MGIC Investment Corporation $MTG Stake Reduced by First Trust Advisors LP

First Trust Advisors LP cut its stake in MGIC Investment Corporation (NYSE:MTG) by 37.9% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 4,533,012 shares of the insurance provider’s stock after selling 2,769,251 shares during the period. First Trust Advisors LP owned 2.03% of MGIC Investment worth $128,602,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently modified their holdings of MTG. True Wealth Design LLC increased its holdings in shares of MGIC Investment by 262.5% in the 2nd quarter. True Wealth Design LLC now owns 1,004 shares of the insurance provider’s stock worth $28,000 after acquiring an additional 727 shares during the period. Alpine Bank Wealth Management bought a new stake in MGIC Investment in the 3rd quarter valued at about $28,000. SBI Securities Co. Ltd. boosted its stake in MGIC Investment by 61.1% during the 3rd 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 during the period. Employees Retirement System of Texas acquired a new position in MGIC Investment during the 2nd quarter valued at about $32,000. Finally, Mitsubishi UFJ Asset Management Co. Ltd. grew its position in MGIC Investment by 118.0% in the 2nd quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 1,308 shares of the insurance provider’s stock worth $36,000 after purchasing an additional 708 shares during the last quarter. Institutional investors and hedge funds own 95.58% of the company’s stock.

Insider Transactions at MGIC Investment

In related news, COO Salvatore A. Miosi sold 30,000 shares of the firm’s stock in a transaction dated Monday, February 2nd. The stock was sold at an average price of $27.27, for a total transaction of $818,100.00. Following the completion of the transaction, the chief operating officer owned 454,245 shares of the company’s stock, valued at $12,387,261.15. This trade represents a 6.20% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, EVP Paula C. Maggio sold 20,000 shares of MGIC Investment stock in a transaction dated Friday, February 6th. The stock was sold at an average price of $27.51, for a total value of $550,200.00. Following the transaction, the executive vice president directly owned 114,689 shares in the company, valued at approximately $3,155,094.39. The trade was a 14.85% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have sold 189,203 shares of company stock valued at $5,058,572. Corporate insiders own 1.41% of the company’s stock.

MGIC Investment Stock Performance

MTG stock opened at $26.60 on Monday. The company has a 50-day simple moving average of $27.17 and a 200 day simple moving average of $27.76. The company has a market capitalization of $5.72 billion, a P/E ratio of 8.47, a PEG ratio of 2.10 and a beta of 0.83. The company has a quick ratio of 1.52, a current ratio of 1.52 and a debt-to-equity ratio of 0.13. MGIC Investment Corporation has a fifty-two week low of $21.94 and a fifty-two week high of $29.97.

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

MGIC Investment Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, March 6th. Stockholders of record on Tuesday, February 17th were given a dividend of $0.15 per share. The ex-dividend date was Tuesday, February 17th. This represents a $0.60 annualized dividend and a dividend yield of 2.3%. MGIC Investment’s dividend payout ratio (DPR) is 19.11%.

Analyst Upgrades and Downgrades

MTG has been the topic of several analyst reports. Keefe, Bruyette & Woods raised their price target on shares of MGIC Investment from $27.00 to $28.00 and gave the company a “market perform” rating in a research note on Thursday, December 18th. Barclays reduced their price objective on MGIC Investment from $30.00 to $28.00 and set an “equal weight” rating for the company in a research report on Wednesday, February 4th. Finally, Weiss Ratings cut MGIC Investment from a “buy (a-)” rating to a “buy (b+)” rating in a research report on Thursday, February 5th. One investment analyst has rated the stock with a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $28.00.

MGIC Investment 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.