Ballast Asset Management LP Trims Stake in MGIC Investment Corporation $MTG

Ballast Asset Management LP decreased its position in shares of MGIC Investment Corporation (NYSE:MTG) by 36.2% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 147,553 shares of the insurance provider’s stock after selling 83,621 shares during the quarter. MGIC Investment accounts for approximately 2.1% of Ballast Asset Management LP’s portfolio, making the stock its 18th largest holding. Ballast Asset Management LP owned 0.06% of MGIC Investment worth $4,108,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. PNC Financial Services Group Inc. grew its stake in MGIC Investment by 4.2% in 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 during the period. FCG Investment Co acquired a new stake in shares of MGIC Investment in the second quarter valued at about $846,000. Sequoia Financial Advisors LLC purchased a new stake in shares of MGIC Investment during the second quarter worth about $568,000. North Star Asset Management Inc. acquired a new position in shares of MGIC Investment during the 2nd quarter worth about $375,000. Finally, Jefferies Financial Group Inc. acquired a new position in shares of MGIC Investment during the 1st quarter worth about $4,065,000. Hedge funds and other institutional investors own 95.58% of the company’s stock.

Insiders Place Their Bets

In other news, EVP Paula C. Maggio sold 20,000 shares of the stock in a transaction on Friday, October 31st. The stock was sold at an average price of $27.44, for a total transaction of $548,800.00. Following the completion of the transaction, the executive vice president directly owned 117,395 shares in the company, valued at approximately $3,221,318.80. This represents a 14.56% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Timothy J. Mattke sold 139,203 shares of the firm’s stock in a transaction dated Tuesday, October 7th. The stock was sold at an average price of $27.09, for a total value of $3,771,009.27. Following the sale, the chief executive officer directly owned 961,791 shares of the company’s stock, valued at $26,054,918.19. The trade was a 12.64% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 219,203 shares of company stock valued at $5,989,909 over the last quarter. 1.05% of the stock is owned by insiders.

Analyst Ratings Changes

Several research firms have commented on MTG. Weiss Ratings reiterated a “buy (a-)” rating on shares of MGIC Investment in a research note on Wednesday, October 8th. Barclays lifted their price target on MGIC Investment from $27.00 to $28.00 and gave the stock a “cautious” rating in a research note on Monday, October 6th. One equities research analyst has rated the stock with a Strong Buy rating, three have assigned a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat.com, MGIC Investment has an average rating of “Hold” and an average price target of $26.80.

MGIC Investment Stock Down 0.1%

NYSE MTG opened at $28.35 on Monday. The business’s fifty day simple moving average is $27.72 and its 200-day simple moving average is $27.24. The company has a quick ratio of 1.46, a current ratio of 1.46 and a debt-to-equity ratio of 0.13. The firm has a market cap of $6.34 billion, a PE ratio of 9.12, a P/E/G ratio of 1.91 and a beta of 0.92. 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 data on Wednesday, October 29th. The insurance provider reported $0.83 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.72 by $0.11. The firm had revenue of $304.51 million during the quarter, compared to analysts’ expectations of $308.16 million. MGIC Investment had a net margin of 61.96% and a return on equity of 14.63%. MGIC Investment’s revenue was down .7% compared to the same quarter last year. During the same period last year, the business earned $0.77 earnings per share. As a group, equities analysts anticipate that MGIC Investment Corporation will post 2.71 earnings per share for the current year.

MGIC Investment Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, November 20th. Investors of record on Thursday, November 6th were given a $0.15 dividend. This represents a $0.60 annualized dividend and a yield of 2.1%. The ex-dividend date was Thursday, November 6th. MGIC Investment’s dividend payout ratio is presently 19.29%.

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.