JPMorgan Chase & Co. Sells 2,864,952 Shares of MGIC Investment Corporation $MTG

JPMorgan Chase & Co. lessened its stake in shares of MGIC Investment Corporation (NYSE:MTG) by 15.6% in the third quarter, according to its most recent Form 13F filing with the SEC. The fund owned 15,466,168 shares of the insurance provider’s stock after selling 2,864,952 shares during the period. JPMorgan Chase & Co. owned about 6.91% of MGIC Investment worth $438,775,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. First Trust Advisors LP increased its stake in shares of MGIC Investment by 48.1% during the 2nd quarter. First Trust Advisors LP now owns 7,302,263 shares of the insurance provider’s stock worth $203,295,000 after purchasing an additional 2,370,403 shares during the last quarter. AQR Capital Management LLC grew its holdings in MGIC Investment by 92.4% during the second quarter. AQR Capital Management LLC now owns 6,333,091 shares of the insurance provider’s stock valued at $176,313,000 after purchasing an additional 3,041,446 shares during the period. Norges Bank purchased a new stake in MGIC Investment in the second quarter worth $95,857,000. Goldman Sachs Group Inc. raised its stake in shares of MGIC Investment by 6.7% in the first quarter. Goldman Sachs Group Inc. now owns 3,103,366 shares of the insurance provider’s stock valued at $76,901,000 after buying an additional 195,895 shares during the period. Finally, American Century Companies Inc. raised its stake in shares of MGIC Investment by 0.8% in the second quarter. American Century Companies Inc. now owns 3,039,553 shares of the insurance provider’s stock valued at $84,621,000 after buying an additional 25,371 shares during the period. 95.58% of the stock is currently owned by hedge funds and other institutional investors.

MGIC Investment Stock Down 0.2%

MTG stock opened at $26.80 on Thursday. The stock has a 50-day simple moving average of $27.89 and a two-hundred day simple moving average of $27.82. MGIC Investment Corporation has a twelve month low of $21.94 and a twelve month high of $29.97. The firm has a market capitalization of $6.00 billion, a PE ratio of 8.53, a PEG ratio of 2.13 and a beta of 0.83. The company has a quick ratio of 1.48, a current ratio of 0.78 and a debt-to-equity ratio of 0.13.

MGIC Investment (NYSE:MTG) last announced its quarterly earnings results on Monday, February 2nd. The insurance provider reported $0.75 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.73 by $0.02. MGIC Investment had a net margin of 60.84% and a return on equity of 14.33%. The firm had revenue of $298.65 million for the quarter, compared to the consensus estimate of $308.19 million. During the same period in the prior year, the firm posted $0.72 earnings per share. The company’s revenue for the quarter was down .9% on a year-over-year basis. On average, equities analysts predict that MGIC Investment Corporation will post 2.71 EPS for the current fiscal year.

MGIC Investment Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, March 6th. Shareholders of record on Tuesday, February 17th will be issued a $0.15 dividend. This represents a $0.60 annualized dividend and a yield of 2.2%. The ex-dividend date of this dividend is Tuesday, February 17th. MGIC Investment’s dividend payout ratio (DPR) is presently 19.11%.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on MTG shares. Weiss Ratings lowered MGIC Investment from a “buy (a-)” rating to a “buy (b+)” rating in a report on Thursday, February 5th. Keefe, Bruyette & Woods increased their target price on shares of MGIC Investment from $27.00 to $28.00 and gave the stock a “market perform” rating in a research report on Thursday, December 18th. Finally, Barclays lowered their price target on shares of MGIC Investment from $30.00 to $28.00 and set an “equal weight” rating on the stock in a research report on Wednesday, February 4th. One analyst has rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $28.00.

Insider Activity

In other news, EVP Paula C. Maggio sold 20,000 shares of the company’s stock in a transaction on Friday, February 6th. The shares were sold at an average price of $27.51, for a total value of $550,200.00. Following the transaction, the executive vice president owned 114,689 shares of the company’s stock, valued at approximately $3,155,094.39. This represents a 14.85% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, COO Salvatore A. Miosi sold 30,000 shares of the stock in a transaction on Monday, February 2nd. The stock was sold at an average price of $27.27, for a total value of $818,100.00. Following the completion of the sale, the chief operating officer owned 454,245 shares in the company, valued at $12,387,261.15. This trade represents a 6.20% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 189,203 shares of company stock worth $5,058,572 in the last three months. Corporate insiders own 1.05% of the company’s stock.

About MGIC Investment

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.