MGIC Investment (NYSE:MTG) Sets New 12-Month High - Here's What Happened

Key Points

• MGIC Investment Corporation's shares reached a new 52-week high of $29.01 during trading, closing at $28.60 with substantial volume.
• The company's recent earnings report showed an EPS of $0.82, surpassing estimates, even though revenue dipped 0.3% year-over-year.
• MGIC Investment increased its quarterly dividend from $0.13 to $0.15, representing a yield of 2.1%.

MGIC Investment Corporation (NYSE:MTG - Get Free Report) shares reached a new 52-week high during mid-day trading on Thursday . The company traded as high as $29.01 and last traded at $28.60, with a volume of 1428449 shares trading hands. The stock had previously closed at $28.00.

Analyst Ratings Changes

A number of research firms have recently issued reports on MTG. Compass Point restated a "neutral" rating and set a $28.00 price objective (up from $27.00) on shares of MGIC Investment in a research report on Friday, May 23rd. Barclays boosted their price objective on MGIC Investment from $26.00 to $27.00 and gave the company an "equal weight" rating in a research report on Tuesday, July 8th. Finally, Keefe, Bruyette & Woods boosted their price objective on MGIC Investment from $26.00 to $27.00 and gave the company a "market perform" rating in a research report on Monday, July 7th. Five research analysts have rated the stock with a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, MGIC Investment has an average rating of "Reduce" and an average price target of $26.67.

MGIC Investment Trading Up 1.3%

The company has a market cap of $6.54 billion, a P/E ratio of 9.29, a P/E/G ratio of 2.02 and a beta of 0.89. The company has a quick ratio of 1.46, a current ratio of 1.46 and a debt-to-equity ratio of 0.13. The business has a 50-day moving average price of $27.01 and a two-hundred day moving average price of $25.94.

MGIC Investment (NYSE:MTG - Get Free Report) last released its quarterly earnings data on Wednesday, July 30th. The insurance provider reported $0.82 EPS for the quarter, beating analysts' consensus estimates 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 return on equity of 14.73% and a net margin of 62.58%.The firm's revenue was down .3% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.77 earnings per share. On average, analysts predict that MGIC Investment Corporation will post 2.71 EPS for the current year.

MGIC Investment Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, August 21st. Investors of record on Thursday, August 7th were issued a $0.15 dividend. This is a boost from MGIC Investment's previous quarterly dividend of $0.13. This represents a $0.60 dividend on an annualized basis and a yield of 2.1%. The ex-dividend date was Thursday, August 7th. MGIC Investment's dividend payout ratio is currently 19.67%.

Insider Transactions at MGIC Investment

In related news, COO Salvatore A. Miosi sold 30,000 shares of the company's stock in a transaction dated Friday, August 1st. The stock was sold at an average price of $26.22, for a total value of $786,600.00. Following the completion of the sale, the chief operating officer owned 249,401 shares in the company, valued at approximately $6,539,294.22. This represents a 10.74% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CEO Timothy J. Mattke sold 139,203 shares of the company's stock in a transaction dated Thursday, August 7th. The shares were sold at an average price of $26.54, for a total value of $3,694,447.62. Following the completion of the sale, the chief executive officer owned 1,100,994 shares of the company's stock, valued at $29,220,380.76. This represents a 11.22% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 1.05% of the company's stock.

Institutional Investors Weigh In On MGIC Investment

Large investors have recently modified their holdings of the business. KBC Group NV increased its holdings in shares of MGIC Investment by 10.2% in the first quarter. KBC Group NV now owns 11,417 shares of the insurance provider's stock worth $283,000 after acquiring an additional 1,060 shares in the last quarter. Cerity Partners LLC increased its holdings in shares of MGIC Investment by 59.2% in the first quarter. Cerity Partners LLC now owns 78,307 shares of the insurance provider's stock worth $1,940,000 after acquiring an additional 29,104 shares in the last quarter. GAMMA Investing LLC increased its holdings in shares of MGIC Investment by 39.1% in the first quarter. GAMMA Investing LLC now owns 6,068 shares of the insurance provider's stock worth $150,000 after acquiring an additional 1,705 shares in the last quarter. PNC Financial Services Group Inc. increased its holdings in shares of MGIC Investment by 4.2% in the first quarter. PNC Financial Services Group Inc. now owns 10,894 shares of the insurance provider's stock worth $270,000 after acquiring an additional 437 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC increased its holdings in shares of MGIC Investment by 50.1% in the first quarter. Allspring Global Investments Holdings LLC now owns 16,147 shares of the insurance provider's stock worth $406,000 after acquiring an additional 5,393 shares in the last quarter. 95.58% of the stock is currently owned by institutional investors.

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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