MGIC Investment Corporation $MTG Stock Holdings Cut by William Blair Investment Management LLC

William Blair Investment Management LLC lessened its position in MGIC Investment Corporation (NYSE:MTG) by 7.4% during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 929,897 shares of the insurance provider’s stock after selling 74,554 shares during the period. William Blair Investment Management LLC owned approximately 0.39% of MGIC Investment worth $25,888,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. KBC Group NV boosted its stake in MGIC Investment by 10.2% during the first quarter. KBC Group NV now owns 11,417 shares of the insurance provider’s stock valued at $283,000 after buying an additional 1,060 shares in the last quarter. Cerity Partners LLC lifted its holdings in MGIC Investment by 59.2% in the 1st quarter. Cerity Partners LLC now owns 78,307 shares of the insurance provider’s stock valued at $1,940,000 after acquiring an additional 29,104 shares during the last quarter. GAMMA Investing LLC lifted its holdings in MGIC Investment by 39.1% in the 1st quarter. GAMMA Investing LLC now owns 6,068 shares of the insurance provider’s stock valued at $150,000 after acquiring an additional 1,705 shares during the last quarter. PNC Financial Services Group Inc. boosted its position in shares of MGIC Investment by 4.2% during the 1st quarter. PNC Financial Services Group Inc. now owns 10,894 shares of the insurance provider’s stock valued at $270,000 after purchasing an additional 437 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC grew its stake in shares of MGIC Investment by 50.1% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 16,147 shares of the insurance provider’s stock worth $406,000 after purchasing an additional 5,393 shares during the last quarter. Institutional investors and hedge funds own 95.58% of the company’s stock.

MGIC Investment Price Performance

Shares of NYSE:MTG opened at $26.94 on Monday. The company’s fifty day moving average is $27.82 and its two-hundred day moving average is $26.56. The company has a market cap of $6.21 billion, a P/E ratio of 8.83, a price-to-earnings-growth ratio of 1.95 and a beta of 0.88. MGIC Investment Corporation has a 12-month low of $21.94 and a 12-month high of $29.01. The company has a quick ratio of 1.46, a current ratio of 1.46 and a debt-to-equity ratio of 0.13.

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

MGIC Investment Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, August 21st. Stockholders of record on Thursday, August 7th were issued a $0.15 dividend. The ex-dividend date was Thursday, August 7th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 2.2%. This is a positive change from MGIC Investment’s previous quarterly dividend of $0.13. MGIC Investment’s dividend payout ratio is currently 19.67%.

Insider Activity at MGIC Investment

In related news, COO Salvatore A. Miosi sold 30,000 shares of the business’s stock in a transaction that occurred on Wednesday, October 1st. The shares were sold at an average price of $28.15, for a total transaction of $844,500.00. Following the transaction, the chief operating officer directly owned 189,401 shares of the company’s stock, valued at approximately $5,331,638.15. The trade was a 13.67% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Timothy J. Mattke sold 139,203 shares of the 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 completion of the sale, the chief executive officer owned 961,791 shares of the company’s stock, valued at approximately $26,054,918.19. The trade was a 12.64% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 338,406 shares of company stock valued at $9,096,557. 1.41% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

Several research firms recently commented on MTG. Keefe, Bruyette & Woods increased their target price on shares of MGIC Investment from $26.00 to $27.00 and gave the company a “market perform” rating in a research note on Monday, July 7th. Barclays increased their price objective on MGIC Investment from $27.00 to $28.00 and gave the company a “cautious” rating in a research report on Monday, October 6th. Finally, Weiss Ratings reissued a “buy (a-)” rating on shares of MGIC Investment in a research note on Wednesday, October 8th. One research analyst has rated the stock with a Strong Buy rating, four have given a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $26.83.

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.