MGIC Investment Corporation $MTG Shares Sold by Heartland Advisors Inc.

Heartland Advisors Inc. decreased its stake in shares of MGIC Investment Corporation (NYSE:MTG) by 13.5% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 575,035 shares of the insurance provider’s stock after selling 89,572 shares during the quarter. MGIC Investment comprises 0.9% of Heartland Advisors Inc.’s holdings, making the stock its 25th largest position. Heartland Advisors Inc. owned 0.26% of MGIC Investment worth $16,803,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Newbridge Financial Services Group Inc. acquired a new stake in shares of MGIC Investment in the 3rd quarter worth $28,000. SBI Securities Co. Ltd. boosted its position in shares of MGIC Investment by 61.1% during the 3rd quarter. SBI Securities Co. Ltd. now owns 1,041 shares of the insurance provider’s stock valued at $30,000 after acquiring an additional 395 shares during the last quarter. V Square Quantitative Management LLC acquired a new position in shares of MGIC Investment during the 4th quarter valued at about $36,000. Abich Financial Wealth Management LLC purchased a new stake in shares of MGIC Investment in the third quarter valued at about $42,000. Finally, Geneos Wealth Management Inc. grew its holdings in shares of MGIC Investment by 88.0% in the first quarter. Geneos Wealth Management Inc. now owns 1,745 shares of the insurance provider’s stock valued at $43,000 after purchasing an additional 817 shares during the period. Institutional investors and hedge funds own 95.58% of the company’s stock.

Insider Activity at MGIC Investment

In other news, EVP Paula C. Maggio sold 20,937 shares of the firm’s stock in a transaction on Friday, May 29th. The stock was sold at an average price of $25.55, for a total transaction of $534,940.35. Following the completion of the transaction, the executive vice president directly owned 169,620 shares in the company, valued at $4,333,791. This trade represents a 10.99% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, COO Salvatore A. Miosi sold 30,000 shares of the firm’s stock in a transaction on Monday, June 8th. The stock was sold at an average price of $25.38, for a total value of $761,400.00. Following the transaction, the chief operating officer owned 560,951 shares of the company’s stock, valued at approximately $14,236,936.38. This represents a 5.08% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders sold 201,070 shares of company stock worth $5,270,740. Insiders own 1.34% of the company’s stock.

Analyst Ratings Changes

MTG has been the topic of a number of analyst reports. Royal Bank Of Canada started coverage on shares of MGIC Investment in a research note on Friday, May 22nd. They set a “sector perform” rating and a $28.00 target price on the stock. Keefe, Bruyette & Woods raised their price target on shares of MGIC Investment from $28.00 to $29.00 and gave the stock a “market perform” rating in a report on Friday, April 10th. Barclays reduced 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 research report on Friday, May 1st. Finally, UBS Group decreased their price objective on MGIC Investment from $29.50 to $28.00 and set a “neutral” rating on the stock in a report on Thursday, March 12th. One equities research analyst has rated the stock with a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $28.25.

MGIC Investment Stock Up 1.0%

Shares of MTG opened at $25.80 on Thursday. The company’s 50-day moving average price is $26.64 and its 200 day moving average price is $27.16. MGIC Investment Corporation has a 12-month low of $24.69 and a 12-month high of $29.97. The company has a current ratio of 1.14, a quick ratio of 1.14 and a debt-to-equity ratio of 0.13. The firm has a market cap of $5.46 billion, a P/E ratio of 8.19, a price-to-earnings-growth ratio of 1.76 and a beta of 0.68.

MGIC Investment (NYSE:MTG) last announced its earnings results on Wednesday, April 29th. The insurance provider reported $0.76 earnings per share for the quarter, topping the consensus estimate of $0.73 by $0.03. MGIC Investment had a net margin of 59.63% and a return on equity of 14.01%. The company had revenue of $297.08 million during the quarter, compared to analyst estimates of $303.12 million. During the same quarter last year, the firm posted $0.75 earnings per share. MGIC Investment’s revenue was down 3.0% compared to the same quarter last year. On average, sell-side analysts forecast that MGIC Investment Corporation will post 3.06 earnings per share for the current year.

MGIC Investment declared that its board has initiated a stock buyback program on Thursday, April 23rd that permits the company to buyback $750.00 million in outstanding shares. This buyback authorization permits the insurance provider to reacquire up to 12.4% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s management believes its shares are undervalued.

MGIC Investment Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, May 21st. Investors of record on Wednesday, May 6th were given a dividend of $0.15 per share. The ex-dividend date of this dividend was Wednesday, May 6th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 2.3%. MGIC Investment’s dividend payout ratio (DPR) is presently 19.05%.

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.