Nordea Investment Management AB Sells 608 Shares of MGIC Investment Corporation $MTG

Nordea Investment Management AB decreased its position in MGIC Investment Corporation (NYSE:MTG) by 0.1% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 426,347 shares of the insurance provider’s stock after selling 608 shares during the period. Nordea Investment Management AB owned about 0.18% of MGIC Investment worth $11,793,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. EP Wealth Advisors LLC raised its stake in shares of MGIC Investment by 0.9% in the first quarter. EP Wealth Advisors LLC now owns 45,481 shares of the insurance provider’s stock valued at $1,127,000 after purchasing an additional 398 shares in the last quarter. Brooklyn Investment Group increased its holdings in MGIC Investment by 15.5% in the 1st quarter. Brooklyn Investment Group now owns 3,094 shares of the insurance provider’s stock valued at $77,000 after buying an additional 416 shares during the period. Signaturefd LLC raised its stake in shares of MGIC Investment by 1.9% in the 1st quarter. Signaturefd LLC now owns 22,112 shares of the insurance provider’s stock valued at $548,000 after buying an additional 421 shares in 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 acquiring an additional 437 shares in the last quarter. Finally, US Bancorp DE boosted its position in shares of MGIC Investment by 5.3% during the 1st quarter. US Bancorp DE now owns 10,797 shares of the insurance provider’s stock valued at $268,000 after acquiring an additional 548 shares in the last quarter. Institutional investors and hedge funds own 95.58% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have commented on the stock. Weiss Ratings restated a “buy (a-)” rating on shares of MGIC Investment in a research note on Wednesday, October 8th. Keefe, Bruyette & Woods increased their target price on MGIC Investment from $26.00 to $27.00 and gave the stock a “market perform” rating in a report on Monday, July 7th. Finally, Barclays raised their target price 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 equities research analyst has rated the stock with a Strong Buy rating, four have issued a Hold rating and two have given a Sell rating to the stock. According to MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $26.83.

Insider Activity at MGIC Investment

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

MGIC Investment Price Performance

MGIC Investment stock opened at $26.94 on Monday. The business’s fifty day moving average is $27.82 and its two-hundred day moving average is $26.56. 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 firm has a market cap of $6.21 billion, a P/E ratio of 8.83, a P/E/G ratio of 1.95 and a beta of 0.88. MGIC Investment Corporation has a 52 week low of $21.94 and a 52 week high of $29.01.

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

MGIC Investment Increases Dividend

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

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.