Northern Trust Corp Has $109.83 Million Stock Position in MGIC Investment Corporation $MTG

Key Points

• Northern Trust Corp has reduced its stake in MGIC Investment Corporation by 2.0%, now owning approximately 1.87% of the company, valued at $109.83 million.
• MGIC Investment recently increased its quarterly dividend from $0.13 to $0.15, reflecting a yield of 2.1% and a payout ratio of 19.67%.
• Recent analyst reports have adjusted MGIC's target price, with Keefe, Bruyette & Woods raising it to $27.00 while maintaining a "market perform" rating.

Northern Trust Corp reduced its position in shares of MGIC Investment Corporation (NYSE:MTG - Free Report) by 2.0% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 4,432,228 shares of the insurance provider's stock after selling 92,049 shares during the quarter. Northern Trust Corp owned 1.87% of MGIC Investment worth $109,831,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in MTG. Brooklyn Investment Group increased its holdings in shares of MGIC Investment by 15.5% in the first quarter. Brooklyn Investment Group now owns 3,094 shares of the insurance provider's stock valued at $77,000 after purchasing an additional 416 shares during the last quarter. Signaturefd LLC increased its holdings in shares of MGIC Investment by 1.9% in the first quarter. Signaturefd LLC now owns 22,112 shares of the insurance provider's stock valued at $548,000 after purchasing an additional 421 shares during the last quarter. PNC Financial Services Group Inc. increased its holdings in shares of MGIC Investment by 4.2% in the first quarter. PNC Financial Services Group Inc. now owns 10,894 shares of the insurance provider's stock valued at $270,000 after purchasing an additional 437 shares during the last quarter. Fifth Third Bancorp increased its holdings in shares of MGIC Investment by 20.1% in the first quarter. Fifth Third Bancorp now owns 2,749 shares of the insurance provider's stock valued at $68,000 after purchasing an additional 461 shares during the last quarter. Finally, NorthCrest Asset Manangement LLC increased its holdings in shares of MGIC Investment by 1.3% in the first quarter. NorthCrest Asset Manangement LLC now owns 41,718 shares of the insurance provider's stock valued at $1,034,000 after purchasing an additional 524 shares during the last quarter. 95.58% of the stock is owned by institutional investors.

MGIC Investment Price Performance

MTG stock traded up $0.13 during trading on Friday, reaching $27.81. 1,578,097 shares of the company were exchanged, compared to its average volume of 1,832,332. The company has a 50-day moving average of $26.89 and a two-hundred day moving average of $25.59. The company has a market capitalization of $6.41 billion, a price-to-earnings ratio of 9.12, a P/E/G ratio of 2.00 and a beta of 0.90. MGIC Investment Corporation has a twelve month low of $21.94 and a twelve month high of $28.67. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.46 and a quick 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 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.70 by $0.12. The business had revenue of $304.25 million during the quarter, compared to analysts' expectations of $306.25 million. MGIC Investment had a net margin of 62.58% and a return on equity of 14.73%. The firm's quarterly revenue was down .3% compared to the same quarter last year. During the same period in the prior year, the company earned $0.77 EPS. As a group, equities analysts predict that MGIC Investment Corporation will post 2.71 earnings per share for the current fiscal year.

MGIC Investment Increases Dividend

The business also recently disclosed 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 was Thursday, August 7th. This represents a $0.60 dividend on an annualized basis and a yield of 2.2%. This is a positive change from MGIC Investment's previous quarterly dividend of $0.13. MGIC Investment's dividend payout ratio is currently 19.67%.

Insider Buying and Selling

In related news, CEO Timothy J. Mattke sold 139,203 shares of the company'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 transaction of $3,694,447.62. Following the completion of the transaction, the chief executive officer directly owned 1,100,994 shares in the company, valued at $29,220,380.76. This represents a 11.22% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, 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 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 approximately $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 corporate insiders.

Wall Street Analyst Weigh In

Several equities analysts recently commented on the stock. Keefe, Bruyette & Woods upped their price target on shares of MGIC Investment from $26.00 to $27.00 and gave the company a "market perform" rating in a research note on Monday, July 7th. Barclays upped their price target on shares of MGIC Investment from $26.00 to $27.00 and gave the company an "equal weight" rating in a research note on Tuesday, July 8th. Finally, Compass Point restated a "neutral" rating and issued a $28.00 price target (up from $27.00) on shares of MGIC Investment in a research note on Friday, May 23rd. Five investment analysts have rated the stock with a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Reduce" and a consensus price target of $26.67.

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.