MGIC Investment Corporation $MTG Shares Sold by Squarepoint Ops LLC

Squarepoint Ops LLC lowered its stake in shares of MGIC Investment Corporation (NYSE:MTG) by 63.8% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 342,945 shares of the insurance provider’s stock after selling 603,306 shares during the quarter. Squarepoint Ops LLC owned approximately 0.17% of MGIC Investment worth $9,671,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also recently modified their holdings of the stock. Newbridge Financial Services Group Inc. purchased a new stake in MGIC Investment in the third quarter valued at $28,000. Geneos Wealth Management Inc. increased its position in shares of MGIC Investment by 88.0% during the first quarter. Geneos Wealth Management Inc. now owns 1,745 shares of the insurance provider’s stock worth $43,000 after purchasing an additional 817 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new stake in shares of MGIC Investment during the second quarter worth about $62,000. Harbor Investment Advisory LLC lifted its holdings in shares of MGIC Investment by 613.0% in the 2nd quarter. Harbor Investment Advisory LLC now owns 2,574 shares of the insurance provider’s stock valued at $73,000 after purchasing an additional 2,213 shares during the last quarter. Finally, Root Financial Partners LLC boosted its position in shares of MGIC Investment by 100.7% in the 1st quarter. Root Financial Partners LLC now owns 3,022 shares of the insurance provider’s stock valued at $79,000 after purchasing an additional 1,516 shares during the period. 95.58% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

MTG has been the topic of several research analyst reports. Roth Capital reaffirmed a “buy” rating and set a $35.00 price target on shares of MGIC Investment in a research report on Thursday, July 30th. Zacks Research raised MGIC Investment from a “hold” rating to a “strong-buy” rating in a report on Tuesday, August 25th. Keefe, Bruyette & Woods raised their target price on shares of MGIC Investment from $29.00 to $30.00 and gave the stock a “market perform” rating in a research report on Friday, July 31st. 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. Finally, Weiss Ratings upgraded shares of MGIC Investment from a “buy (b+)” rating to a “buy (a-)” rating in a research note on Wednesday, August 19th. Two research analysts have rated the stock with a Strong Buy rating, one has assigned a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $30.60.

Insider Buying and Selling at MGIC Investment

In other news, EVP Paula C. Maggio sold 20,000 shares of the business’s stock in a transaction dated Friday, August 7th. The shares were sold at an average price of $30.30, for a total transaction of $606,000.00. Following the transaction, the executive vice president directly owned 149,620 shares in the company, valued at $4,533,486. The trade was a 11.79% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, COO Salvatore A. Miosi sold 30,000 shares of the stock in a transaction dated Tuesday, September 1st. The stock was sold at an average price of $30.73, for a total transaction of $921,900.00. Following the transaction, the chief operating officer directly owned 470,951 shares of the company’s stock, valued at $14,472,324.23. This represents a 5.99% decrease in their ownership of the stock. 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. 1.34% of the stock is currently owned by company insiders.

MGIC Investment Stock Down 0.0%

MGIC Investment stock opened at $30.86 on Friday. The stock has a 50 day moving average of $30.12 and a two-hundred day moving average of $27.82. MGIC Investment Corporation has a twelve month low of $24.69 and a twelve month high of $31.89. The stock has a market capitalization of $6.33 billion, a price-to-earnings ratio of 9.65, a PEG ratio of 0.78 and a beta of 0.65. The company has a current ratio of 1.19, a quick ratio of 1.19 and a debt-to-equity ratio of 0.13.

MGIC Investment (NYSE:MTG) last released its earnings results on Wednesday, July 29th. The insurance provider reported $0.87 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.76 by $0.11. MGIC Investment had a return on equity of 13.90% and a net margin of 59.20%.The business had revenue of $295.39 million for the quarter, compared to analyst estimates of $297.54 million. During the same quarter in the previous year, the company posted $0.82 earnings per share. The company’s revenue for the quarter was down 2.9% compared to the same quarter last year. As a group, research analysts expect that MGIC Investment Corporation will post 3.24 earnings per share for the current year.

MGIC Investment Increases Dividend

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

About MGIC Investment

MGIC Investment Corporation (NYSE: MTG) is a holding company whose principal subsidiary is Mortgage Guaranty Insurance Corporation (MGIC), a provider of private mortgage insurance in the United States. MGIC’s insurance helps lenders manage the risk associated with residential mortgages made to borrowers who have limited down payments, allowing qualified homebuyers to obtain financing with less than 20% down.

MGIC primarily offers primary mortgage insurance to mortgage lenders, banks, credit unions and other residential lending institutions.