Voya Investment Management LLC Sells 17,346 Shares of MGIC Investment Corporation $MTG

Key Points

• Voya Investment Management LLC has reduced its stake in MGIC Investment Corporation by 2.1%, now holding 812,052 shares valued at approximately $20.12 million.
• Chief Operating Officer Salvatore A. Miosi and CEO Timothy J. Mattke both sold significant portions of their shares, decreasing their ownership stakes by 10.74% and 11.22% respectively.
• MGIC Investment recently increased its quarterly dividend to $0.15 per share, equating to a 2.1% yield, which is a rise from the previous quarterly dividend of $0.13.

Voya Investment Management LLC reduced its holdings in shares of MGIC Investment Corporation (NYSE:MTG - Free Report) by 2.1% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 812,052 shares of the insurance provider's stock after selling 17,346 shares during the quarter. Voya Investment Management LLC owned 0.34% of MGIC Investment worth $20,123,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of MTG. Captrust Financial Advisors purchased a new stake in MGIC Investment during the fourth quarter worth approximately $230,000. Cetera Investment Advisers grew its stake in MGIC Investment by 6.0% during the fourth quarter. Cetera Investment Advisers now owns 13,904 shares of the insurance provider's stock worth $330,000 after buying an additional 792 shares during the period. Deutsche Bank AG grew its stake in MGIC Investment by 138.7% during the fourth quarter. Deutsche Bank AG now owns 86,530 shares of the insurance provider's stock worth $2,052,000 after buying an additional 50,272 shares during the period. Focus Partners Wealth purchased a new stake in MGIC Investment during the fourth quarter worth approximately $254,000. Finally, Lazard Asset Management LLC grew its stake in MGIC Investment by 28.3% during the fourth quarter. Lazard Asset Management LLC now owns 66,430 shares of the insurance provider's stock worth $1,574,000 after buying an additional 14,651 shares during the period. 95.58% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on the stock. Keefe, Bruyette & Woods boosted their target price 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 issued a $28.00 price target (up from $27.00) on shares of MGIC Investment in a report on Friday, May 23rd. Finally, 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 report on Tuesday, July 8th. Five analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Reduce" and an average target price of $26.67.

MGIC Investment Price Performance

MTG traded down $0.19 on Friday, reaching $28.31. The company had a trading volume of 10,318,018 shares, compared to its average volume of 1,585,135. MGIC Investment Corporation has a one year low of $21.94 and a one year high of $29.01. 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 company has a market capitalization of $6.53 billion, a P/E ratio of 9.28, a PEG ratio of 2.06 and a beta of 0.89. The company has a fifty day moving average of $27.12 and a 200-day moving average of $26.00.

MGIC Investment (NYSE:MTG - Get Free Report) last announced its earnings results on Wednesday, July 30th. The insurance provider reported $0.82 EPS for the quarter, topping the consensus estimate of $0.70 by $0.12. The company 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 business's revenue for the quarter was down .3% on a year-over-year basis. During the same period last year, the company posted $0.77 earnings per share. As a group, equities research analysts anticipate that MGIC Investment Corporation will post 2.71 earnings per share for the current year.

MGIC Investment Increases Dividend

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

Insider Buying and Selling

In other news, COO Salvatore A. Miosi sold 30,000 shares of the stock in a transaction that occurred on Friday, August 1st. The shares were sold at an average price of $26.22, for a total value of $786,600.00. Following the completion of the sale, the chief operating officer directly 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Timothy J. Mattke sold 139,203 shares of the stock in a transaction that occurred on Thursday, August 7th. The stock was sold at an average price of $26.54, for a total value of $3,694,447.62. Following the completion of the transaction, the chief executive officer owned 1,100,994 shares in the company, valued at $29,220,380.76. This represents a 11.22% decrease in their position. The disclosure for this sale can be found here. 1.05% of the stock is owned by corporate 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.