MGIC Investment (NYSE:MTG) EVP Paula Maggio Sells 20,937 Shares of Stock

MGIC Investment Corporation (NYSE:MTG) EVP Paula Maggio sold 20,937 shares of the firm’s stock in a transaction on Friday, May 29th. The shares were sold at an average price of $25.55, for a total value of $534,940.35. Following the transaction, the executive vice president directly owned 169,620 shares in the company, valued at $4,333,791. This trade represents a 10.99% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

MGIC Investment Price Performance

NYSE:MTG opened at $25.09 on Tuesday. The business’s 50-day moving average price is $26.73 and its 200 day moving average price is $27.29. The firm has a market cap of $5.31 billion, a P/E ratio of 7.96, a PEG ratio of 1.73 and a beta of 0.68. MGIC Investment Corporation has a 52-week low of $24.77 and a 52-week high of $29.97. The company has a quick ratio of 1.14, a current ratio of 1.14 and a debt-to-equity ratio of 0.13.

MGIC Investment (NYSE:MTG) last released its earnings results on Wednesday, April 29th. The insurance provider reported $0.76 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.73 by $0.03. The firm had revenue of $297.08 million for the quarter, compared to analyst estimates of $303.12 million. MGIC Investment had a return on equity of 14.01% and a net margin of 59.63%.MGIC Investment’s revenue was down 3.0% compared to the same quarter last year. During the same period in the previous year, the company earned $0.75 earnings per share. As a group, sell-side analysts predict that MGIC Investment Corporation will post 3.06 earnings per share for the current fiscal year.

MGIC Investment Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, May 21st. Investors of record on Wednesday, May 6th were issued a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a yield of 2.4%. The ex-dividend date of this dividend was Wednesday, May 6th. MGIC Investment’s payout ratio is presently 19.05%.

MGIC Investment declared that its board has initiated a share repurchase program on Thursday, April 23rd that permits the company to buyback $750.00 million in outstanding shares. This buyback authorization permits the insurance provider to repurchase up to 12.4% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s leadership believes its shares are undervalued.

Wall Street Analysts Forecast Growth

MTG has been the topic of a number of research analyst reports. Barclays lowered their target price on MGIC Investment from $29.00 to $28.00 and set an “equal weight” rating on the stock in a report on Friday, May 1st. Keefe, Bruyette & Woods lifted their target price on MGIC Investment from $28.00 to $29.00 and gave the stock a “market perform” rating in a report on Friday, April 10th. Royal Bank Of Canada initiated coverage on MGIC Investment in a research report on Friday, May 22nd. They issued a “sector perform” rating and a $28.00 price target for the company. UBS Group decreased their price target on MGIC Investment from $29.50 to $28.00 and set a “neutral” rating for the company in a research report on Thursday, March 12th. Finally, Weiss Ratings lowered MGIC Investment from a “buy (a-)” rating to a “buy (b+)” rating in a research report on Thursday, February 5th. One analyst has rated the stock with a Buy rating and four have issued a Hold rating to the stock. According to MarketBeat, the stock has an average rating of “Hold” and an average price target of $28.25.

Institutional Investors Weigh In On MGIC Investment

A number of institutional investors have recently bought and sold shares of MTG. Newbridge Financial Services Group Inc. acquired a new stake in MGIC Investment during the 3rd quarter worth about $28,000. SBI Securities Co. Ltd. boosted its position in MGIC Investment by 61.1% during the 3rd quarter. SBI Securities Co. Ltd. now owns 1,041 shares of the insurance provider’s stock worth $30,000 after acquiring an additional 395 shares during the period. V Square Quantitative Management LLC acquired a new stake in MGIC Investment during the 4th quarter worth about $36,000. Abich Financial Wealth Management LLC acquired a new stake in MGIC Investment during the 3rd quarter worth about $42,000. Finally, Geneos Wealth Management Inc. boosted its position in 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 acquiring an additional 817 shares during the period. 95.58% of the stock is currently owned by institutional investors and hedge funds.

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.