Mackenzie Financial Corp Sells 250,601 Shares of MGIC Investment Corporation $MTG

Mackenzie Financial Corp lowered its holdings in shares of MGIC Investment Corporation (NYSE:MTG) by 46.2% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 291,606 shares of the insurance provider’s stock after selling 250,601 shares during the quarter. Mackenzie Financial Corp owned 0.13% of MGIC Investment worth $8,118,000 at the end of the most recent quarter.

Several other institutional investors have also modified their holdings of MTG. PNC Financial Services Group Inc. lifted its stake in 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 valued at $270,000 after buying an additional 437 shares in the last quarter. FCG Investment Co bought a new stake in shares of MGIC Investment during the second quarter worth $846,000. Sequoia Financial Advisors LLC acquired a new stake in shares of MGIC Investment during the second quarter worth $568,000. North Star Asset Management Inc. bought a new stake in MGIC Investment in the 2nd quarter valued at $375,000. Finally, Caisse DE Depot ET Placement DU Quebec lifted its position in MGIC Investment by 25.3% in the 1st quarter. Caisse DE Depot ET Placement DU Quebec now owns 2,597,602 shares of the insurance provider’s stock valued at $64,369,000 after acquiring an additional 524,973 shares in the last quarter. Institutional investors own 95.58% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have issued reports on MTG. Barclays increased their target price on MGIC Investment from $27.00 to $28.00 and gave the stock a “cautious” rating in a report on Monday, October 6th. Weiss Ratings reiterated a “buy (a-)” rating on shares of MGIC Investment in a report on Wednesday, October 8th. One research analyst has rated the stock with a Strong Buy rating, three have issued a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $26.80.

Insiders Place Their Bets

In related news, EVP Paula C. Maggio sold 20,000 shares of the firm’s stock in a transaction on Friday, October 31st. The shares were sold at an average price of $27.44, for a total value of $548,800.00. Following the completion of the transaction, the executive vice president directly owned 117,395 shares of the company’s stock, valued at approximately $3,221,318.80. This trade represents a 14.56% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Timothy J. Mattke sold 139,203 shares of the company’s stock in a transaction on Tuesday, October 7th. The stock was sold at an average price of $27.09, for a total transaction of $3,771,009.27. Following the sale, the chief executive officer directly owned 961,791 shares in the company, valued at $26,054,918.19. This trade represents a 12.64% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 219,203 shares of company stock valued at $5,989,909 in the last 90 days. 1.41% of the stock is currently owned by insiders.

MGIC Investment Stock Down 0.7%

Shares of MTG stock opened at $28.34 on Wednesday. The firm’s fifty day moving average price is $27.73 and its two-hundred day moving average price is $27.27. The company has a current ratio of 1.46, a quick ratio of 1.46 and a debt-to-equity ratio of 0.13. MGIC Investment Corporation has a 1 year low of $21.94 and a 1 year high of $29.01. The firm has a market capitalization of $6.34 billion, a P/E ratio of 9.11, a PEG ratio of 1.91 and a beta of 0.85.

MGIC Investment (NYSE:MTG) last announced its quarterly earnings data on Wednesday, October 29th. The insurance provider reported $0.83 earnings per share for the quarter, beating the consensus estimate of $0.72 by $0.11. The company had revenue of $304.51 million during the quarter, compared to analysts’ expectations of $308.16 million. MGIC Investment had a return on equity of 14.63% and a net margin of 61.96%.MGIC Investment’s revenue for the quarter was down .7% compared to the same quarter last year. During the same quarter last year, the company earned $0.77 EPS. On average, equities analysts predict that MGIC Investment Corporation will post 2.71 EPS for the current fiscal year.

MGIC Investment Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, November 20th. Shareholders of record on Thursday, November 6th were paid a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a yield of 2.1%. The ex-dividend date was Thursday, November 6th. MGIC Investment’s dividend payout ratio (DPR) is currently 19.29%.

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.