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

Key Points

• MGIC Investment COO Salvatore Miosi sold 30,000 shares at an average price of $28.15, resulting in a total transaction of $844,500 and a 13.67% reduction in his holdings.
• The company recently increased its quarterly dividend to $0.15 per share, reflecting an annualized dividend of $0.60 and a yield of 2.2%.
• MGIC Investment reported $0.82 EPS for the last quarter, exceeding estimates, but experienced a 0.3% decline in revenue year-over-year.

MGIC Investment Corporation (NYSE:MTG - Get Free Report) COO Salvatore Miosi sold 30,000 shares of the stock in a transaction on Wednesday, October 1st. The stock was sold at an average price of $28.15, for a total transaction of $844,500.00. Following the transaction, the chief operating officer owned 189,401 shares in the company, valued at approximately $5,331,638.15. This trade represents a 13.67% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link.

MGIC Investment Stock Performance

Shares of NYSE MTG traded down $0.35 during trading hours on Thursday, hitting $27.76. 1,660,928 shares of the stock were exchanged, compared to its average volume of 2,157,693. 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 company's 50 day moving average is $27.59 and its 200 day moving average is $26.28. The firm has a market capitalization of $6.40 billion, a P/E ratio of 9.10, a P/E/G ratio of 2.05 and a beta of 0.88. MGIC Investment Corporation has a one year low of $21.94 and a one year high of $29.01.

MGIC Investment (NYSE:MTG - Get Free Report) last posted its quarterly earnings data on Wednesday, July 30th. The insurance provider reported $0.82 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.70 by $0.12. The business had revenue of $304.25 million during the quarter, compared to the consensus estimate of $306.25 million. MGIC Investment had a net margin of 62.58% and a return on equity of 14.73%. MGIC Investment's quarterly revenue was down .3% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.77 EPS. On average, research analysts expect that MGIC Investment Corporation will post 2.71 EPS for the current year.

MGIC Investment Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, August 21st. Investors of record on Thursday, August 7th were issued a dividend of $0.15 per share. The ex-dividend date of this dividend was Thursday, August 7th. This represents a $0.60 annualized dividend and a dividend yield of 2.2%. This is an increase from MGIC Investment's previous quarterly dividend of $0.13. MGIC Investment's payout ratio is currently 19.67%.

Wall Street Analyst Weigh In

Several analysts recently issued reports on the stock. Keefe, Bruyette & Woods upped their price objective 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. Barclays increased 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 assigned a Sell rating to the company. According to data from MarketBeat, MGIC Investment currently has an average rating of "Reduce" and an average target price of $26.67.

Hedge Funds Weigh In On MGIC Investment

A number of hedge funds and other institutional investors have recently made changes to their positions in MTG. GAMMA Investing LLC lifted its holdings in shares of MGIC Investment by 3,346.4% during the 1st quarter. GAMMA Investing LLC now owns 150,365 shares of the insurance provider's stock worth $3,726,000 after acquiring an additional 146,002 shares during the period. Rhumbline Advisers lifted its holdings in shares of MGIC Investment by 7.9% during the 1st quarter. Rhumbline Advisers now owns 822,871 shares of the insurance provider's stock worth $20,391,000 after acquiring an additional 59,960 shares during the period. Merit Financial Group LLC bought a new position in shares of MGIC Investment during the 1st quarter worth about $232,000. UMB Bank n.a. lifted its holdings in shares of MGIC Investment by 61.3% during the 1st quarter. UMB Bank n.a. now owns 2,660 shares of the insurance provider's stock worth $66,000 after acquiring an additional 1,011 shares during the period. Finally, Miracle Mile Advisors LLC lifted its holdings in shares of MGIC Investment by 31.5% during the 1st quarter. Miracle Mile Advisors LLC now owns 11,888 shares of the insurance provider's stock worth $295,000 after acquiring an additional 2,847 shares during the period. 95.58% of the stock is owned by institutional investors.

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.

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