MGIC Investment (NYSE:MTG) CEO Timothy Mattke Sells 139,202 Shares

Key Points

• CEO Timothy Mattke sold 139,202 shares on April 2 under a pre-arranged Rule 10b5-1 plan at an average price of $26.49, generating $3.69M and reducing his stake by 11.07% to 1,118,005 shares (~$29.6M).
• MGIC shares traded at $26.50 (down $0.02); the company has a $5.70B market cap, a PE of 8.44, reported Q4 EPS of $0.75 (beating estimates), and pays a $0.60 annual dividend (2.3% yield).
• Analysts have a consensus rating of Hold with a $28 price target, and institutional investors own about 95.6% of the stock.

MGIC Investment Corporation (NYSE:MTG - Get Free Report) CEO Timothy Mattke sold 139,202 shares of MGIC Investment stock in a transaction that occurred on Thursday, April 2nd. The shares were sold at an average price of $26.49, for a total transaction of $3,687,460.98. Following the completion of the sale, the chief executive officer owned 1,118,005 shares of the company's stock, valued at $29,615,952.45. This trade represents a 11.07% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

MGIC Investment Stock Down 0.1%

Shares of MGIC Investment stock traded down $0.02 during trading hours on Friday, reaching $26.50. 2,081,451 shares of the company were exchanged, compared to its average volume of 1,861,569. The stock's fifty day moving average is $26.46 and its 200 day moving average is $27.50. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.52 and a current ratio of 1.52. MGIC Investment Corporation has a 1 year low of $21.94 and a 1 year high of $29.97. The firm has a market cap of $5.70 billion, a PE ratio of 8.44, a PEG ratio of 2.09 and a beta of 0.79.

MGIC Investment (NYSE:MTG - Get Free Report) last posted its quarterly earnings results on Monday, February 2nd. The insurance provider reported $0.75 earnings per share for the quarter, beating analysts' consensus estimates of $0.73 by $0.02. MGIC Investment had a return on equity of 14.33% and a net margin of 60.84%.The business's revenue was down .9% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.72 EPS. As a group, equities research analysts forecast that MGIC Investment Corporation will post 2.71 earnings per share for the current year.

MGIC Investment Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 6th. Investors of record on Tuesday, February 17th were paid a $0.15 dividend. The ex-dividend date was Tuesday, February 17th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 2.3%. MGIC Investment's payout ratio is 19.11%.

Wall Street Analysts Forecast Growth

MTG has been the subject of a number of analyst reports. UBS Group lowered their price target on shares of MGIC Investment from $29.50 to $28.00 and set a "neutral" rating for the company in a report on Thursday, March 12th. Weiss Ratings downgraded shares of MGIC Investment from a "buy (a-)" rating to a "buy (b+)" rating in a research note on Thursday, February 5th. Keefe, Bruyette & Woods lifted their target price on MGIC Investment from $27.00 to $28.00 and gave the stock a "market perform" rating in a research report on Thursday, December 18th. Finally, Barclays decreased their target price on MGIC Investment from $30.00 to $28.00 and set an "equal weight" rating for the company in a research note on Wednesday, February 4th. One investment analyst has rated the stock with a Buy rating and four have given a Hold rating to the company. According to MarketBeat.com, the company has an average rating of "Hold" and a consensus price target of $28.00.

Institutional Trading of MGIC Investment

A number of hedge funds have recently bought and sold shares of the company. Alpine Bank Wealth Management purchased a new stake in shares of MGIC Investment in the third quarter valued at $28,000. Newbridge Financial Services Group Inc. purchased a new stake in MGIC Investment in the 3rd quarter worth about $28,000. SBI Securities Co. Ltd. lifted its stake in MGIC Investment by 61.1% in the 3rd quarter. SBI Securities Co. Ltd. now owns 1,041 shares of the insurance provider's stock worth $30,000 after acquiring an additional 395 shares in the last quarter. V Square Quantitative Management LLC acquired a new stake in MGIC Investment during the 4th quarter worth about $36,000. Finally, Root Financial Partners LLC purchased a new position in MGIC Investment during the 3rd quarter valued at about $38,000. 95.58% of the stock is owned by hedge funds and other institutional investors.

About MGIC Investment

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.