Royal Bank of Canada Decreases Stake in MGIC Investment Corporation $MTG

Royal Bank of Canada cut its stake in shares of MGIC Investment Corporation (NYSE:MTG) by 77.5% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 27,938 shares of the insurance provider’s stock after selling 96,065 shares during the quarter. Royal Bank of Canada’s holdings in MGIC Investment were worth $734,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. SBI Securities Co. Ltd. increased its stake in shares of MGIC Investment by 40.3% in the fourth quarter. SBI Securities Co. Ltd. now owns 1,461 shares of the insurance provider’s stock worth $43,000 after acquiring an additional 420 shares during the period. Compound Planning Inc. grew its position in MGIC Investment by 4.3% during the 1st quarter. Compound Planning Inc. now owns 10,392 shares of the insurance provider’s stock worth $273,000 after purchasing an additional 433 shares during the period. Oregon Public Employees Retirement Fund raised its stake in shares of MGIC Investment by 1.1% during the 1st quarter. Oregon Public Employees Retirement Fund now owns 44,972 shares of the insurance provider’s stock valued at $1,181,000 after buying an additional 481 shares during the last quarter. Lido Advisors LLC raised its stake in shares of MGIC Investment by 2.2% during the 4th quarter. Lido Advisors LLC now owns 23,799 shares of the insurance provider’s stock valued at $689,000 after buying an additional 522 shares during the last quarter. Finally, Victory Financial Group LLC lifted its holdings in shares of MGIC Investment by 1.9% in the 3rd quarter. Victory Financial Group LLC now owns 27,994 shares of the insurance provider’s stock valued at $794,000 after buying an additional 535 shares during the period. 95.58% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research analysts have issued reports on the company. Roth Capital reissued a “buy” rating and issued a $35.00 price target on shares of MGIC Investment in a report on Thursday, July 30th. Royal Bank Of Canada lifted their target price on shares of MGIC Investment from $28.00 to $32.00 and gave the company a “sector perform” rating in a report on Friday, July 31st. Barclays lowered their price target on shares of MGIC Investment from $29.00 to $28.00 and set an “equal weight” rating on the stock in a report on Friday, May 1st. Keefe, Bruyette & Woods lifted their price objective on shares of MGIC Investment from $29.00 to $30.00 and gave the company a “market perform” rating in a report on Friday, July 31st. Finally, Weiss Ratings raised shares of MGIC Investment from a “buy (b+)” rating to a “buy (a-)” rating in a research note on Wednesday. One analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $30.60.

MGIC Investment Trading Down 0.2%

Shares of MTG stock opened at $30.85 on Monday. The stock’s fifty day moving average is $29.00 and its two-hundred day moving average is $27.40. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.19 and a current ratio of 1.19. The firm has a market capitalization of $6.33 billion, a P/E ratio of 9.64, a PEG ratio of 0.79 and a beta of 0.66. MGIC Investment Corporation has a fifty-two week low of $24.69 and a fifty-two week high of $31.89.

MGIC Investment (NYSE:MTG) last posted its quarterly earnings results on Wednesday, July 29th. The insurance provider reported $0.87 earnings per share for the quarter, topping the consensus estimate of $0.76 by $0.11. The firm had revenue of $295.39 million for the quarter, compared to the consensus estimate of $297.54 million. MGIC Investment had a net margin of 59.20% and a return on equity of 13.90%. The company’s revenue for the quarter was down 2.9% on a year-over-year basis. During the same period last year, the firm posted $0.82 earnings per share. Research analysts expect that MGIC Investment Corporation will post 3.24 earnings per share for the current fiscal year.

MGIC Investment Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, August 20th. Stockholders of record on Wednesday, August 5th were issued a dividend of $0.17 per share. The ex-dividend date was Wednesday, August 5th. This represents a $0.68 annualized dividend and a dividend yield of 2.2%. This is an increase from MGIC Investment’s previous quarterly dividend of $0.15. MGIC Investment’s payout ratio is presently 21.25%.

Insider Buying and Selling

In other MGIC Investment news, EVP Paula C. Maggio sold 20,000 shares of the firm’s stock in a transaction on Friday, August 7th. The stock was sold at an average price of $30.30, for a total value of $606,000.00. Following the completion of the sale, the executive vice president directly owned 149,620 shares of the company’s stock, valued at $4,533,486. This trade represents a 11.79% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, COO Salvatore A. Miosi sold 30,000 shares of the company’s stock in a transaction dated Monday, June 8th. The shares were sold at an average price of $25.38, for a total transaction of $761,400.00. Following the completion of the sale, the chief operating officer directly owned 560,951 shares of the company’s stock, valued at $14,236,936.38. This represents a 5.08% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 70,937 shares of company stock valued at $1,902,340 over the last 90 days. Company insiders own 1.34% of the company’s stock.

MGIC Investment Company 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.