Meridian Investment Counsel Inc. Sells 1,100 Shares of MGIC Investment Corporation $MTG

Meridian Investment Counsel Inc. trimmed its position in MGIC Investment Corporation (NYSE:MTG) by 2.0% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 52,900 shares of the insurance provider’s stock after selling 1,100 shares during the quarter. Meridian Investment Counsel Inc.’s holdings in MGIC Investment were worth $1,473,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in MTG. JPMorgan Chase & Co. boosted its holdings in MGIC Investment by 4.8% during the first quarter. JPMorgan Chase & Co. now owns 16,162,180 shares of the insurance provider’s stock worth $400,499,000 after buying an additional 743,212 shares during the last quarter. LSV Asset Management boosted its holdings in MGIC Investment by 2.9% during the first quarter. LSV Asset Management now owns 10,888,437 shares of the insurance provider’s stock worth $269,815,000 after buying an additional 310,095 shares during the last quarter. AQR Capital Management LLC boosted its holdings in MGIC Investment by 22.5% during the first quarter. AQR Capital Management LLC now owns 3,291,645 shares of the insurance provider’s stock worth $80,481,000 after buying an additional 605,342 shares during the last quarter. Goldman Sachs Group Inc. boosted its holdings in MGIC Investment by 6.7% during the first quarter. Goldman Sachs Group Inc. now owns 3,103,366 shares of the insurance provider’s stock worth $76,901,000 after buying an additional 195,895 shares during the last quarter. Finally, Caisse DE Depot ET Placement DU Quebec boosted its holdings in MGIC Investment by 25.3% during the first quarter. Caisse DE Depot ET Placement DU Quebec now owns 2,597,602 shares of the insurance provider’s stock worth $64,369,000 after buying an additional 524,973 shares during the last quarter. 95.58% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

MTG has been the topic of several recent analyst reports. Keefe, Bruyette & Woods lifted their price objective on MGIC Investment from $26.00 to $27.00 and gave the company a “market perform” rating in a report on Monday, July 7th. Barclays boosted their target price on MGIC Investment from $26.00 to $27.00 and gave the company an “equal weight” rating in a research note on Tuesday, July 8th. Five investment analysts have rated the stock with a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Reduce” and an average price target of $26.67.

MGIC Investment Stock Up 1.2%

Shares of NYSE:MTG opened at $28.74 on Friday. MGIC Investment Corporation has a 52-week low of $21.94 and a 52-week high of $29.01. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.46 and a current ratio of 1.46. The business’s 50 day simple moving average is $27.44 and its two-hundred day simple moving average is $26.17. The firm has a market cap of $6.62 billion, a P/E ratio of 9.42, a PEG ratio of 2.05 and a beta of 0.89.

MGIC Investment (NYSE:MTG) last announced its earnings results on Wednesday, July 30th. The insurance provider reported $0.82 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.70 by $0.12. MGIC Investment had a return on equity of 14.73% and a net margin of 62.58%.The firm had revenue of $304.25 million during the quarter, compared to analyst estimates of $306.25 million. During the same period last year, the firm posted $0.77 EPS. The business’s revenue was down .3% compared to the same quarter last year. As a group, research analysts forecast that MGIC Investment Corporation will post 2.71 EPS for the current fiscal year.

MGIC Investment Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, August 21st. Investors of record on Thursday, August 7th were given a dividend of $0.15 per share. The ex-dividend date was Thursday, August 7th. This is a positive change from MGIC Investment’s previous quarterly dividend of $0.13. This represents a $0.60 annualized dividend and a yield of 2.1%. MGIC Investment’s dividend payout ratio (DPR) is presently 19.67%.

Insider Activity

In related news, CEO Timothy J. Mattke sold 139,203 shares of the business’s stock in a transaction dated Thursday, August 7th. The stock was sold at an average price of $26.54, for a total transaction of $3,694,447.62. Following the completion of the transaction, the chief executive officer directly owned 1,100,994 shares in the company, valued at $29,220,380.76. The trade was a 11.22% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, COO Salvatore A. Miosi sold 30,000 shares of the business’s stock in a transaction dated Friday, August 1st. The stock was sold at an average price of $26.22, for a total value of $786,600.00. Following the transaction, the chief operating officer owned 249,401 shares of the company’s stock, valued at approximately $6,539,294.22. The trade was a 10.74% decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.05% of the stock is owned by insiders.

MGIC Investment 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.