Bank of New York Mellon Corp Sells 99,891 Shares of MGIC Investment Corporation $MTG

Bank of New York Mellon Corp lowered its stake in shares of MGIC Investment Corporation (NYSE:MTG) by 4.1% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 2,360,750 shares of the insurance provider’s stock after selling 99,891 shares during the quarter. Bank of New York Mellon Corp’s holdings in MGIC Investment were worth $65,723,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also bought and sold shares of the company. JPMorgan Chase & Co. boosted its position in MGIC Investment by 4.8% during the 1st quarter. JPMorgan Chase & Co. now owns 16,162,180 shares of the insurance provider’s stock valued at $400,499,000 after acquiring an additional 743,212 shares in the last quarter. LSV Asset Management lifted its stake in shares of MGIC Investment by 2.9% in the 1st quarter. LSV Asset Management now owns 10,888,437 shares of the insurance provider’s stock valued at $269,815,000 after purchasing an additional 310,095 shares during the period. Allianz Asset Management GmbH boosted its position in shares of MGIC Investment by 40.6% during the second quarter. Allianz Asset Management GmbH now owns 5,398,356 shares of the insurance provider’s stock valued at $150,290,000 after purchasing an additional 1,557,970 shares in the last quarter. AQR Capital Management LLC grew its stake in MGIC Investment by 22.5% in the first quarter. AQR Capital Management LLC now owns 3,291,645 shares of the insurance provider’s stock worth $80,481,000 after purchasing an additional 605,342 shares during the period. Finally, Goldman Sachs Group Inc. raised its holdings in MGIC Investment by 6.7% in the first quarter. Goldman Sachs Group Inc. now owns 3,103,366 shares of the insurance provider’s stock worth $76,901,000 after purchasing an additional 195,895 shares in the last quarter. 95.58% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at MGIC Investment

In related news, EVP Paula C. Maggio sold 20,000 shares of MGIC Investment stock in a transaction dated Friday, October 31st. The stock was sold at an average price of $27.44, for a total value of $548,800.00. Following the completion of the sale, the executive vice president directly owned 117,395 shares in the company, valued at approximately $3,221,318.80. This trade represents a 14.56% decrease in their position. 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 business’s stock in a transaction dated Tuesday, October 7th. The stock was sold at an average price of $27.09, for a total value of $3,771,009.27. Following the completion of the transaction, the chief executive officer directly owned 961,791 shares of the company’s stock, valued at approximately $26,054,918.19. This trade represents a 12.64% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 219,203 shares of company stock worth $5,989,909 over the last quarter. 1.05% of the stock is currently owned by insiders.

Analyst Ratings Changes

MTG has been the topic of a number of research reports. Barclays boosted their target price on shares of MGIC Investment from $27.00 to $28.00 and gave the company a “cautious” rating in a report on Monday, October 6th. Weiss Ratings reissued a “buy (a-)” rating on shares of MGIC Investment in a research note on Wednesday, October 8th. One equities research analyst has rated the stock with a Strong Buy rating, three have issued a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $26.80.

MGIC Investment Price Performance

MTG opened at $27.99 on Monday. The firm has a market cap of $6.26 billion, a PE ratio of 9.00, a P/E/G ratio of 1.91 and a beta of 0.92. The stock has a 50-day moving average price of $27.74 and a 200-day moving average price of $26.98. MGIC Investment Corporation has a 1 year low of $21.94 and a 1 year high of $29.01. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.46 and a quick ratio of 1.46.

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

MGIC Investment Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, November 20th. Shareholders of record on Thursday, November 6th will be issued a $0.15 dividend. The ex-dividend date of this dividend is Thursday, November 6th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 2.1%. MGIC Investment’s dividend payout ratio (DPR) is presently 19.29%.

MGIC Investment Company Profile

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.