Dimensional Fund Advisors LP Sells 183,576 Shares of MGIC Investment Corporation $MTG

Key Points

• Dimensional Fund Advisors trimmed its MGIC Investment stake by 1.3% in the first quarter, selling 183,576 shares. Even after the sale, it remained a major holder with 13.65 million shares valued at about $358.4 million.
• Insiders also sold shares: COO Salvatore A. Miosi sold 30,000 shares and EVP Paula C. Maggio sold 20,937 shares, both through pre-arranged 10b5-1 trading plans.
• MGIC posted solid results and shareholder returns, with Q1 EPS of $0.76 beating estimates, alongside a new $750 million share repurchase authorization and a quarterly dividend of $0.15 per share.

Dimensional Fund Advisors LP lessened its position in MGIC Investment Corporation (NYSE:MTG - Free Report) by 1.3% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 13,654,046 shares of the insurance provider's stock after selling 183,576 shares during the period. Dimensional Fund Advisors LP owned 6.46% of MGIC Investment worth $358,418,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in the business. Newbridge Financial Services Group Inc. bought a new stake in MGIC Investment in the third quarter valued at $28,000. V Square Quantitative Management LLC purchased a new stake in shares of MGIC Investment in the 4th quarter worth approximately $36,000. SBI Securities Co. Ltd. grew its stake in shares of MGIC Investment by 40.3% in the fourth quarter. SBI Securities Co. Ltd. now owns 1,461 shares of the insurance provider's stock worth $43,000 after acquiring an additional 420 shares during the last quarter. Geneos Wealth Management Inc. grew its position in MGIC Investment by 88.0% during the 1st 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 during the last quarter. Finally, Kestra Advisory Services LLC purchased a new stake in shares of MGIC Investment during the fourth quarter valued at approximately $79,000. 95.58% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other news, COO Salvatore A. Miosi sold 30,000 shares of the 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 directly owned 560,951 shares in the company, valued at approximately $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 SEC, which can be accessed through the SEC website. 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 on Friday, May 29th. The stock was sold at an average price of $25.55, for a total value of $534,940.35. Following the completion of the sale, the executive vice president owned 169,620 shares in the company, valued at approximately $4,333,791. The trade was a 10.99% 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. Corporate insiders own 1.34% of the company's stock.

MGIC Investment Stock Performance

Shares of NYSE:MTG opened at $29.06 on Wednesday. The firm has a fifty day simple moving average of $26.81 and a two-hundred day simple moving average of $26.90. The company has a quick ratio of 1.14, a current ratio of 1.14 and a debt-to-equity ratio of 0.13. MGIC Investment Corporation has a 52 week low of $24.69 and a 52 week high of $29.97. The stock has a market capitalization of $6.15 billion, a P/E ratio of 9.23, a PEG ratio of 2.02 and a beta of 0.67.

MGIC Investment (NYSE:MTG - Get Free Report) last issued its quarterly earnings data on Wednesday, April 29th. The insurance provider reported $0.76 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.73 by $0.03. The business had revenue of $297.08 million for the quarter, compared to the consensus estimate of $303.12 million. MGIC Investment had a return on equity of 14.01% and a net margin of 59.63%.The company's quarterly revenue was down 3.0% compared to the same quarter last year. During the same period in the prior year, the business posted $0.75 earnings per share. On average, analysts expect that MGIC Investment Corporation will post 3.05 earnings per share for the current fiscal year.

MGIC Investment declared that its board has approved a share repurchase plan on Thursday, April 23rd that allows the company to buyback $750.00 million in outstanding shares. This buyback authorization allows the insurance provider to buy up to 12.4% of its shares through open market purchases. Shares buyback plans are often a sign that the company's board believes its stock is undervalued.

MGIC Investment Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, May 21st. Investors of record on Wednesday, May 6th were issued a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a yield of 2.1%. The ex-dividend date was Wednesday, May 6th. MGIC Investment's dividend payout ratio is presently 19.05%.

Analysts Set New Price Targets

MTG has been the topic of several recent analyst reports. Royal Bank Of Canada started coverage on MGIC Investment in a research report on Friday, May 22nd. They set a "sector perform" rating and a $28.00 price objective on the stock. Barclays cut their price objective on shares of MGIC Investment from $29.00 to $28.00 and set an "equal weight" rating for the company in a research report on Friday, May 1st. Keefe, Bruyette & Woods boosted their price objective 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. Finally, Weiss Ratings upgraded MGIC Investment from a "buy (b)" rating to a "buy (b+)" rating in a research note on Tuesday, July 7th. One investment analyst has rated the stock with a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat.com, MGIC Investment has an average rating of "Hold" and a consensus target price of $28.25.

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.

Want to see what other hedge funds are holding MTG? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for MGIC Investment Corporation (NYSE:MTG - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.