Salvatore Miosi Sells 30,000 Shares of MGIC Investment (NYSE:MTG) Stock

Key Points

• COO Salvatore Miosi sold 30,000 MGIC Investment shares at an average price of $30.73, generating $921,900. The transaction was made under a pre-arranged Rule 10b5-1 plan and reduced his direct holdings by 5.99% to 470,951 shares.
• MGIC Investment shares rose 1.1% to $31.04, near the company’s 12-month high of $31.89. The insurer recently reported quarterly EPS of $0.87, beating estimates of $0.76, although revenue declined 2.9% year over year.
• The company increased its quarterly dividend from $0.15 to $0.17 per share, equivalent to a 2.2% annualized yield. Analysts maintain a consensus “Moderate Buy” rating with an average price target of $30.60.

MGIC Investment Corporation (NYSE:MTG - Get Free Report) COO Salvatore Miosi sold 30,000 shares of the stock in a transaction dated Tuesday, September 1st. The stock was sold at an average price of $30.73, for a total value of $921,900.00. Following the transaction, the chief operating officer directly owned 470,951 shares in the company, valued at approximately $14,472,324.23. The trade was a 5.99% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

MGIC Investment Trading Up 1.1%

MGIC Investment stock traded up $0.35 during midday trading on Wednesday, reaching $31.04. 1,622,243 shares of the stock traded hands, compared to its average volume of 1,995,468. The firm has a market cap of $6.37 billion, a PE ratio of 9.70, a price-to-earnings-growth ratio of 0.78 and a beta of 0.65. The company has a current ratio of 1.19, a quick ratio of 1.19 and a debt-to-equity ratio of 0.13. The company has a 50-day simple moving average of $29.68 and a two-hundred day simple moving average of $27.60. MGIC Investment Corporation has a 12-month low of $24.69 and a 12-month high of $31.89.

MGIC Investment (NYSE:MTG - Get Free Report) last issued its quarterly earnings results on Wednesday, July 29th. The insurance provider reported $0.87 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.76 by $0.11. MGIC Investment had a net margin of 59.20% and a return on equity of 13.90%. The company had revenue of $295.39 million for the quarter, compared to analyst estimates of $297.54 million. During the same period in the prior year, the firm earned $0.82 earnings per share. The business's revenue for the quarter was down 2.9% compared to the same quarter last year. Research analysts expect that MGIC Investment Corporation will post 3.24 earnings per share for the current fiscal year.

MGIC Investment Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, August 20th. Shareholders of record on Wednesday, August 5th were issued a dividend of $0.17 per share. This is a boost from MGIC Investment's previous quarterly dividend of $0.15. The ex-dividend date was Wednesday, August 5th. This represents a $0.68 dividend on an annualized basis and a yield of 2.2%. MGIC Investment's dividend payout ratio (DPR) is currently 21.25%.

Analyst Ratings Changes

MTG has been the topic of a number of recent research reports. Zacks Research raised MGIC Investment from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, August 25th. Weiss Ratings raised MGIC Investment from a "buy (b+)" rating to a "buy (a-)" rating in a research note on Wednesday, August 19th. Royal Bank Of Canada increased their price target on MGIC Investment from $28.00 to $32.00 and gave the company a "sector perform" rating in a research report on Friday, July 31st. Roth Capital reiterated a "buy" rating and issued a $35.00 price objective on shares of MGIC Investment in a research note on Thursday, July 30th. Finally, Keefe, Bruyette & Woods upped their target price on shares of MGIC Investment from $29.00 to $30.00 and gave the stock a "market perform" rating in a research note on Friday, July 31st. Two research analysts have rated the stock with a Strong Buy rating, one has issued a Buy rating and four have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $30.60.

Hedge Funds Weigh In On MGIC Investment

Institutional investors and hedge funds have recently modified their holdings of the company. Newbridge Financial Services Group Inc. purchased a new stake in MGIC Investment during the 3rd quarter worth about $28,000. SBI Securities Co. Ltd. increased its holdings 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 last quarter. Geneos Wealth Management Inc. raised its position in shares of MGIC Investment by 88.0% during the 1st quarter. Geneos Wealth Management Inc. now owns 1,745 shares of the insurance provider's stock worth $43,000 after acquiring an additional 817 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. purchased a new stake in MGIC Investment during the second quarter worth approximately $62,000. Finally, Harbor Investment Advisory LLC boosted its holdings in MGIC Investment by 613.0% in the second quarter. Harbor Investment Advisory LLC now owns 2,574 shares of the insurance provider's stock valued at $73,000 after purchasing an additional 2,213 shares in the last quarter. Institutional investors and hedge funds own 95.58% of the company's stock.

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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