Bessemer Group Inc. Sells 37,979 Shares of MGIC Investment Corporation $MTG

Bessemer Group Inc. trimmed its stake in shares of MGIC Investment Corporation (NYSE:MTG) by 92.9% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 2,895 shares of the insurance provider’s stock after selling 37,979 shares during the period. Bessemer Group Inc.’s holdings in MGIC Investment were worth $81,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of the stock. Brighton Jones LLC lifted its position in shares of MGIC Investment by 58.5% during the second quarter. Brighton Jones LLC now owns 73,556 shares of the insurance provider’s stock worth $2,048,000 after purchasing an additional 27,152 shares in the last quarter. MQS Management LLC lifted its position in shares of MGIC Investment by 32.7% during the second quarter. MQS Management LLC now owns 31,780 shares of the insurance provider’s stock worth $885,000 after purchasing an additional 7,824 shares in the last quarter. Focus Partners Advisor Solutions LLC acquired a new position in shares of MGIC Investment during the second quarter worth approximately $617,000. Ethic Inc. acquired a new position in shares of MGIC Investment during the second quarter worth approximately $223,000. Finally, DekaBank Deutsche Girozentrale lifted its position in shares of MGIC Investment by 15.2% during the second quarter. DekaBank Deutsche Girozentrale now owns 425,042 shares of the insurance provider’s stock worth $11,676,000 after purchasing an additional 55,989 shares in the last quarter. 95.58% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities analysts recently weighed in on MTG shares. Barclays increased their price objective on shares of MGIC Investment from $27.00 to $28.00 and gave the company a “cautious” rating in a report on Monday, October 6th. Weiss Ratings restated a “buy (a-)” rating on shares of MGIC Investment in a report on Wednesday, October 8th. One investment analyst has rated the stock with a Strong Buy rating, four have assigned a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $26.83.

MGIC Investment Stock Up 1.3%

Shares of MTG stock opened at $28.05 on Wednesday. The firm has a fifty day moving average of $27.73 and a 200-day moving average of $26.89. 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 Corporation has a 12-month low of $21.94 and a 12-month high of $29.01. The company has a market capitalization of $6.28 billion, a price-to-earnings ratio of 9.02, a P/E/G ratio of 1.91 and a beta of 0.88.

MGIC Investment (NYSE:MTG) last released its earnings results on Wednesday, October 29th. The insurance provider reported $0.83 earnings per share for the quarter, beating analysts’ consensus estimates of $0.72 by $0.11. The business had revenue of $304.51 million during the quarter, compared to the consensus estimate of $308.16 million. MGIC Investment had a net margin of 61.96% and a return on equity of 14.63%. The firm’s revenue for the quarter was down .7% compared to the same quarter last year. During the same quarter last year, the firm earned $0.77 earnings per share. As a group, equities research analysts predict that MGIC Investment Corporation will post 2.71 earnings per share for the current fiscal year.

MGIC Investment Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, November 20th. Stockholders of record on Thursday, November 6th will be paid a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a dividend yield of 2.1%. The ex-dividend date is Thursday, November 6th. MGIC Investment’s dividend payout ratio (DPR) is currently 19.29%.

Insider Transactions at MGIC Investment

In other MGIC Investment news, EVP Paula C. Maggio sold 20,000 shares of MGIC Investment stock in a transaction dated Friday, October 31st. The shares were sold at an average price of $27.44, for a total value of $548,800.00. Following the completion of the sale, the executive vice president owned 117,395 shares in the company, valued at $3,221,318.80. The trade was a 14.56% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Timothy J. Mattke sold 139,203 shares of MGIC Investment stock in a transaction dated 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 $26,054,918.19. This trade represents a 12.64% decrease in their position. The SEC filing for this sale provides additional information. In the last 90 days, insiders sold 358,406 shares of company stock worth $9,684,357. 1.05% 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.