Livforsakringsbolaget Skandia Omsesidigt Cuts Stake in MGIC Investment Corporation $MTG

Key Points

• Livforsakringsbolaget Skandia Omsesidigt reduced its stake in MGIC Investment Corporation by 62%, now holding 25,410 shares valued at $707,000.
• Insiders, including COO Salvatore A. Miosi and CEO Timothy J. Mattke, sold significant shares of MGIC Investment, with Miosi selling 30,000 shares and Mattke selling 139,203 shares, marking decreases of 10.74% and 11.22% in their ownership, respectively.
• Analysts have set new price targets for MGIC Investment, with Barclays and Keefe, Bruyette & Woods both increasing their price target to $27.00, while the consensus rating remains a "Reduce" with an average target price of $26.67.

Livforsakringsbolaget Skandia Omsesidigt trimmed its position in shares of MGIC Investment Corporation (NYSE:MTG - Free Report) by 62.0% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 25,410 shares of the insurance provider's stock after selling 41,490 shares during the period. Livforsakringsbolaget Skandia Omsesidigt's holdings in MGIC Investment were worth $707,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of the company. Captrust Financial Advisors bought a new stake in shares of MGIC Investment in the fourth quarter valued at about $230,000. Cetera Investment Advisers raised its position in MGIC Investment by 6.0% in the fourth quarter. Cetera Investment Advisers now owns 13,904 shares of the insurance provider's stock worth $330,000 after purchasing an additional 792 shares in the last quarter. Deutsche Bank AG raised its position in MGIC Investment by 138.7% in the fourth quarter. Deutsche Bank AG now owns 86,530 shares of the insurance provider's stock worth $2,052,000 after purchasing an additional 50,272 shares in the last quarter. Focus Partners Wealth acquired a new position in MGIC Investment in the fourth quarter worth about $254,000. Finally, Nomura Holdings Inc. acquired a new position in MGIC Investment in the fourth quarter worth about $797,000. 95.58% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

MTG has been the subject of a number of research reports. Barclays raised their price target on shares of MGIC Investment from $26.00 to $27.00 and gave the company an "equal weight" rating in a report on Tuesday, July 8th. Keefe, Bruyette & Woods lifted their price target on shares of MGIC Investment from $26.00 to $27.00 and gave the stock a "market perform" rating in a research 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 stock. According to data from MarketBeat.com, MGIC Investment presently has an average rating of "Reduce" and an average price target of $26.67.

MGIC Investment Price Performance

NYSE:MTG traded down $0.19 on Friday, hitting $28.31. The company had a trading volume of 10,318,018 shares, compared to its average volume of 1,585,135. The stock has a market capitalization of $6.53 billion, a price-to-earnings ratio of 9.28, a PEG ratio of 2.05 and a beta of 0.89. The company has a current ratio of 1.46, a quick ratio of 1.46 and a debt-to-equity ratio of 0.13. The firm has a 50 day moving average of $27.12 and a two-hundred day moving average of $26.01. MGIC Investment Corporation has a 52 week low of $21.94 and a 52 week high of $29.01.

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 the consensus estimate 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 prior year, the company posted $0.77 EPS. The company's revenue was down .3% on a year-over-year basis. On average, research analysts anticipate that MGIC Investment Corporation will post 2.71 earnings per share for the current year.

MGIC Investment Increases Dividend

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

Insider Transactions at MGIC Investment

In other news, CEO Timothy J. Mattke sold 139,203 shares of the business's stock in a transaction that occurred 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 directly owned 1,100,994 shares in the company, valued at approximately $29,220,380.76. The trade was a 11.22% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, COO Salvatore A. Miosi sold 30,000 shares of the company's stock in a transaction 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 trade represents a 10.74% decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.05% of the stock is owned by company insiders.

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.