Timothy Mattke Sells 139,203 Shares of MGIC Investment (NYSE:MTG) Stock

MGIC Investment Corporation (NYSE:MTG) CEO Timothy Mattke sold 139,203 shares of MGIC Investment stock in a transaction on Tuesday, January 13th. The stock was sold at an average price of $26.51, for a total transaction of $3,690,271.53. Following the sale, the chief executive officer owned 822,588 shares of the company’s stock, valued at $21,806,807.88. The trade was a 14.47% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website.

MGIC Investment Price Performance

NYSE MTG opened at $26.15 on Friday. The company has a market cap of $5.85 billion, a price-to-earnings ratio of 8.41, a PEG ratio of 1.45 and a beta of 0.84. The company has a debt-to-equity ratio of 0.12, a current ratio of 1.48 and a quick ratio of 1.48. The stock’s fifty day moving average price is $28.57 and its 200 day moving average price is $27.73. MGIC Investment Corporation has a 1 year low of $21.94 and a 1 year high of $29.97.

MGIC Investment (NYSE:MTG) last posted its quarterly earnings results on Wednesday, October 29th. The insurance provider reported $0.83 earnings per share for the quarter, beating the consensus estimate of $0.72 by $0.11. The business had revenue of $304.51 million for the quarter, compared to the consensus estimate of $308.16 million. MGIC Investment had a return on equity of 14.62% and a net margin of 61.96%.The company’s quarterly revenue was down .7% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.77 EPS. As a group, equities research analysts forecast that MGIC Investment Corporation will post 2.71 earnings per share for the current year.

MGIC Investment Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, November 20th. Investors of record on Thursday, November 6th were issued a $0.15 dividend. This represents a $0.60 annualized dividend and a yield of 2.3%. The ex-dividend date was Thursday, November 6th. MGIC Investment’s dividend payout ratio is 19.29%.

Institutional Trading of MGIC Investment

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Norges Bank acquired a new position in shares of MGIC Investment in the second quarter worth about $95,857,000. AQR Capital Management LLC increased its stake in shares of MGIC Investment by 92.4% in the 2nd quarter. AQR Capital Management LLC now owns 6,333,091 shares of the insurance provider’s stock valued at $176,313,000 after purchasing an additional 3,041,446 shares in the last quarter. First Trust Advisors LP increased its stake in shares of MGIC Investment by 48.1% in the 2nd quarter. First Trust Advisors LP now owns 7,302,263 shares of the insurance provider’s stock valued at $203,295,000 after purchasing an additional 2,370,403 shares in the last quarter. JPMorgan Chase & Co. raised its holdings in MGIC Investment by 13.4% in the 2nd quarter. JPMorgan Chase & Co. now owns 18,331,120 shares of the insurance provider’s stock worth $510,338,000 after purchasing an additional 2,168,940 shares during the period. Finally, Allianz Asset Management GmbH boosted its position in MGIC Investment by 40.6% during the second quarter. Allianz Asset Management GmbH now owns 5,398,356 shares of the insurance provider’s stock worth $150,290,000 after purchasing an additional 1,557,970 shares in the last quarter. Institutional investors and hedge funds own 95.58% of the company’s stock.

Analysts Set New Price Targets

Several analysts have recently commented on the stock. Weiss Ratings reaffirmed a “buy (a-)” rating on shares of MGIC Investment in a report on Wednesday, October 8th. Keefe, Bruyette & Woods upped their price target on shares of MGIC Investment from $27.00 to $28.00 and gave the company a “market perform” rating in a report on Thursday, December 18th. Finally, Barclays increased their price target on MGIC Investment from $28.00 to $30.00 and gave the stock an “equal weight” rating in a research report on Tuesday, January 6th. One analyst has rated the stock with a Strong Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat, MGIC Investment currently has a consensus rating of “Hold” and an average price target of $28.00.

About MGIC Investment

MGIC Investment Corporation (NYSE: MTG) is a leading provider of private mortgage insurance in the United States. Established in 1957 as the nation’s first private mortgage insurer, MGIC helps lenders manage credit risk and facilitates homeownership by protecting mortgage loans against default. Headquartered in Milwaukee, Wisconsin, the company operates through its principal subsidiary, Mortgage Guaranty Insurance Corporation, and maintains relationships with a broad network of originators and servicers nationwide.

The company’s primary business activity involves issuing mortgage insurance policies that enable borrowers to purchase homes with down payments below traditional lending thresholds.