Insider Selling: MGIC Investment (NYSE:MTG) CEO Sells $3,771,009.27 in Stock

Key Points

• Timothy Mattke, CEO of MGIC Investment Corporation, sold 139,203 shares of the company at an average price of $27.09, totaling approximately $3.77 million, which represents a 12.64% decrease in his ownership.
• MGIC recently increased its quarterly dividend to $0.15 per share, marking a rise from the previous $0.13, yielding about 2.2% annually.
• MGIC Investment reported an earnings per share (EPS) of $0.82 for the last quarter, surpassing analysts' expectations, although revenue slightly declined 0.3% year-over-year.

MGIC Investment Corporation (NYSE:MTG - Get Free Report) CEO Timothy Mattke sold 139,203 shares of the stock in a transaction that occurred on Tuesday, October 7th. The shares were sold at an average price of $27.09, for a total transaction of $3,771,009.27. Following the transaction, the chief executive officer owned 961,791 shares in the company, valued at $26,054,918.19. The trade was a 12.64% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link.

MGIC Investment Price Performance

NYSE MTG traded down $0.06 on Wednesday, reaching $26.98. 1,363,353 shares of the company's stock traded hands, compared to its average volume of 2,145,710. MGIC Investment Corporation has a 12 month low of $21.94 and a 12 month high of $29.01. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.46 and a quick ratio of 1.46. The stock has a 50-day simple moving average of $27.74 and a 200 day simple moving average of $26.41. The stock has a market cap of $6.22 billion, a PE ratio of 8.85, a P/E/G ratio of 1.97 and a beta of 0.88.

MGIC Investment (NYSE:MTG - Get Free Report) last issued its quarterly earnings results on Wednesday, July 30th. The insurance provider reported $0.82 EPS for the quarter, beating analysts' consensus estimates of $0.70 by $0.12. MGIC Investment had a net margin of 62.58% and a return on equity of 14.73%. The business had revenue of $304.25 million for the quarter, compared to analysts' expectations of $306.25 million. During the same period last year, the business earned $0.77 earnings per share. The business's quarterly revenue was down .3% on a year-over-year basis. As a group, research analysts predict that MGIC Investment Corporation will post 2.71 earnings per share for the current year.

MGIC Investment Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, August 21st. Stockholders of record on Thursday, August 7th were issued a $0.15 dividend. This is a positive change from MGIC Investment's previous quarterly dividend of $0.13. This represents a $0.60 annualized dividend and a dividend yield of 2.2%. The ex-dividend date was Thursday, August 7th. MGIC Investment's dividend payout ratio (DPR) is 19.67%.

Hedge Funds Weigh In On MGIC Investment

Several large investors have recently modified their holdings of the stock. WPG Advisers LLC bought a new stake in MGIC Investment in the 1st quarter worth about $26,000. True Wealth Design LLC increased its holdings in MGIC Investment by 262.5% in the 2nd quarter. True Wealth Design LLC now owns 1,004 shares of the insurance provider's stock worth $28,000 after buying an additional 727 shares in the last quarter. Hantz Financial Services Inc. increased its holdings in MGIC Investment by 3,067.6% in the 2nd quarter. Hantz Financial Services Inc. now owns 1,077 shares of the insurance provider's stock worth $30,000 after buying an additional 1,043 shares in the last quarter. Employees Retirement System of Texas bought a new stake in MGIC Investment in the 2nd quarter worth about $32,000. Finally, Cullen Frost Bankers Inc. bought a new stake in MGIC Investment in the 1st quarter worth about $33,000. Hedge funds and other institutional investors own 95.58% of the company's stock.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on MTG shares. Barclays raised their target price on shares of MGIC Investment from $27.00 to $28.00 and gave the stock a "cautious" rating in a report on Monday. Keefe, Bruyette & Woods raised their target price on shares of MGIC Investment from $26.00 to $27.00 and gave the stock a "market perform" rating in a report on Monday, July 7th. Finally, Weiss Ratings reaffirmed a "buy (a-)" rating on shares of MGIC Investment in a research note on Wednesday. One equities research analyst has rated the stock with a Strong Buy rating, four have issued a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Hold" and an average target price of $26.83.

MGIC Investment Company Profile

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.

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