Amundi Sells 86,313 Shares of MGIC Investment Corporation $MTG

Key Points

• Amundi cut its MGIC Investment stake by 78.4%, selling 86,313 shares and retaining 23,740 shares valued at approximately $669,000. Institutional investors collectively own 95.58% of the company.
• Analyst sentiment remains generally positive, with a consensus “Moderate Buy” rating and an average price target of $30.60; several firms recently raised their targets or upgraded the stock.
• MGIC Investment reported quarterly EPS of $0.87, beating estimates of $0.76, and raised its quarterly dividend from $0.15 to $0.17 per share, equivalent to a 2.3% annualized yield.

Amundi cut its holdings in MGIC Investment Corporation (NYSE:MTG - Free Report) by 78.4% during the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 23,740 shares of the insurance provider's stock after selling 86,313 shares during the period. Amundi's holdings in MGIC Investment were worth $669,000 as of its most recent filing with the SEC.

A number of other hedge funds have also bought and sold shares of MTG. BlackRock Inc. bought a new stake in shares of MGIC Investment in the second quarter valued at approximately $618,467,000. Geode Capital Management LLC lifted its position in shares of MGIC Investment by 2.8% during the 4th quarter. Geode Capital Management LLC now owns 5,371,470 shares of the insurance provider's stock worth $163,368,000 after buying an additional 146,589 shares during the last quarter. Allianz Asset Management GmbH boosted its stake in MGIC Investment by 1.0% in the fourth quarter. Allianz Asset Management GmbH now owns 5,010,157 shares of the insurance provider's stock valued at $146,397,000 after buying an additional 48,064 shares in the last quarter. Caisse de depot et placement du Quebec acquired a new stake in MGIC Investment in the second quarter valued at about $98,074,000. Finally, Norges Bank bought a new stake in shares of MGIC Investment during the 4th quarter valued at approximately $96,248,000. 95.58% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on the stock. Royal Bank Of Canada upped their price objective on shares of MGIC Investment from $28.00 to $32.00 and gave the stock a "sector perform" rating in a research report on Friday, July 31st. Roth Capital reiterated a "buy" rating and issued a $35.00 price target on shares of MGIC Investment in a research note on Thursday, July 30th. Zacks Research raised MGIC Investment from a "hold" rating to a "strong-buy" rating in a report on Tuesday, August 25th. Weiss Ratings upgraded MGIC Investment from a "buy (b+)" rating to a "buy (a-)" rating in a report on Wednesday, August 19th. Finally, Keefe, Bruyette & Woods boosted their target price on shares of MGIC Investment from $29.00 to $30.00 and gave the stock a "market perform" rating in a report on Friday, July 31st. Two research analysts have rated the stock with a Strong Buy rating, one has issued a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $30.60.

Insiders Place Their Bets

In other MGIC Investment news, EVP Paula Maggio sold 20,000 shares of the business's stock in a transaction on Friday, August 7th. The shares were sold at an average price of $30.30, for a total transaction of $606,000.00. Following the completion of the sale, the executive vice president owned 149,620 shares in the company, valued at approximately $4,533,486. The trade was a 11.79% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, COO Salvatore Miosi sold 30,000 shares of the company's stock in a transaction on Tuesday, September 1st. The stock was sold at an average price of $30.73, for a total transaction of $921,900.00. Following the transaction, the chief operating officer owned 470,951 shares in the company, valued at approximately $14,472,324.23. The trade was a 5.99% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 1.34% of the company's stock.

MGIC Investment Trading Down 3.1%

NYSE MTG opened at $29.92 on Wednesday. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.19 and a quick ratio of 1.19. MGIC Investment Corporation has a one year low of $24.69 and a one year high of $31.89. The business has a 50 day simple moving average of $30.26 and a 200 day simple moving average of $27.91. The stock has a market capitalization of $6.14 billion, a P/E ratio of 9.35, a P/E/G ratio of 0.78 and a beta of 0.65.

MGIC Investment (NYSE:MTG - Get Free Report) last issued its earnings results on Wednesday, July 29th. The insurance provider reported $0.87 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.76 by $0.11. The business had revenue of $295.39 million for the quarter, compared to analyst estimates of $297.54 million. MGIC Investment had a net margin of 59.20% and a return on equity of 13.90%. MGIC Investment's revenue was down 2.9% on a year-over-year basis. During the same period in the prior year, the firm earned $0.82 earnings per share. Research analysts expect that MGIC Investment Corporation will post 3.24 earnings per share for the current year.

MGIC Investment Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, August 20th. Investors of record on Wednesday, August 5th were given a $0.17 dividend. This represents a $0.68 annualized dividend and a yield of 2.3%. The ex-dividend date of this dividend was Wednesday, August 5th. This is an increase from MGIC Investment's previous quarterly dividend of $0.15. MGIC Investment's payout ratio is 21.25%.

MGIC Investment Company Profile

MGIC Investment Corporation NYSE: MTG is a holding company whose principal subsidiary is Mortgage Guaranty Insurance Corporation (MGIC), a provider of private mortgage insurance in the United States. MGIC's insurance helps lenders manage the risk associated with residential mortgages made to borrowers who have limited down payments, allowing qualified homebuyers to obtain financing with less than 20% down.

MGIC primarily offers primary mortgage insurance to mortgage lenders, banks, credit unions and other residential lending institutions.

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