MGIC Investment Corporation $MTG Shares Sold by James Investment Research Inc.

Key Points

• James Investment Research Inc. cut its MGIC Investment stake by 38.9% in the first quarter, selling 37,106 shares and leaving it with 58,194 shares valued at about $1.53 million.
• MGIC Investment reported Q1 EPS of $0.76, topping analyst estimates, though revenue of $297.08 million came in below expectations and was down 3% year over year.
• The company authorized a $750 million share repurchase program and also paid a quarterly dividend of $0.15 per share, for an annualized yield of 2.1%.

James Investment Research Inc. reduced its stake in MGIC Investment Corporation (NYSE:MTG - Free Report) by 38.9% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 58,194 shares of the insurance provider's stock after selling 37,106 shares during the period. James Investment Research Inc.'s holdings in MGIC Investment were worth $1,528,000 at the end of the most recent quarter.

A number of other large investors also recently bought and sold shares of the stock. Compound Planning Inc. boosted its stake in MGIC Investment by 5.3% during the third quarter. Compound Planning Inc. now owns 7,788 shares of the insurance provider's stock worth $221,000 after buying an additional 389 shares during the period. SBI Securities Co. Ltd. raised its stake in shares of MGIC Investment by 40.3% in the 4th quarter. SBI Securities Co. Ltd. now owns 1,461 shares of the insurance provider's stock valued at $43,000 after acquiring an additional 420 shares during the period. Lido Advisors LLC raised its stake in shares of MGIC Investment by 2.2% in the 4th quarter. Lido Advisors LLC now owns 23,799 shares of the insurance provider's stock valued at $689,000 after acquiring an additional 522 shares during the period. Victory Financial Group LLC lifted its holdings in shares of MGIC Investment by 1.9% in the 3rd quarter. Victory Financial Group LLC now owns 27,994 shares of the insurance provider's stock worth $794,000 after acquiring an additional 535 shares during the last quarter. Finally, Johnson Financial Group Inc. lifted its holdings in shares of MGIC Investment by 4.0% in the 4th quarter. Johnson Financial Group Inc. now owns 14,180 shares of the insurance provider's stock worth $414,000 after acquiring an additional 540 shares during the last quarter. Institutional investors and hedge funds own 95.58% of the company's stock.

MGIC Investment Price Performance

Shares of MTG opened at $28.16 on Thursday. The company has a market cap of $5.96 billion, a P/E ratio of 8.94, a PEG ratio of 1.94 and a beta of 0.67. MGIC Investment Corporation has a fifty-two week low of $24.69 and a fifty-two week high of $29.97. The company has a quick ratio of 1.14, a current ratio of 1.14 and a debt-to-equity ratio of 0.13. The firm's 50 day moving average price is $26.52 and its 200 day moving average price is $26.99.

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

MGIC Investment declared that its Board of Directors has initiated a share repurchase program on Thursday, April 23rd that permits the company to repurchase $750.00 million in shares. This repurchase authorization permits the insurance provider to reacquire up to 12.4% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company's leadership believes its shares are undervalued.

MGIC Investment Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, May 21st. Investors of record on Wednesday, May 6th were issued a $0.15 dividend. The ex-dividend date was Wednesday, May 6th. This represents a $0.60 dividend on an annualized basis and a yield of 2.1%. MGIC Investment's dividend payout ratio (DPR) is 19.05%.

Insider Buying and Selling at MGIC Investment

In other MGIC Investment news, COO Salvatore A. Miosi sold 30,000 shares of the company's stock in a transaction dated Monday, June 8th. The stock was sold at an average price of $25.38, for a total transaction of $761,400.00. Following the sale, the chief operating officer owned 560,951 shares in the company, valued at $14,236,936.38. This represents a 5.08% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 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 dated Friday, May 29th. The shares were 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 directly owned 169,620 shares in the company, valued at $4,333,791. This represents 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. Insiders own 1.34% of the company's stock.

Wall Street Analyst Weigh In

MTG has been the subject of several research reports. UBS Group dropped their target price on shares of MGIC Investment from $29.50 to $28.00 and set a "neutral" rating for the company in a report on Thursday, March 12th. Weiss Ratings restated a "buy (b)" rating on shares of MGIC Investment in a research note on Monday, June 15th. Royal Bank Of Canada initiated coverage on MGIC Investment in a research report on Friday, May 22nd. They set a "sector perform" rating and a $28.00 price target for the company. Barclays dropped their price objective on MGIC Investment from $29.00 to $28.00 and set an "equal weight" rating for the company in a research note on Friday, May 1st. Finally, 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 report on Friday, April 10th. One research analyst has rated the stock with a Buy rating and four have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Hold" and an average price target of $28.25.

MGIC Investment Company Profile

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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