MGIC Investment (NYSE:MTG) Shares Gap Down on Insider Selling

MGIC Investment Corporation (NYSE:MTG)’s stock price gapped down before the market opened on Tuesday following insider selling activity. The stock had previously closed at $27.55, but opened at $26.14. MGIC Investment shares last traded at $26.2340, with a volume of 149,547 shares traded.

Specifically, COO Salvatore A. Miosi sold 30,000 shares of MGIC Investment stock in a transaction on Monday, February 2nd. The shares were sold at an average price of $27.27, for a total transaction of $818,100.00. Following the sale, the chief operating officer owned 454,245 shares of the company’s stock, valued at $12,387,261.15. The trade was a 6.20% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on the stock. Weiss Ratings reiterated a “buy (a-)” rating on shares of MGIC Investment in a research note on Thursday, January 22nd. Barclays decreased their target price on shares of MGIC Investment from $30.00 to $28.00 and set an “equal weight” rating for the company in a research report on Wednesday. Finally, Keefe, Bruyette & Woods upped their price objective on MGIC Investment from $27.00 to $28.00 and gave the company a “market perform” rating in a report on Thursday, December 18th. One equities research analyst has rated the stock with a Strong Buy rating and four have given a Hold rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $27.50.

MGIC Investment Trading Up 2.4%

The business has a 50-day moving average of $28.13 and a two-hundred day moving average of $27.73. 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 has a market capitalization of $6.10 billion, a price-to-earnings ratio of 8.68, a P/E/G ratio of 1.47 and a beta of 0.83.

MGIC Investment (NYSE:MTG) last released its quarterly earnings data 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 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 analyst estimates of $308.19 million. During the same period in the prior year, the company posted $0.72 earnings per share. The business’s revenue for the quarter was down .9% compared to the same quarter last year. Research analysts predict that MGIC Investment Corporation will post 2.71 EPS for the current fiscal year.

MGIC Investment Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, March 6th. Stockholders of record on Tuesday, February 17th will be given a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a dividend yield of 2.2%. The ex-dividend date is Tuesday, February 17th. MGIC Investment’s payout ratio is presently 19.11%.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Compound Planning Inc. lifted its stake in MGIC Investment by 5.3% in the 3rd quarter. Compound Planning Inc. now owns 7,788 shares of the insurance provider’s stock valued at $221,000 after acquiring an additional 389 shares in the last quarter. SBI Securities Co. Ltd. increased its holdings in shares of MGIC Investment by 61.1% in the third quarter. SBI Securities Co. Ltd. now owns 1,041 shares of the insurance provider’s stock valued at $30,000 after purchasing an additional 395 shares during the last quarter. Waddell & Associates LLC lifted its position in MGIC Investment by 5.3% during the third quarter. Waddell & Associates LLC now owns 8,090 shares of the insurance provider’s stock worth $230,000 after acquiring an additional 410 shares during the last quarter. Clearstead Advisors LLC boosted its stake in MGIC Investment by 24.7% in the 3rd quarter. Clearstead Advisors LLC now owns 2,209 shares of the insurance provider’s stock valued at $63,000 after purchasing an additional 438 shares during the period. Finally, NDVR Inc. grew its stake in shares of MGIC Investment by 3.6% in the second quarter. NDVR Inc. now owns 12,708 shares of the insurance provider’s stock valued at $354,000 after acquiring an additional 445 shares in the last quarter. 95.58% of the stock is currently owned by institutional investors.

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.