MGIC Investment Corporation $MTG Shares Sold by Vanguard Group Inc.

Vanguard Group Inc. lessened its stake in MGIC Investment Corporation (NYSE:MTG) by 2.4% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 30,782,757 shares of the insurance provider’s stock after selling 742,072 shares during the period. Vanguard Group Inc. owned 0.14% of MGIC Investment worth $873,307,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently made changes to their positions in the company. State of New Jersey Common Pension Fund D boosted its position in shares of MGIC Investment by 7.2% in the 3rd quarter. State of New Jersey Common Pension Fund D now owns 77,235 shares of the insurance provider’s stock valued at $2,191,000 after purchasing an additional 5,155 shares during the period. HighTower Advisors LLC boosted its holdings in shares of MGIC Investment by 6.1% in the third quarter. HighTower Advisors LLC now owns 51,622 shares of the insurance provider’s stock valued at $1,464,000 after acquiring an additional 2,974 shares during the period. Abich Financial Wealth Management LLC purchased a new position in shares of MGIC Investment during the third quarter worth approximately $42,000. Assetmark Inc. raised its position in MGIC Investment by 1,208.1% in the 3rd quarter. Assetmark Inc. now owns 1,674,152 shares of the insurance provider’s stock valued at $47,496,000 after purchasing an additional 1,546,173 shares during the last quarter. Finally, Caprock Group LLC acquired a new stake in MGIC Investment during the 3rd quarter worth $1,456,000. Hedge funds and other institutional investors own 95.58% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have commented on the stock. Barclays dropped their price objective on shares of MGIC Investment from $30.00 to $28.00 and set an “equal weight” rating on the stock in a research note on Wednesday, February 4th. Keefe, Bruyette & Woods boosted their price target on 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 downgraded MGIC Investment from a “buy (a-)” rating to a “buy (b+)” rating in a research note on Thursday, February 5th. One analyst has rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $28.00.

Insider Activity at MGIC Investment

In other MGIC Investment news, EVP Paula C. Maggio sold 20,000 shares of the firm’s stock in a transaction on Friday, February 6th. The stock was sold at an average price of $27.51, for a total value of $550,200.00. Following the completion of the sale, the executive vice president owned 114,689 shares of the company’s stock, valued at approximately $3,155,094.39. This trade represents a 14.85% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO Salvatore A. Miosi sold 30,000 shares of the company’s stock in a transaction on Monday, February 2nd. The stock was sold at an average price of $27.27, for a total transaction of $818,100.00. Following the transaction, the chief operating officer directly owned 454,245 shares in the company, valued at approximately $12,387,261.15. This trade represents a 6.20% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 189,203 shares of company stock worth $5,058,572 over the last three months. 1.41% of the stock is currently owned by corporate insiders.

MGIC Investment Stock Up 0.5%

Shares of NYSE:MTG opened at $26.19 on Monday. MGIC Investment Corporation has a fifty-two week low of $21.94 and a fifty-two week high of $29.97. The company has a quick ratio of 1.48, a current ratio of 0.78 and a debt-to-equity ratio of 0.13. The firm’s 50-day simple moving average is $27.77 and its 200-day simple moving average is $27.82. The company has a market cap of $5.86 billion, a price-to-earnings ratio of 8.34, a PEG ratio of 2.08 and a beta of 0.83.

MGIC Investment (NYSE:MTG) last posted its quarterly earnings results on Monday, February 2nd. The insurance provider reported $0.75 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.73 by $0.02. MGIC Investment had a net margin of 60.84% and a return on equity of 14.33%. The firm had revenue of $298.65 million during the quarter, compared to analysts’ expectations of $308.19 million. During the same period in the prior year, the company posted $0.72 earnings per share. The firm’s revenue for the quarter was down .9% on a year-over-year basis. As a group, equities research analysts predict that MGIC Investment Corporation will post 2.71 earnings per share for the current year.

MGIC Investment Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, March 6th. Investors of record on Tuesday, February 17th will be paid a $0.15 dividend. The ex-dividend date is Tuesday, February 17th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 2.3%. MGIC Investment’s payout ratio is 19.11%.

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.