Diversified Trust Co Has $1.32 Million Stake in MGIC Investment Corporation $MTG

Key Points

• Diversified Trust Co reduced its stake in MGIC Investment Corporation by 22.7%, selling 13,960 shares and now holds 47,519 shares valued at approximately $1.32 million.
• Insider transactions include COO Salvatore A. Miosi selling 30,000 shares and CEO Timothy J. Mattke selling 139,203 shares, representing decreases in their ownership of 10.74% and 11.22%, respectively.
• MGIC Investment recently raised its quarterly dividend to $0.15 per share, an increase from the prior dividend of $0.13, reflecting a healthy dividend yield of 2.1%.

Diversified Trust Co trimmed its position in MGIC Investment Corporation (NYSE:MTG - Free Report) by 22.7% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 47,519 shares of the insurance provider's stock after selling 13,960 shares during the quarter. Diversified Trust Co's holdings in MGIC Investment were worth $1,323,000 at the end of the most recent reporting period.

A number of other large investors have also recently modified their holdings of MTG. WPG Advisers LLC acquired a new stake in MGIC Investment during the 1st quarter worth about $26,000. Cullen Frost Bankers Inc. purchased a new stake in MGIC Investment in the first quarter valued at $33,000. Quarry LP purchased a new position in MGIC Investment during the first quarter worth about $38,000. Geneos Wealth Management Inc. grew its position in shares of MGIC Investment by 88.0% in 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 during the last quarter. Finally, Harbor Capital Advisors Inc. purchased a new position in MGIC Investment during the second quarter worth approximately $49,000. Hedge funds and other institutional investors own 95.58% of the company's stock.

Wall Street Analyst Weigh In

A number of analysts have commented on the stock. Barclays boosted their price target on shares of MGIC Investment from $26.00 to $27.00 and gave the stock an "equal weight" rating in a research report on Tuesday, July 8th. Keefe, Bruyette & Woods upped their target price on shares of MGIC Investment from $26.00 to $27.00 and gave the company a "market perform" rating in a research report on Monday, July 7th. Five investment analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, MGIC Investment currently has a consensus rating of "Reduce" and a consensus price target of $26.67.

Insider Activity

In other MGIC Investment news, COO Salvatore A. Miosi sold 30,000 shares of the stock in a transaction that occurred on Friday, August 1st. The stock was sold at an average price of $26.22, for a total transaction of $786,600.00. Following the completion of the transaction, the chief operating officer owned 249,401 shares of the company's stock, valued at $6,539,294.22. This represents a 10.74% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Timothy J. Mattke sold 139,203 shares of the stock in a transaction on Thursday, August 7th. The shares were sold at an average price of $26.54, for a total value of $3,694,447.62. Following the completion of the sale, the chief executive officer owned 1,100,994 shares in the company, valued at approximately $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. 1.41% of the stock is currently owned by insiders.

MGIC Investment Price Performance

Shares of NYSE MTG traded down $0.18 during midday trading on Monday, hitting $28.15. 2,638,212 shares of the company's stock were exchanged, compared to its average volume of 2,034,391. The company has a current ratio of 1.46, a quick ratio of 1.46 and a debt-to-equity ratio of 0.13. MGIC Investment Corporation has a 12-month low of $21.94 and a 12-month high of $29.01. The business's fifty day moving average price is $27.17 and its two-hundred day moving average price is $26.06. The company has a market cap of $6.49 billion, a price-to-earnings ratio of 9.23, a PEG ratio of 2.05 and a beta of 0.89.

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

MGIC Investment Increases Dividend

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

About MGIC Investment

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.