MGIC Investment (NYSE:MTG) COO Sells $844,500.00 in Stock

MGIC Investment Corporation (NYSE:MTG) COO Salvatore Miosi sold 30,000 shares of MGIC Investment stock in a transaction that occurred on 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 of the company’s stock, valued at approximately $5,331,638.15. The trade was a 13.67% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link.

MGIC Investment Stock Down 0.9%

NYSE MTG opened at $27.51 on Friday. The company has a current ratio of 1.46, a quick ratio of 1.46 and a debt-to-equity ratio of 0.13. MGIC Investment Corporation has a 1-year low of $21.94 and a 1-year high of $29.01. The company has a 50 day moving average of $27.68 and a 200-day moving average of $26.36. The company has a market cap of $6.34 billion, a price-to-earnings ratio of 9.02, a PEG ratio of 1.99 and a beta of 0.88.

MGIC Investment (NYSE:MTG) last released its quarterly earnings results on Wednesday, July 30th. The insurance provider reported $0.82 earnings per share for the quarter, beating analysts’ consensus estimates of $0.70 by $0.12. MGIC Investment had a net margin of 62.58% and a return on equity of 14.73%. The company had revenue of $304.25 million during the quarter, compared to the consensus estimate of $306.25 million. During the same period in the previous year, the business earned $0.77 earnings per share. The firm’s quarterly revenue was down .3% on a year-over-year basis. On average, equities research analysts expect that MGIC Investment Corporation will post 2.71 earnings per share for the current fiscal year.

MGIC Investment Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, August 21st. Stockholders of record on Thursday, August 7th were given a $0.15 dividend. The ex-dividend date was Thursday, August 7th. This is a positive change from MGIC Investment’s previous quarterly dividend of $0.13. This represents a $0.60 dividend on an annualized basis and a dividend yield of 2.2%. MGIC Investment’s dividend payout ratio (DPR) is presently 19.67%.

Analyst Ratings Changes

A number of research firms have recently weighed in on MTG. Weiss Ratings reiterated a “buy (a-)” rating on shares of MGIC Investment in a research report on Saturday, September 27th. Barclays boosted their price objective on shares of MGIC Investment from $26.00 to $27.00 and gave the company an “equal weight” rating in a research report on Tuesday, July 8th. Finally, Keefe, Bruyette & Woods boosted their price objective on shares of MGIC Investment from $26.00 to $27.00 and gave the company a “market perform” rating in a research report on Monday, July 7th. One analyst has rated the stock with a Strong Buy rating, five have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, MGIC Investment has a consensus rating of “Hold” and an average price target of $26.67.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the company. WPG Advisers LLC bought a new stake in shares of MGIC Investment during the first quarter worth $26,000. True Wealth Design LLC grew its stake in shares of MGIC Investment by 262.5% during the second quarter. True Wealth Design LLC now owns 1,004 shares of the insurance provider’s stock worth $28,000 after buying an additional 727 shares during the last quarter. Hantz Financial Services Inc. grew its stake in shares of 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 buying an additional 1,043 shares during the last quarter. Employees Retirement System of Texas bought a new stake in shares of MGIC Investment during the second quarter worth $32,000. Finally, Cullen Frost Bankers Inc. bought a new stake in shares of MGIC Investment during the first quarter worth $33,000. 95.58% of the stock is currently owned by institutional investors and hedge funds.

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.