Meritage Portfolio Management Sells 983 Shares of MGIC Investment Corporation $MTG

Meritage Portfolio Management trimmed its stake in MGIC Investment Corporation (NYSE:MTG) by 3.5% during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 27,078 shares of the insurance provider’s stock after selling 983 shares during the period. Meritage Portfolio Management’s holdings in MGIC Investment were worth $754,000 at the end of the most recent reporting period.

A number of other institutional investors have also made changes to their positions in the stock. JPMorgan Chase & Co. raised its stake in shares of MGIC Investment by 4.8% in the 1st quarter. JPMorgan Chase & Co. now owns 16,162,180 shares of the insurance provider’s stock valued at $400,499,000 after acquiring an additional 743,212 shares in the last quarter. LSV Asset Management raised its stake in shares of MGIC Investment by 2.9% in the 1st quarter. LSV Asset Management now owns 10,888,437 shares of the insurance provider’s stock valued at $269,815,000 after acquiring an additional 310,095 shares in the last quarter. AQR Capital Management LLC raised its stake in shares of MGIC Investment by 22.5% in the 1st quarter. AQR Capital Management LLC now owns 3,291,645 shares of the insurance provider’s stock valued at $80,481,000 after acquiring an additional 605,342 shares in the last quarter. Goldman Sachs Group Inc. raised its stake in shares of MGIC Investment by 6.7% in the 1st quarter. Goldman Sachs Group Inc. now owns 3,103,366 shares of the insurance provider’s stock valued at $76,901,000 after acquiring an additional 195,895 shares in the last quarter. Finally, Caisse DE Depot ET Placement DU Quebec raised its stake in shares of MGIC Investment by 25.3% in the 1st quarter. Caisse DE Depot ET Placement DU Quebec now owns 2,597,602 shares of the insurance provider’s stock valued at $64,369,000 after acquiring an additional 524,973 shares in the last quarter. 95.58% of the stock is owned by institutional investors.

MGIC Investment Price Performance

Shares of NYSE:MTG opened at $26.71 on Monday. MGIC Investment Corporation has a 1-year low of $21.94 and a 1-year high of $29.01. The firm has a market capitalization of $6.16 billion, a PE ratio of 8.76, a PEG ratio of 1.93 and a beta of 0.88. The business’s 50 day moving average is $27.80 and its 200-day moving average is $26.48. The company has a current ratio of 1.46, a quick ratio of 1.46 and a debt-to-equity ratio of 0.13.

MGIC Investment (NYSE:MTG) last announced its quarterly earnings data on Wednesday, July 30th. The insurance provider reported $0.82 earnings per share for the quarter, topping 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 company had revenue of $304.25 million for the quarter, compared to analyst estimates of $306.25 million. During the same quarter last year, the firm earned $0.77 EPS. MGIC Investment’s revenue for the quarter was down .3% compared to the same quarter last year. Sell-side analysts predict that MGIC Investment Corporation will post 2.71 earnings per share for the current year.

MGIC Investment Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, August 21st. Stockholders of record on Thursday, August 7th were issued a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a dividend yield of 2.2%. The ex-dividend date of this dividend was Thursday, August 7th. This is a boost from MGIC Investment’s previous quarterly dividend of $0.13. MGIC Investment’s payout ratio is 19.67%.

Analyst Upgrades and Downgrades

MTG has been the topic of a number of recent analyst reports. Keefe, Bruyette & Woods raised their price objective on MGIC Investment from $26.00 to $27.00 and gave the company a “market perform” rating in a research note on Monday, July 7th. Weiss Ratings reaffirmed a “buy (a-)” rating on shares of MGIC Investment in a research report on Wednesday, October 8th. Finally, Barclays lifted their price target on MGIC Investment from $27.00 to $28.00 and gave the stock a “cautious” rating in a research report on Monday, October 6th. One investment analyst has rated the stock with a Strong Buy rating, four have issued a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $26.83.

Insider Activity at MGIC Investment

In other news, CEO Timothy J. Mattke sold 139,203 shares of MGIC Investment stock in a transaction that occurred on Tuesday, October 7th. The stock was sold at an average price of $27.09, for a total transaction of $3,771,009.27. Following the sale, the chief executive officer owned 961,791 shares of the company’s stock, valued at approximately $26,054,918.19. This trade represents a 12.64% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO Salvatore A. Miosi sold 30,000 shares of the business’s stock in a transaction on Wednesday, October 1st. The shares were sold at an average price of $28.15, for a total value of $844,500.00. Following the completion of the sale, the chief operating officer directly owned 189,401 shares in the company, valued at approximately $5,331,638.15. This represents a 13.67% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 338,406 shares of company stock worth $9,096,557 in the last three months. 1.41% of the stock is owned by insiders.

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.