MGIC Investment (NYSE:MTG – Get Free Report) posted its quarterly earnings results on Wednesday. The insurance provider reported $0.87 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.76 by $0.11, FiscalAI reports. MGIC Investment had a net margin of 59.63% and a return on equity of 14.01%. The company had revenue of $295.39 million for the quarter, compared to the consensus estimate of $297.54 million.
MGIC Investment Stock Performance
MTG stock traded up $0.01 on Wednesday, reaching $30.59. The company’s stock had a trading volume of 2,148,658 shares, compared to its average volume of 2,064,421. The firm has a fifty day moving average of $27.17 and a two-hundred day moving average of $26.92. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.14 and a quick ratio of 1.14. The company has a market capitalization of $6.47 billion, a P/E ratio of 9.71, a price-to-earnings-growth ratio of 2.07 and a beta of 0.67. MGIC Investment has a 52 week low of $24.69 and a 52 week high of $31.03.
MGIC Investment Increases Dividend
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, August 20th. Stockholders of record on Wednesday, August 5th will be given a dividend of $0.17 per share. This is a boost from MGIC Investment’s previous quarterly dividend of $0.15. This represents a $0.68 annualized dividend and a dividend yield of 2.2%. The ex-dividend date is Wednesday, August 5th. MGIC Investment’s payout ratio is presently 21.59%.
Analyst Upgrades and Downgrades
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Insiders Place Their Bets
In other news, COO Salvatore A. Miosi sold 30,000 shares of the stock in a transaction on Monday, June 8th. The stock was sold at an average price of $25.38, for a total value of $761,400.00. Following the completion of the transaction, the chief operating officer owned 560,951 shares of the company’s stock, valued at approximately $14,236,936.38. This represents a 5.08% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Paula C. 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 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.
Institutional Investors Weigh In On MGIC Investment
Institutional investors have recently bought and sold shares of the stock. Lido Advisors LLC increased its stake in MGIC Investment by 2.2% during the 4th quarter. Lido Advisors LLC now owns 23,799 shares of the insurance provider’s stock valued at $689,000 after buying an additional 522 shares during the period. Victory Financial Group LLC lifted its stake in shares of MGIC Investment by 1.9% in the 3rd quarter. Victory Financial Group LLC now owns 27,994 shares of the insurance provider’s stock worth $794,000 after acquiring an additional 535 shares during the period. Johnson Financial Group Inc. lifted its stake in shares of MGIC Investment by 4.0% in the 4th quarter. Johnson Financial Group Inc. now owns 14,180 shares of the insurance provider’s stock worth $414,000 after acquiring an additional 540 shares during the period. Polymer Capital Management US LLC lifted its stake in shares of MGIC Investment by 4.8% in the 4th quarter. Polymer Capital Management US LLC now owns 13,426 shares of the insurance provider’s stock worth $392,000 after acquiring an additional 612 shares during the period. Finally, Geneos Wealth Management Inc. boosted its holdings in shares of MGIC Investment by 88.0% in the first quarter. Geneos Wealth Management Inc. now owns 1,745 shares of the insurance provider’s stock valued at $43,000 after acquiring an additional 817 shares in the last quarter. Institutional investors and hedge funds own 95.58% of the company’s stock.
MGIC Investment declared that its Board of Directors has initiated a share repurchase program on Thursday, April 23rd that allows the company to repurchase $750.00 million in shares. This repurchase authorization allows the insurance provider to repurchase up to 12.4% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company’s board of directors believes its stock is 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.
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