MGIC Investment Corporation $MTG Shares Sold by Bank of New York Mellon Corp

Bank of New York Mellon Corp decreased its position in shares of MGIC Investment Corporation (NYSE:MTG) by 4.1% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,937,302 shares of the insurance provider’s stock after selling 82,684 shares during the quarter. Bank of New York Mellon Corp’s holdings in MGIC Investment were worth $50,854,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. acquired a new position in shares of MGIC Investment in the first quarter worth about $2,397,000. Goldman Sachs Group Inc. increased its position 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 in the last quarter. Geneos Wealth Management Inc. raised its stake in shares of MGIC Investment by 88.0% during the 1st quarter. Geneos Wealth Management Inc. now owns 1,745 shares of the insurance provider’s stock worth $43,000 after buying an additional 817 shares during the period. Sivia Capital Partners LLC purchased a new position in shares of MGIC Investment during the 2nd quarter valued at approximately $425,000. Finally, Northwestern Mutual Wealth Management Co. grew its stake in MGIC Investment by 18.9% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 5,211 shares of the insurance provider’s stock valued at $145,000 after acquiring an additional 830 shares during the period. 95.58% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

MTG has been the subject of a number of research reports. Keefe, Bruyette & Woods boosted their target price on shares of MGIC Investment from $28.00 to $29.00 and gave the stock a “market perform” rating in a research note on Friday, April 10th. Weiss Ratings upgraded MGIC Investment from a “buy (b)” rating to a “buy (b+)” rating in a research note on Tuesday, July 7th. Barclays decreased their target price on MGIC Investment from $29.00 to $28.00 and set an “equal weight” rating on the stock in a research report on Friday, May 1st. Finally, Royal Bank Of Canada began coverage on MGIC Investment in a research note on Friday, May 22nd. They issued a “sector perform” rating and a $28.00 price target on the stock. One investment analyst has rated the stock with a Buy rating and four have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $28.25.

Insider Activity

In other MGIC Investment news, EVP Paula C. Maggio sold 20,937 shares of the business’s stock in a transaction on Friday, May 29th. The shares were sold at an average price of $25.55, for a total transaction of $534,940.35. Following the sale, the executive vice president directly owned 169,620 shares in the company, valued at approximately $4,333,791. The trade was a 10.99% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, COO Salvatore A. Miosi sold 30,000 shares of the company’s stock in a transaction on Monday, June 8th. The shares were sold at an average price of $25.38, for a total value of $761,400.00. Following the completion of the sale, the chief operating officer directly owned 560,951 shares in the company, valued at $14,236,936.38. This trade represents a 5.08% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 1.34% of the company’s stock.

MGIC Investment Stock Down 0.2%

MGIC Investment stock opened at $28.99 on Friday. MGIC Investment Corporation has a fifty-two week low of $24.69 and a fifty-two week high of $29.97. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.14 and a current ratio of 1.14. The firm has a 50 day moving average price of $26.93 and a 200 day moving average price of $26.90. The company has a market capitalization of $6.13 billion, a PE ratio of 9.20, a price-to-earnings-growth ratio of 2.00 and a beta of 0.67.

MGIC Investment (NYSE:MTG) last announced its earnings results on Wednesday, April 29th. The insurance provider reported $0.76 earnings per share for the quarter, topping the consensus estimate of $0.73 by $0.03. MGIC Investment had a net margin of 59.63% and a return on equity of 14.01%. The firm had revenue of $297.08 million for the quarter, compared to the consensus estimate of $303.12 million. During the same period in the prior year, the firm earned $0.75 EPS. The firm’s revenue for the quarter was down 3.0% on a year-over-year basis. Research analysts expect that MGIC Investment Corporation will post 3.05 earnings per share for the current year.

MGIC Investment Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, August 20th. Investors of record on Wednesday, August 5th will be given a $0.17 dividend. This is a positive change from MGIC Investment’s previous quarterly dividend of $0.15. The ex-dividend date is Wednesday, August 5th. This represents a $0.68 annualized dividend and a yield of 2.3%. MGIC Investment’s payout ratio is currently 19.05%.

MGIC Investment announced that its board has initiated a stock repurchase program on Thursday, April 23rd that allows the company to buyback $750.00 million in outstanding shares. This buyback authorization allows the insurance provider to buy up to 12.4% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s leadership believes its shares are undervalued.

MGIC Investment Company Profile

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.