Timothy Mattke Sells 139,202 Shares of MGIC Investment (NYSE:MTG) Stock

MGIC Investment Corporation (NYSE:MTG) CEO Timothy Mattke sold 139,202 shares of MGIC Investment stock in a transaction on Thursday, April 2nd. The shares were sold at an average price of $26.49, for a total transaction of $3,687,460.98. Following the transaction, the chief executive officer owned 1,118,005 shares in the company, valued at approximately $29,615,952.45. This trade represents a 11.07% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

MGIC Investment Trading Down 0.1%

Shares of MGIC Investment stock opened at $26.50 on Friday. MGIC Investment Corporation has a fifty-two week low of $21.94 and a fifty-two week high of $29.97. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.52 and a current ratio of 1.52. The company has a market capitalization of $5.70 billion, a P/E ratio of 8.44, a P/E/G ratio of 2.11 and a beta of 0.79. The company has a fifty day moving average of $26.47 and a 200 day moving average of $27.49.

MGIC Investment (NYSE:MTG) last posted its quarterly earnings results on Monday, February 2nd. The insurance provider reported $0.75 EPS for the quarter, beating analysts’ consensus estimates of $0.73 by $0.02. MGIC Investment had a return on equity of 14.33% and a net margin of 60.84%.The company’s revenue was down .9% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.72 EPS. On average, sell-side analysts anticipate that MGIC Investment Corporation will post 2.71 earnings per share for the current fiscal year.

MGIC Investment Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, March 6th. Investors of record on Tuesday, February 17th were issued a $0.15 dividend. The ex-dividend date of this dividend was Tuesday, February 17th. This represents a $0.60 dividend on an annualized basis and a yield of 2.3%. MGIC Investment’s payout ratio is currently 19.11%.

Hedge Funds Weigh In On MGIC Investment

Institutional investors have recently added to or reduced their stakes in the company. Alpine Bank Wealth Management bought a new position in shares of MGIC Investment during the 3rd quarter valued at approximately $28,000. Newbridge Financial Services Group Inc. bought a new stake in MGIC Investment in the third quarter worth $28,000. SBI Securities Co. Ltd. raised its stake in MGIC Investment by 61.1% during the third quarter. SBI Securities Co. Ltd. now owns 1,041 shares of the insurance provider’s stock valued at $30,000 after purchasing an additional 395 shares in the last quarter. V Square Quantitative Management LLC purchased a new stake in MGIC Investment during the fourth quarter valued at $36,000. Finally, Root Financial Partners LLC bought a new position in MGIC Investment during the third quarter valued at $38,000. Hedge funds and other institutional investors own 95.58% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have issued reports on the stock. UBS Group cut their price objective on shares of MGIC Investment from $29.50 to $28.00 and set a “neutral” rating for the company in a report on Thursday, March 12th. Barclays lowered their target price on shares of MGIC Investment from $30.00 to $28.00 and set an “equal weight” rating on the stock in a report on Wednesday, February 4th. Weiss Ratings cut shares of MGIC Investment from a “buy (a-)” rating to a “buy (b+)” rating in a research note on Thursday, February 5th. Finally, Keefe, Bruyette & Woods lifted 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. One analyst has rated the stock with a Buy rating and four have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $28.00.

MGIC Investment Company Profile

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.