corporation (NYSE:MTG) by 1.8% during the second quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 111,820 shares of the insurance provider’s stock after selling 2,014 shares during the quarter. Amalgamated Bank’s holdings in MGIC Investment were worth $3,113,000 as of its most recent filing with the SEC.

Several other institutional investors have also recently bought and sold shares of MTG. Atria Investments Inc bought a new position in shares of MGIC Investment during the 2nd quarter worth approximately $279,000. Hantz Financial Services Inc. boosted its holdings in MGIC Investment by 3,067.6% during the second quarter. Hantz Financial Services Inc. now owns 1,077 shares of the insurance provider’s stock worth $30,000 after purchasing an additional 1,043 shares during the last quarter. Teacher Retirement System of Texas grew its position in MGIC Investment by 146.1% in the second quarter. Teacher Retirement System of Texas now owns 264,227 shares of the insurance provider’s stock valued at $7,356,000 after purchasing an additional 156,840 shares in the last quarter. Y Intercept Hong Kong Ltd increased its stake in MGIC Investment by 190.1% in the 2nd quarter. Y Intercept Hong Kong Ltd now owns 112,213 shares of the insurance provider’s stock valued at $3,124,000 after buying an additional 73,538 shares during the last quarter. Finally, Transcend Capital Advisors LLC acquired a new stake in MGIC Investment in the 2nd quarter valued at $204,000. Institutional investors own 95.58% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have recently commented on the stock. Barclays increased their price objective on shares of MGIC Investment from $27.00 to $28.00 and gave the stock a “cautious” rating in a research note on Monday, October 6th. Weiss Ratings reissued a “buy (a-)” rating on shares of MGIC Investment in a research report on Wednesday, October 8th. Finally, Keefe, Bruyette & Woods boosted their price target on MGIC Investment from $26.00 to $27.00 and gave the stock a “market perform” rating in a research report on Monday, July 7th. One investment analyst has rated the stock with a Strong Buy rating, four have issued a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat.com, MGIC Investment currently has a consensus rating of “Hold” and a consensus price target of $26.83.

MGIC Investment Price Performance

Shares of NYSE MTG opened at $27.67 on Tuesday. The company has a quick ratio of 1.46, a current ratio of 1.46 and a debt-to-equity ratio of 0.13. The business’s 50 day moving average price is $27.73 and its two-hundred day moving average price is $26.86. The company has a market cap of $6.19 billion, a PE ratio of 8.90, a price-to-earnings-growth ratio of 1.91 and a beta of 0.88. MGIC Investment Corporation has a twelve month low of $21.94 and a twelve month high of $29.01.

MGIC Investment (NYSE:MTG) last issued its earnings results on Wednesday, October 29th. The insurance provider reported $0.83 EPS for the quarter, topping the consensus estimate of $0.72 by $0.11. MGIC Investment had a return on equity of 14.63% and a net margin of 61.96%.The company had revenue of $304.51 million during the quarter, compared to the consensus estimate of $308.16 million. During the same period in the previous year, the company posted $0.77 EPS. The firm’s revenue for the quarter was down .7% compared to the same quarter last year. On average, analysts predict that MGIC Investment Corporation will post 2.71 EPS for the current year.

MGIC Investment Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, November 20th. Stockholders of record on Thursday, November 6th will be given a $0.15 dividend. The ex-dividend date of this dividend is Thursday, November 6th. This represents a $0.60 annualized dividend and a dividend yield of 2.2%. MGIC Investment’s dividend payout ratio is presently 19.29%.

Insider Transactions at MGIC Investment

In other news, COO Salvatore A. Miosi sold 30,000 shares of the firm’s stock in a transaction dated Wednesday, October 1st. The shares were sold at an average price of $28.15, for a total transaction of $844,500.00. Following the completion of the sale, the chief operating officer owned 189,401 shares in the company, valued at approximately $5,331,638.15. This trade represents a 13.67% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Timothy J. Mattke sold 139,203 shares of the company’s stock in a transaction dated Tuesday, October 7th. The shares were sold at an average price of $27.09, for a total transaction of $3,771,009.27. Following the completion of the transaction, the chief executive officer owned 961,791 shares in the company, valued at approximately $26,054,918.19. This trade represents a 12.64% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders sold 328,406 shares of company stock worth $8,858,757. 1.05% of the stock is owned by insiders.

About MGIC Investment

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 District of Columbia, Puerto Rico, and Guam. 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.