Brown Advisory Inc. Sells 112,020 Shares of MGIC Investment Corporation $MTG

Key Points

• Brown Advisory Inc. cut its MGIC Investment stake by 7.8% in the fourth quarter, selling 112,020 shares and leaving it with 1,316,528 shares valued at about $38.5 million.
• MGIC Investment has also seen notable insider selling, including CEO Timothy J. Mattke and COO Salvatore A. Miosi, with insiders selling 201,070 shares over the last quarter.
• The company recently beat quarterly EPS expectations and announced a $750 million share buyback, while analysts currently rate the stock a consensus Hold with an average target price of $28.25.

Brown Advisory Inc. decreased its holdings in MGIC Investment Corporation (NYSE:MTG - Free Report) by 7.8% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,316,528 shares of the insurance provider's stock after selling 112,020 shares during the quarter. Brown Advisory Inc. owned 0.59% of MGIC Investment worth $38,469,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Newbridge Financial Services Group Inc. purchased a new position in shares of MGIC Investment in the third quarter worth approximately $28,000. V Square Quantitative Management LLC purchased a new position in MGIC Investment during the fourth quarter valued at approximately $36,000. SBI Securities Co. Ltd. lifted its holdings 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 valued at $43,000 after purchasing an additional 420 shares in the last quarter. Abich Financial Wealth Management LLC purchased a new position in MGIC Investment during the third quarter valued at approximately $42,000. Finally, Geneos Wealth Management Inc. lifted its holdings in MGIC Investment by 88.0% during the first quarter. Geneos Wealth Management Inc. now owns 1,745 shares of the insurance provider's stock valued at $43,000 after purchasing an additional 817 shares in the last quarter. Hedge funds and other institutional investors own 95.58% of the company's stock.

Analyst Ratings Changes

MTG has been the topic of several analyst reports. Royal Bank Of Canada initiated coverage on shares of MGIC Investment in a report on Friday, May 22nd. They set a "sector perform" rating and a $28.00 price target on the stock. Keefe, Bruyette & Woods boosted their target price on shares of MGIC Investment from $28.00 to $29.00 and gave the stock a "market perform" rating in a report on Friday, April 10th. UBS Group lowered their target price on shares of MGIC Investment from $29.50 to $28.00 and set a "neutral" rating on the stock in a report on Thursday, March 12th. Finally, Barclays lowered their target price on shares of MGIC Investment from $29.00 to $28.00 and set an "equal weight" rating on the stock in a report on Friday, May 1st. One research analyst has rated the stock with a Buy rating and four have assigned a Hold rating to the company's stock. According to MarketBeat, MGIC Investment presently has a consensus rating of "Hold" and an average target price of $28.25.

Insider Buying and Selling at MGIC Investment

In other MGIC Investment news, CEO Timothy J. Mattke sold 139,202 shares of the business's 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 $29,615,952.45. The trade was a 11.07% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, COO Salvatore A. Miosi sold 30,000 shares of the business's stock in a transaction on Monday, June 8th. The shares were sold at an average price of $25.38, for a total transaction of $761,400.00. Following the transaction, the chief operating officer owned 560,951 shares in the company, valued at $14,236,936.38. This trade represents a 5.08% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 201,070 shares of company stock worth $5,270,740 over the last quarter. Insiders own 1.34% of the company's stock.

MGIC Investment Trading Up 0.0%

Shares of MTG opened at $25.81 on Tuesday. The company's fifty day moving average is $26.60 and its 200 day moving average is $27.10. MGIC Investment Corporation has a fifty-two week low of $24.69 and a fifty-two week high of $29.97. The stock has a market capitalization of $5.46 billion, a PE ratio of 8.19, a P/E/G ratio of 1.77 and a beta of 0.68. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.14 and a current ratio of 1.14.

MGIC Investment (NYSE:MTG - Get Free Report) last announced its quarterly earnings results on Wednesday, April 29th. The insurance provider reported $0.76 earnings per share for the quarter, topping the consensus estimate of $0.73 by $0.03. MGIC Investment had a net margin of 59.63% and a return on equity of 14.01%. The company had revenue of $297.08 million for the quarter, compared to analysts' expectations of $303.12 million. During the same quarter in the previous year, the business posted $0.75 earnings per share. MGIC Investment's quarterly revenue was down 3.0% on a year-over-year basis. Sell-side analysts expect that MGIC Investment Corporation will post 3.06 earnings per share for the current fiscal year.

MGIC Investment Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, May 21st. Shareholders of record on Wednesday, May 6th were given a dividend of $0.15 per share. The ex-dividend date was Wednesday, May 6th. This represents a $0.60 dividend on an annualized basis and a yield of 2.3%. MGIC Investment's payout ratio is 19.05%.

MGIC Investment announced that its Board of Directors has initiated a share buyback plan on Thursday, April 23rd that authorizes the company to buyback $750.00 million in shares. This buyback authorization authorizes the insurance provider to purchase up to 12.4% of its shares through open market purchases. Shares buyback plans are typically a sign that the company's management believes its shares are undervalued.

About MGIC Investment

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.

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