MGIC Investment Corporation $MTG Shares Sold by Geode Capital Management LLC

Geode Capital Management LLC lowered its stake in shares of MGIC Investment Corporation (NYSE:MTG) by 3.8% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 4,739,645 shares of the insurance provider’s stock after selling 187,681 shares during the period. Geode Capital Management LLC owned approximately 2.06% of MGIC Investment worth $131,970,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in MTG. PNC Financial Services Group Inc. grew its position in MGIC Investment by 4.2% during the first quarter. PNC Financial Services Group Inc. now owns 10,894 shares of the insurance provider’s stock valued at $270,000 after acquiring an additional 437 shares during the period. FCG Investment Co acquired a new position in shares of MGIC Investment in the 2nd quarter valued at about $846,000. Sequoia Financial Advisors LLC purchased a new stake in shares of MGIC Investment during the 2nd quarter worth about $568,000. GSA Capital Partners LLP acquired a new stake in MGIC Investment during the 1st quarter worth approximately $1,353,000. Finally, Private Advisor Group LLC acquired a new stake in MGIC Investment during the 1st quarter worth approximately $238,000. Institutional investors and hedge funds own 95.58% of the company’s stock.

MGIC Investment Price Performance

Shares of MTG stock opened at $27.84 on Thursday. The firm has a fifty day moving average of $27.72 and a two-hundred day moving average of $27.14. The firm has a market cap of $6.23 billion, a P/E ratio of 8.95, a P/E/G ratio of 1.91 and a beta of 0.92. 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.

MGIC Investment (NYSE:MTG) last released its earnings results on Wednesday, October 29th. The insurance provider reported $0.83 EPS for the quarter, topping analysts’ consensus estimates of $0.72 by $0.11. The company had revenue of $304.51 million for the quarter, compared to the consensus estimate of $308.16 million. MGIC Investment had a return on equity of 14.63% and a net margin of 61.96%.MGIC Investment’s quarterly revenue was down .7% compared to the same quarter last year. During the same quarter last year, the business posted $0.77 EPS. As a group, research analysts anticipate that MGIC Investment Corporation will post 2.71 earnings per share for the current fiscal year.

MGIC Investment Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, November 20th. Investors of record on Thursday, November 6th will be paid a dividend of $0.15 per share. The ex-dividend date is Thursday, November 6th. This represents a $0.60 annualized dividend and a yield of 2.2%. MGIC Investment’s dividend payout ratio is 19.29%.

Wall Street Analysts Forecast Growth

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

Insiders Place Their Bets

In other MGIC Investment news, COO Salvatore A. Miosi sold 30,000 shares of the firm’s stock in a transaction dated Wednesday, October 1st. The shares were sold at an average price of $28.15, for a total value of $844,500.00. Following the transaction, the chief operating officer owned 189,401 shares of the company’s stock, valued at $5,331,638.15. This trade represents a 13.67% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Paula C. Maggio sold 20,000 shares of the company’s stock in a transaction that occurred on Friday, October 31st. The shares were sold at an average price of $27.44, for a total value of $548,800.00. Following the transaction, the executive vice president directly owned 117,395 shares of the company’s stock, valued at $3,221,318.80. This trade represents a 14.56% 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 valued at $5,989,909 over the last quarter. Insiders own 1.05% of the company’s stock.

MGIC Investment Company Profile

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.