MGIC Investment (NYSE:MTG) COO Salvatore Miosi Sells 10,931 Shares of Stock

Key Points

• COO Salvatore Miosi sold 10,931 shares of MGIC on April 1 at an average price of $26.25 under a pre-arranged Rule 10b5-1 trading plan, reducing his stake by 1.82% to 590,951 shares (about $15.5M).
• MGIC reported a quarterly EPS of $0.75 (beating the $0.73 estimate) with a 14.33% return on equity and a 60.84% net margin, and it pays a quarterly dividend of $0.15 (2.3% yield).
• The stock recently traded around $26.50, has a market cap of $5.7B and a PE of 8.44, and analysts hold a consensus "Hold" rating with a $28 consensus price target.

MGIC Investment Corporation (NYSE:MTG - Get Free Report) COO Salvatore Miosi sold 10,931 shares of the business's stock in a transaction on Wednesday, April 1st. The shares were sold at an average price of $26.25, for a total value of $286,938.75. Following the completion of the sale, the chief operating officer owned 590,951 shares in the company, valued at $15,512,463.75. This represents a 1.82% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

MGIC Investment Trading Up 0.9%

MTG traded up $0.24 during mid-day trading on Thursday, hitting $26.50. 2,081,451 shares of the stock were exchanged, compared to its average volume of 2,239,388. The firm's fifty day moving average is $26.47 and its two-hundred day moving average is $27.51. MGIC Investment Corporation has a 1-year low of $21.94 and a 1-year high of $29.97. The company 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. The company has a current ratio of 1.52, a quick ratio of 1.52 and a debt-to-equity ratio of 0.13.

MGIC Investment (NYSE:MTG - Get Free Report) last released its earnings results on Monday, February 2nd. The insurance provider reported $0.75 earnings per share for the quarter, beating the consensus estimate 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 quarterly revenue was down .9% on a year-over-year basis. During the same period in the prior year, the company posted $0.72 earnings per share. Equities analysts forecast that MGIC Investment Corporation will post 2.71 earnings per share for the current fiscal year.

MGIC Investment Dividend Announcement

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

Analysts Set New Price Targets

Several equities analysts have commented on MTG shares. Weiss Ratings cut shares of MGIC Investment from a "buy (a-)" rating to a "buy (b+)" rating in a research report on Thursday, February 5th. UBS Group reduced their price objective on MGIC Investment from $29.50 to $28.00 and set a "neutral" rating on the stock in a research note on Thursday, March 12th. Keefe, Bruyette & Woods boosted their target price on MGIC Investment from $27.00 to $28.00 and gave the stock a "market perform" rating in a research note on Thursday, December 18th. Finally, Barclays cut their price target on MGIC Investment from $30.00 to $28.00 and set an "equal weight" rating on the stock in a report on Wednesday, February 4th. One analyst has rated the stock with a Buy rating and four have issued a Hold rating to the company's stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus target price of $28.00.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Alpine Bank Wealth Management acquired a new stake in shares of MGIC Investment in the 3rd quarter valued at $28,000. Newbridge Financial Services Group Inc. purchased a new position in MGIC Investment in the third quarter valued at $28,000. SBI Securities Co. Ltd. raised its stake in MGIC Investment by 61.1% in the third quarter. SBI Securities Co. Ltd. now owns 1,041 shares of the insurance provider's stock valued at $30,000 after buying an additional 395 shares in the last quarter. V Square Quantitative Management LLC acquired a new stake in MGIC Investment in the fourth quarter valued at $36,000. Finally, Root Financial Partners LLC purchased a new stake in MGIC Investment during the 3rd quarter worth about $38,000. Institutional investors and hedge funds own 95.58% of the company's stock.

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.