JPMorgan Chase & Co. Sells 2,864,952 Shares of MGIC Investment Corporation $MTG

JPMorgan Chase & Co. lessened its stake in MGIC Investment Corporation (NYSE:MTG) by 15.6% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 15,466,168 shares of the insurance provider’s stock after selling 2,864,952 shares during the period. JPMorgan Chase & Co. owned approximately 0.07% of MGIC Investment worth $438,775,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Alpine Bank Wealth Management bought a new stake in shares of MGIC Investment during the 3rd quarter worth $28,000. True Wealth Design LLC raised its position in MGIC Investment by 262.5% during the second quarter. True Wealth Design LLC now owns 1,004 shares of the insurance provider’s stock valued at $28,000 after purchasing an additional 727 shares in the last quarter. SBI Securities Co. Ltd. lifted its stake in MGIC Investment by 61.1% during the third quarter. SBI Securities Co. Ltd. now owns 1,041 shares of the insurance provider’s stock worth $30,000 after purchasing an additional 395 shares during the last quarter. Hantz Financial Services Inc. lifted its stake in MGIC Investment by 3,067.6% during the second quarter. Hantz Financial Services Inc. now owns 1,077 shares of the insurance provider’s stock worth $30,000 after purchasing an additional 1,043 shares during the last quarter. Finally, Employees Retirement System of Texas purchased a new position in shares of MGIC Investment in the 2nd quarter worth about $32,000. Hedge funds and other institutional investors own 95.58% of the company’s stock.

MGIC Investment Trading Down 0.2%

Shares of MTG stock opened at $26.80 on Thursday. The business has a 50-day moving average of $27.89 and a 200 day moving average of $27.82. The company has a debt-to-equity ratio of 0.13, a current ratio of 0.78 and a quick ratio of 1.48. MGIC Investment Corporation has a 1-year low of $21.94 and a 1-year high of $29.97. The stock has a market capitalization of $6.00 billion, a PE ratio of 8.53, a P/E/G ratio of 2.13 and a beta of 0.83.

MGIC Investment (NYSE:MTG) last announced its quarterly earnings data 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 firm had revenue of $298.65 million during the quarter, compared to the consensus estimate of $308.19 million. During the same quarter in the previous year, the company posted $0.72 earnings per share. The business’s revenue was down .9% on a year-over-year basis. As a group, sell-side analysts anticipate that MGIC Investment Corporation will post 2.71 earnings per share for the current year.

MGIC Investment Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, March 6th. Shareholders of record on Tuesday, February 17th will be issued a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a yield of 2.2%. The ex-dividend date of this dividend is Tuesday, February 17th. MGIC Investment’s dividend payout ratio (DPR) is 19.11%.

Insider Buying and Selling at MGIC Investment

In other news, EVP Paula C. Maggio sold 20,000 shares of the company’s stock in a transaction dated Friday, February 6th. The shares were sold at an average price of $27.51, for a total transaction of $550,200.00. Following the completion of the transaction, the executive vice president directly owned 114,689 shares of the company’s stock, valued at approximately $3,155,094.39. This represents a 14.85% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Timothy J. Mattke sold 139,203 shares of the stock in a transaction dated Tuesday, January 13th. The stock was sold at an average price of $26.51, for a total transaction of $3,690,271.53. Following the sale, the chief executive officer owned 822,588 shares of the company’s stock, valued at approximately $21,806,807.88. This represents a 14.47% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders have sold 189,203 shares of company stock worth $5,058,572. 1.05% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on MTG shares. Barclays decreased their price objective 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. Keefe, Bruyette & Woods increased their price target on shares of MGIC Investment from $27.00 to $28.00 and gave the company a “market perform” rating in a research report on Thursday, December 18th. Finally, Weiss Ratings lowered shares of MGIC Investment from a “buy (a-)” rating to a “buy (b+)” rating in a report on Thursday, February 5th. One equities research analyst has rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $28.00.

MGIC Investment Profile

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.