MGIC Investment Corporation $MTG Stock Position Trimmed by Northern Trust Corp

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 decreased its holdings in MGIC Investment Corporation (NYSE:MTG - Free Report) by 2.0% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 4,432,228 shares of the insurance provider's stock after selling 92,049 shares during the period. Northern Trust Corp owned about 1.87% of MGIC Investment worth $109,831,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors also recently bought and sold shares of the business. Wells Fargo & Company MN grew its holdings in shares of MGIC Investment by 14.8% during the fourth quarter. Wells Fargo & Company MN now owns 90,987 shares of the insurance provider's stock valued at $2,157,000 after buying an additional 11,721 shares during the last quarter. Envestnet Asset Management Inc. raised its position in shares of MGIC Investment by 5.3% during the 4th quarter. Envestnet Asset Management Inc. now owns 74,279 shares of the insurance provider's stock worth $1,761,000 after purchasing an additional 3,715 shares during the last quarter. Raymond James Financial Inc. acquired a new position in shares of MGIC Investment during the 4th quarter worth about $1,740,000. MetLife Investment Management LLC raised its position in shares of MGIC Investment by 6.7% during the 4th quarter. MetLife Investment Management LLC now owns 142,892 shares of the insurance provider's stock worth $3,388,000 after purchasing an additional 8,943 shares during the last quarter. Finally, Hsbc Holdings PLC raised its position in shares of MGIC Investment by 2,492.3% during the 4th quarter. Hsbc Holdings PLC now owns 237,014 shares of the insurance provider's stock worth $5,633,000 after purchasing an additional 227,871 shares during the last quarter. Institutional investors own 95.58% of the company's stock.

MGIC Investment Trading Down 1.3%

Shares of MTG stock traded down $0.37 during mid-day trading on Thursday, reaching $27.64. The company's stock had a trading volume of 599,666 shares, compared to its average volume of 2,148,743. The company's 50 day simple moving average is $26.86 and its 200-day simple moving average is $25.55. MGIC Investment Corporation has a 12-month low of $21.94 and a 12-month high of $28.67. The company has a quick ratio of 1.46, a current ratio of 1.46 and a debt-to-equity ratio of 0.13. The firm has a market capitalization of $6.37 billion, a PE ratio of 9.06, a price-to-earnings-growth ratio of 2.01 and a beta of 0.90.

MGIC Investment (NYSE:MTG - Get Free Report) last released its quarterly earnings results on Wednesday, July 30th. The insurance provider reported $0.82 earnings per share for the quarter, beating analysts' consensus estimates of $0.70 by $0.12. The business had revenue of $304.25 million during the quarter, compared to analyst estimates of $306.25 million. MGIC Investment had a net margin of 62.58% and a return on equity of 14.73%. The business's revenue was down .3% on a year-over-year basis. During the same period last year, the business earned $0.77 EPS. On average, research analysts predict that MGIC Investment Corporation will post 2.71 EPS for the current fiscal 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 issued a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a yield of 2.2%. The ex-dividend date of this dividend was Thursday, August 7th. This is a positive change from MGIC Investment's previous quarterly dividend of $0.13. MGIC Investment's dividend payout ratio (DPR) is 19.67%.

Insider Activity at MGIC Investment

In other MGIC Investment news, EVP Paula C. Maggio sold 20,000 shares of the firm's stock in a transaction on Friday, May 30th. The shares were sold at an average price of $26.49, for a total transaction of $529,800.00. Following the completion of the transaction, the executive vice president directly owned 157,395 shares of the company's stock, valued at $4,169,393.55. This trade represents a 11.27% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Timothy J. Mattke sold 139,203 shares of the firm's stock in a transaction on Thursday, August 7th. The stock was sold at an average price of $26.54, for a total transaction of $3,694,447.62. Following the transaction, the chief executive officer directly owned 1,100,994 shares of the company's stock, valued at approximately $29,220,380.76. This represents a 11.22% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 189,203 shares of company stock valued at $5,010,848. Corporate insiders own 1.05% of the company's stock.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on MTG. Keefe, Bruyette & Woods increased their price objective 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. Compass Point reaffirmed a "neutral" rating and set a $28.00 price objective (up from $27.00) on shares of MGIC Investment in a research report on Friday, May 23rd. Finally, Barclays boosted 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 report on Tuesday, July 8th. 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, MGIC Investment has an average rating of "Reduce" and a consensus target price 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.