Summit Investment Advisors Inc. Cuts Stake in MGIC Investment Corporation $MTG

Summit Investment Advisors Inc. lessened its stake in MGIC Investment Corporation (NYSE:MTG) by 3.7% during the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 48,884 shares of the insurance provider’s stock after selling 1,864 shares during the quarter. Summit Investment Advisors Inc.’s holdings in MGIC Investment were worth $1,211,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. WPG Advisers LLC bought a new stake in MGIC Investment in the 1st quarter valued at $26,000. Hantz Financial Services Inc. boosted its holdings in shares of MGIC Investment by 3,067.6% during the 2nd quarter. Hantz Financial Services Inc. now owns 1,077 shares of the insurance provider’s stock valued at $30,000 after purchasing an additional 1,043 shares during the last quarter. Cullen Frost Bankers Inc. purchased a new position in shares of MGIC Investment during the first quarter valued at about $33,000. Quarry LP bought a new stake in shares of MGIC Investment in the first quarter worth about $38,000. Finally, Geneos Wealth Management Inc. increased 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 worth $43,000 after purchasing an additional 817 shares during the last quarter. Institutional investors own 95.58% of the company’s stock.

Insider Buying and Selling at MGIC Investment

In related news, CEO Timothy J. Mattke sold 139,203 shares of the company’s stock in a transaction dated Tuesday, October 7th. The shares were sold at an average price of $27.09, for a total transaction of $3,771,009.27. Following the transaction, the chief executive officer directly owned 961,791 shares in the company, valued at approximately $26,054,918.19. This represents a 12.64% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, COO Salvatore A. Miosi sold 30,000 shares of the stock in a transaction dated Wednesday, October 1st. The stock was 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 directly owned 189,401 shares in the company, valued at $5,331,638.15. This trade represents a 13.67% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 219,203 shares of company stock worth $5,989,909 over the last quarter. Insiders own 1.05% of the company’s stock.

Analysts Set New Price Targets

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

MGIC Investment Trading Up 0.7%

Shares of NYSE MTG opened at $28.48 on Wednesday. MGIC Investment Corporation has a 1-year low of $21.94 and a 1-year high of $29.01. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.46 and a quick ratio of 1.46. The business’s 50 day moving average is $27.76 and its two-hundred day moving average is $27.03. The stock has a market capitalization of $6.37 billion, a P/E ratio of 9.16, a PEG ratio of 1.91 and a beta of 0.92.

MGIC Investment (NYSE:MTG) last posted its quarterly earnings data on Wednesday, October 29th. The insurance provider reported $0.83 earnings per share (EPS) for the quarter, beating the consensus estimate 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 return on equity of 14.63% and a net margin of 61.96%.The company’s revenue for the quarter was down .7% on a year-over-year basis. During the same period last year, the company earned $0.77 EPS. As a group, research analysts expect that MGIC Investment Corporation will post 2.71 EPS for the current year.

MGIC Investment Announces Dividend

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

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.