Corebridge Financial Inc. Lowers Position in MGIC Investment Corporation $MTG

Key Points

• Corebridge Financial Inc. has sold 12,274 shares of MGIC Investment Corporation, reducing its ownership stake by 4.3% to approximately 274,442 shares valued at $6,801,000.
• MGIC Investment has recently announced a quarterly dividend increase to $0.15 per share, representing a yield of 2.2% and a payout ratio of 19.67%.
• The company's latest earnings report showed an EPS of $0.82, which surpassed analyst expectations, although its revenue decreased by 0.3% year-over-year.

Corebridge Financial Inc. lessened its stake in MGIC Investment Corporation (NYSE:MTG - Free Report) by 4.3% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 274,442 shares of the insurance provider's stock after selling 12,274 shares during the quarter. Corebridge Financial Inc. owned 0.12% of MGIC Investment worth $6,801,000 at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in the stock. Cullen Frost Bankers Inc. bought a new stake in MGIC Investment in the first quarter worth approximately $33,000. Golden State Wealth Management LLC grew its position in MGIC Investment by 7,837.0% in the first quarter. Golden State Wealth Management LLC now owns 2,143 shares of the insurance provider's stock worth $53,000 after acquiring an additional 2,116 shares in the last quarter. Headlands Technologies LLC grew its position in MGIC Investment by 619.2% in the first quarter. Headlands Technologies LLC now owns 2,280 shares of the insurance provider's stock worth $56,000 after acquiring an additional 1,963 shares in the last quarter. UMB Bank n.a. grew its position in MGIC Investment by 61.3% in the first quarter. UMB Bank n.a. now owns 2,660 shares of the insurance provider's stock worth $66,000 after acquiring an additional 1,011 shares in the last quarter. Finally, Fifth Third Bancorp grew its position in MGIC Investment by 20.1% in the first quarter. Fifth Third Bancorp now owns 2,749 shares of the insurance provider's stock worth $68,000 after acquiring an additional 461 shares in the last quarter. Institutional investors and hedge funds own 95.58% of the company's stock.

Analysts Set New Price Targets

MTG has been the subject of several recent analyst reports. Barclays upped their price objective on shares of MGIC Investment from $26.00 to $27.00 and gave the stock an "equal weight" rating in a report on Tuesday, July 8th. Compass Point reissued a "neutral" rating and issued a $28.00 price target (up from $27.00) on shares of MGIC Investment in a report on Friday, May 23rd. Finally, Keefe, Bruyette & Woods raised their price objective on shares of MGIC Investment from $26.00 to $27.00 and gave the stock a "market perform" rating in a report on Monday, July 7th. Five research analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Reduce" and a consensus price target of $26.67.

Insider Activity

In other news, CEO Timothy J. Mattke sold 139,203 shares of the company's stock in a transaction that occurred 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 of the company's stock, valued at $29,220,380.76. This represents a 11.22% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, COO Salvatore A. Miosi sold 30,000 shares of the company's stock in a transaction that occurred on Friday, August 1st. The shares were sold at an average price of $26.22, for a total value of $786,600.00. Following the completion of the sale, the chief operating officer owned 249,401 shares in the company, valued at $6,539,294.22. The trade was a 10.74% decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.41% of the stock is currently owned by insiders.

MGIC Investment Stock Up 1.0%

MTG traded up $0.27 during trading on Thursday, reaching $28.32. 216,614 shares of the stock were exchanged, compared to its average volume of 2,127,233. The stock has a market cap of $6.53 billion, a P/E ratio of 9.28, a price-to-earnings-growth ratio of 2.01 and a beta of 0.89. MGIC Investment Corporation has a twelve month low of $21.94 and a twelve month high of $28.67. The stock's 50 day moving average price is $26.90 and its two-hundred day moving average price is $25.66. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.46 and a current ratio of 1.46.

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

MGIC Investment Increases Dividend

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

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.