MGIC Investment Corporation $MTG Holdings Decreased by Alliancebernstein L.P.

Key Points

• Alliancebernstein L.P. significantly reduced its stake in MGIC Investment Corporation by 19.8%, selling 270,572 shares during the first quarter, leaving it with approximately 1,092,759 shares valued at $27,079,000.
• MGIC Investment recently declared a quarterly dividend of $0.15 per share, an increase from the previous $0.13, with an annualized dividend yield of 2.1%.
• The company reported $0.82 earnings per share for the last quarter, surpassing analysts' expectations, despite a small decline in revenue compared to the previous year.

Alliancebernstein L.P. reduced its holdings in MGIC Investment Corporation (NYSE:MTG - Free Report) by 19.8% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,092,759 shares of the insurance provider's stock after selling 270,572 shares during the quarter. Alliancebernstein L.P. owned 0.46% of MGIC Investment worth $27,079,000 at the end of the most recent quarter.

Other large investors have also recently added to or reduced their stakes in the company. KBC Group NV increased its position in MGIC Investment by 10.2% in the 1st quarter. KBC Group NV now owns 11,417 shares of the insurance provider's stock valued at $283,000 after acquiring an additional 1,060 shares during the period. Cerity Partners LLC increased its position in MGIC Investment by 59.2% in the 1st quarter. Cerity Partners LLC now owns 78,307 shares of the insurance provider's stock valued at $1,940,000 after acquiring an additional 29,104 shares during the period. GAMMA Investing LLC increased its position in MGIC Investment by 39.1% in the 1st quarter. GAMMA Investing LLC now owns 6,068 shares of the insurance provider's stock valued at $150,000 after acquiring an additional 1,705 shares during the period. PNC Financial Services Group Inc. increased its position 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. Finally, Allspring Global Investments Holdings LLC increased its position in MGIC Investment by 50.1% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 16,147 shares of the insurance provider's stock valued at $406,000 after acquiring an additional 5,393 shares during the period. 95.58% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, COO Salvatore A. Miosi sold 30,000 shares of MGIC Investment stock in a transaction on Friday, August 1st. The stock was sold at an average price of $26.22, for a total value of $786,600.00. Following the transaction, the chief operating officer directly owned 249,401 shares in the company, valued at $6,539,294.22. The trade was a 10.74% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Timothy J. Mattke sold 139,203 shares of MGIC Investment stock in a transaction on Thursday, August 7th. The stock was sold at an average price of $26.54, for a total value of $3,694,447.62. Following the completion of the transaction, the chief executive officer owned 1,100,994 shares in the company, valued at $29,220,380.76. The trade was a 11.22% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 1.41% of the company's stock.

MGIC Investment Price Performance

Shares of NYSE MTG traded down $0.44 during mid-day trading on Monday, reaching $27.99. The company had a trading volume of 1,745,101 shares, compared to its average volume of 1,384,083. The company has a current ratio of 1.46, a quick ratio of 1.46 and a debt-to-equity ratio of 0.13. The stock has a market cap of $6.45 billion, a PE ratio of 9.18, a P/E/G ratio of 2.06 and a beta of 0.89. The company has a 50-day moving average price of $26.97 and a two-hundred day moving average price of $25.91. MGIC Investment Corporation has a 1-year low of $21.94 and a 1-year high of $28.98.

MGIC Investment (NYSE:MTG - Get Free Report) last issued its earnings results on Wednesday, July 30th. The insurance provider reported $0.82 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.70 by $0.12. The business had revenue of $304.25 million for the quarter, compared to analysts' expectations of $306.25 million. MGIC Investment had a return on equity of 14.73% and a net margin of 62.58%.The company's quarterly revenue was down .3% on a year-over-year basis. During the same period in the previous year, the firm posted $0.77 EPS. On average, equities analysts anticipate that MGIC Investment Corporation will post 2.71 earnings per share for the current year.

MGIC Investment Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, August 21st. Investors of record on Thursday, August 7th were issued a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a dividend yield of 2.1%. The ex-dividend date was Thursday, August 7th. This is a positive change from MGIC Investment's previous quarterly dividend of $0.13. MGIC Investment's payout ratio is presently 19.67%.

Wall Street Analyst Weigh In

Several analysts recently commented on the company. Compass Point restated a "neutral" rating and issued a $28.00 target price (up from $27.00) on shares of MGIC Investment in a research report on Friday, May 23rd. Keefe, Bruyette & Woods lifted their price target on MGIC Investment from $26.00 to $27.00 and gave the company a "market perform" rating in a research report on Monday, July 7th. Finally, Barclays lifted their price target on MGIC Investment from $26.00 to $27.00 and gave the company an "equal weight" rating in a research report on Tuesday, July 8th. Five research analysts have rated the stock with a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, MGIC Investment presently has a consensus rating of "Reduce" and a consensus price target of $26.67.

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.