MGIC Investment Corporation (NYSE:MTG – Get Free Report) COO Salvatore Miosi sold 30,000 shares of the company’s stock in a transaction on Monday, June 8th. The shares were sold at an average price of $25.38, for a total transaction 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 $14,236,936.38. This trade represents a 5.08% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.
MGIC Investment Price Performance
Shares of MTG stock opened at $25.80 on Thursday. The company has a market capitalization of $5.46 billion, a PE ratio of 8.19, a price-to-earnings-growth ratio of 1.76 and a beta of 0.68. The firm has a fifty day simple moving average of $26.64 and a 200-day simple moving average of $27.16. The company has a current ratio of 1.14, a quick ratio of 1.14 and a debt-to-equity ratio of 0.13. MGIC Investment Corporation has a twelve month low of $24.69 and a twelve month high of $29.97.
MGIC Investment (NYSE:MTG – Get Free Report) last announced its earnings results on Wednesday, April 29th. The insurance provider reported $0.76 earnings per share for the quarter, beating the consensus estimate of $0.73 by $0.03. The business had revenue of $297.08 million during the quarter, compared to the consensus estimate of $303.12 million. MGIC Investment had a net margin of 59.63% and a return on equity of 14.01%. The business’s quarterly revenue was down 3.0% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.75 earnings per share. Equities research analysts anticipate that MGIC Investment Corporation will post 3.06 earnings per share for the current fiscal year.
MGIC Investment Announces Dividend
MGIC Investment declared that its Board of Directors has authorized a stock repurchase plan on Thursday, April 23rd that permits the company to repurchase $750.00 million in shares. This repurchase authorization permits the insurance provider to repurchase up to 12.4% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s management believes its shares are undervalued.
Wall Street Analyst Weigh In
Several research analysts have recently weighed in on the stock. Barclays decreased their target price on shares of MGIC Investment from $29.00 to $28.00 and set an “equal weight” rating for the company in a research note on Friday, May 1st. Keefe, Bruyette & Woods upped their target price on shares of MGIC Investment from $28.00 to $29.00 and gave the company a “market perform” rating in a research note on Friday, April 10th. UBS Group decreased their target price on shares of MGIC Investment from $29.50 to $28.00 and set a “neutral” rating for the company in a research note on Thursday, March 12th. Finally, Royal Bank Of Canada began coverage on shares of MGIC Investment in a research note on Friday, May 22nd. They issued a “sector perform” rating and a $28.00 target price for the company. One research analyst has rated the stock with a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $28.25.
Get Our Latest Analysis on MGIC Investment
Institutional Inflows and Outflows
A number of large investors have recently added to or reduced their stakes in the stock. Newbridge Financial Services Group Inc. acquired a new stake in shares of MGIC Investment during the third quarter worth $28,000. SBI Securities Co. Ltd. raised its holdings in shares of MGIC Investment by 61.1% during the third quarter. SBI Securities Co. Ltd. now owns 1,041 shares of the insurance provider’s stock worth $30,000 after purchasing an additional 395 shares during the period. V Square Quantitative Management LLC acquired a new stake in shares of MGIC Investment during the fourth quarter worth $36,000. Abich Financial Wealth Management LLC acquired a new stake in shares of MGIC Investment during the third quarter worth $42,000. Finally, Geneos Wealth Management Inc. raised its holdings in shares of MGIC Investment by 88.0% during 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 period. 95.58% of the stock is currently owned by institutional investors.
About MGIC Investment
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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