Penserra Capital Management LLC Reduces Stock Position in MGIC Investment Corporation $MTG

Penserra Capital Management LLC decreased its position in shares of MGIC Investment Corporation (NYSE:MTG) by 20.8% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 8,278 shares of the insurance provider’s stock after selling 2,177 shares during the quarter. Penserra Capital Management LLC’s holdings in MGIC Investment were worth $230,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also modified their holdings of the company. Carnegie Lake Advisors LLC raised its holdings in MGIC Investment by 2.6% during the second quarter. Carnegie Lake Advisors LLC now owns 29,579 shares of the insurance provider’s stock worth $823,000 after purchasing an additional 750 shares during the last quarter. Savant Capital LLC grew its holdings in MGIC Investment by 327.7% in the second quarter. Savant Capital LLC now owns 46,555 shares of the insurance provider’s stock valued at $1,296,000 after purchasing an additional 35,669 shares during the last quarter. Moors & Cabot Inc. purchased a new position in shares of MGIC Investment in the second quarter valued at $701,000. Haven Private LLC acquired a new position in shares of MGIC Investment during the 2nd quarter worth $214,000. Finally, Simon Quick Advisors LLC acquired a new position in shares of MGIC Investment during the 2nd quarter worth $298,000. Institutional investors and hedge funds own 95.58% of the company’s stock.

Insider Buying and Selling at MGIC Investment

In other news, EVP Paula C. Maggio sold 20,000 shares of the company’s stock in a transaction dated Friday, October 31st. The shares were sold at an average price of $27.44, for a total transaction of $548,800.00. Following the completion of the transaction, the executive vice president owned 117,395 shares of the company’s stock, valued at $3,221,318.80. This represents a 14.56% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available 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 stock was sold at an average price of $27.09, for a total value of $3,771,009.27. Following the completion of the sale, the chief executive officer directly owned 961,791 shares of the company’s stock, valued at $26,054,918.19. The trade was a 12.64% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 219,203 shares of company stock worth $5,989,909 in the last 90 days. 1.05% of the stock is owned by company insiders.

MGIC Investment Price Performance

NYSE:MTG opened at $28.45 on Thursday. MGIC Investment Corporation has a 12-month low of $21.94 and a 12-month high of $29.01. The firm has a market cap of $6.37 billion, a price-to-earnings ratio of 9.15, a price-to-earnings-growth ratio of 1.91 and a beta of 0.92. The company’s 50-day moving average is $27.77 and its two-hundred day moving average is $27.04. 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 (NYSE:MTG) last posted its quarterly earnings data on Wednesday, October 29th. The insurance provider reported $0.83 earnings per share for the quarter, beating analysts’ consensus estimates of $0.72 by $0.11. The business had revenue of $304.51 million during the quarter, compared to analyst estimates of $308.16 million. MGIC Investment had a net margin of 61.96% and a return on equity of 14.63%. The company’s revenue was down .7% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.77 earnings per share. Research analysts expect that MGIC Investment Corporation will post 2.71 EPS for the current year.

MGIC Investment Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, November 20th. Investors of record on Thursday, November 6th will be paid a $0.15 dividend. This represents a $0.60 annualized dividend and a yield of 2.1%. The ex-dividend date is Thursday, November 6th. MGIC Investment’s dividend payout ratio is presently 19.29%.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on MTG shares. Barclays increased their price objective on shares of MGIC Investment from $27.00 to $28.00 and gave the company a “cautious” rating in a research note on Monday, October 6th. Weiss Ratings reaffirmed a “buy (a-)” rating on shares of MGIC Investment in a report on Wednesday, October 8th. One research analyst has rated the stock with a Strong Buy rating, three have assigned a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat, MGIC Investment presently has a consensus rating of “Hold” and a consensus target price of $26.80.

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.