Bank of New York Mellon Corp Sells 82,684 Shares of MGIC Investment Corporation $MTG

Bank of New York Mellon Corp trimmed its stake in MGIC Investment Corporation (NYSE:MTG) by 4.1% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 1,937,302 shares of the insurance provider’s stock after selling 82,684 shares during the quarter. Bank of New York Mellon Corp owned 0.92% of MGIC Investment worth $50,854,000 at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of MTG. Newbridge Financial Services Group Inc. bought a new position in shares of MGIC Investment during the 3rd quarter valued at approximately $28,000. V Square Quantitative Management LLC bought a new position in MGIC Investment during the fourth quarter valued at $36,000. Geneos Wealth Management Inc. grew its position in MGIC Investment by 88.0% in the first quarter. Geneos Wealth Management Inc. now owns 1,745 shares of the insurance provider’s stock worth $43,000 after acquiring an additional 817 shares in the last quarter. SBI Securities Co. Ltd. boosted its stake in MGIC Investment by 40.3% during the fourth quarter. SBI Securities Co. Ltd. now owns 1,461 shares of the insurance provider’s stock worth $43,000 after buying an additional 420 shares during the period. Finally, Kestra Advisory Services LLC purchased a new position in shares of MGIC Investment during the fourth quarter valued at approximately $79,000. 95.58% of the stock is owned by hedge funds and other institutional investors.

MGIC Investment Stock Down 0.2%

MGIC Investment stock opened at $28.99 on Friday. MGIC Investment Corporation has a 1-year low of $24.69 and a 1-year high of $29.97. The business has a fifty day moving average price of $26.93 and a 200-day moving average price of $26.90. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.14 and a quick ratio of 1.14. The stock has a market capitalization of $6.13 billion, a price-to-earnings ratio of 9.20, a PEG ratio of 2.00 and a beta of 0.67.

MGIC Investment (NYSE:MTG) last released its quarterly earnings results on Wednesday, April 29th. The insurance provider reported $0.76 EPS for the quarter, beating analysts’ consensus estimates of $0.73 by $0.03. MGIC Investment had a return on equity of 14.01% and a net margin of 59.63%.The company had revenue of $297.08 million during the quarter, compared to analysts’ expectations of $303.12 million. During the same period last year, the business posted $0.75 earnings per share. The firm’s revenue was down 3.0% compared to the same quarter last year. Equities research analysts forecast that MGIC Investment Corporation will post 3.05 EPS for the current fiscal year.

MGIC Investment declared that its Board of Directors has initiated a stock buyback program on Thursday, April 23rd that allows the company to buyback $750.00 million in shares. This buyback authorization allows the insurance provider to reacquire up to 12.4% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s board of directors believes its stock is undervalued.

MGIC Investment Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, August 20th. Shareholders of record on Wednesday, August 5th will be given a dividend of $0.17 per share. The ex-dividend date of this dividend is Wednesday, August 5th. This represents a $0.68 dividend on an annualized basis and a yield of 2.3%. This is an increase from MGIC Investment’s previous quarterly dividend of $0.15. MGIC Investment’s payout ratio is presently 19.05%.

Insider Activity

In related news, COO Salvatore A. Miosi sold 30,000 shares of the company’s stock in a transaction that occurred on Monday, June 8th. The stock was sold at an average price of $25.38, for a total value of $761,400.00. Following the sale, the chief operating officer owned 560,951 shares in the company, valued at $14,236,936.38. This represents a 5.08% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Paula C. Maggio sold 20,937 shares of the stock in a transaction that occurred on Friday, May 29th. The stock was sold at an average price of $25.55, for a total transaction of $534,940.35. Following the completion of the transaction, the executive vice president owned 169,620 shares in the company, valued at approximately $4,333,791. This trade represents a 10.99% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 1.34% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on the stock. Barclays decreased their price target on shares of MGIC Investment from $29.00 to $28.00 and set an “equal weight” rating for the company in a research note on Friday, May 1st. Royal Bank Of Canada initiated coverage on MGIC Investment in a research report on Friday, May 22nd. They set a “sector perform” rating and a $28.00 target price for the company. Weiss Ratings raised MGIC Investment from a “buy (b)” rating to a “buy (b+)” rating in a research report on Tuesday, July 7th. Finally, Keefe, Bruyette & Woods raised their price target on MGIC Investment from $28.00 to $29.00 and gave the company a “market perform” rating in a research note on Friday, April 10th. One equities research analyst has rated the stock with a Buy rating and four have given a Hold rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $28.25.

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.