MGIC Investment (NYSE:MTG) Stock: Insider Timothy Mattke Sells 137,114 Shares

MGIC Investment Corporation (NYSE:MTG) CEO Timothy Mattke sold 137,114 shares of the stock in a transaction dated Thursday, October 1st. The shares were sold at an average price of $26.23, for a total transaction of $3,596,500.22. Following the transaction, the chief executive officer directly owned 843,778 shares of the company’s stock, valued at $22,132,296.94. This trade represents a 13.98% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

MGIC Investment Price Performance

Shares of MTG stock traded up $0.49 during trading hours on Friday, hitting $26.86. The stock had a trading volume of 3,799,041 shares, compared to its average volume of 2,059,271. MGIC Investment Corporation has a one year low of $24.69 and a one year high of $31.89. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.19 and a quick ratio of 1.19. The stock’s 50-day moving average price is $30.22 and its two-hundred day moving average price is $28.08. The stock has a market capitalization of $5.51 billion, a price-to-earnings ratio of 8.40, a PEG ratio of 0.66 and a beta of 0.67.

MGIC Investment (NYSE:MTG) last announced its quarterly earnings results on Wednesday, July 29th. The insurance provider reported $0.87 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 company had revenue of $295.39 million during the quarter, compared to analyst estimates of $297.54 million. During the same period in the prior year, the company earned $0.82 earnings per share. The firm’s revenue was down 2.9% on a year-over-year basis. Equities analysts forecast that MGIC Investment Corporation will post 3.24 EPS for the current year.

MGIC Investment Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, August 20th. Stockholders of record on Wednesday, August 5th were given a dividend of $0.17 per share. The ex-dividend date was Wednesday, August 5th. This represents a $0.68 dividend on an annualized basis and a dividend yield of 2.5%. This is an increase from MGIC Investment’s previous quarterly dividend of $0.15. MGIC Investment’s dividend payout ratio is currently 21.25%.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. Versant Capital Management Inc increased its position in MGIC Investment by 9.4% during the third quarter. Versant Capital Management Inc now owns 5,917 shares of the insurance provider’s stock valued at $153,000 after acquiring an additional 508 shares during the last quarter. Sequoia Financial Advisors LLC raised its stake in shares of MGIC Investment by 14.6% in the second quarter. Sequoia Financial Advisors LLC now owns 34,319 shares of the insurance provider’s stock valued at $968,000 after acquiring an additional 4,381 shares during the period. WINTON GROUP Ltd lifted its holdings in shares of MGIC Investment by 317.3% in the 2nd quarter. WINTON GROUP Ltd now owns 189,475 shares of the insurance provider’s stock worth $5,343,000 after acquiring an additional 144,073 shares during the last quarter. NewEdge Advisors LLC lifted its holdings in shares of MGIC Investment by 126.3% in the 2nd quarter. NewEdge Advisors LLC now owns 319,592 shares of the insurance provider’s stock worth $9,012,000 after acquiring an additional 178,381 shares during the last quarter. Finally, Baird Financial Group Inc. boosted its stake in shares of MGIC Investment by 3.1% during the 2nd quarter. Baird Financial Group Inc. now owns 13,092 shares of the insurance provider’s stock worth $369,000 after purchasing an additional 392 shares during the period. 95.58% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

MTG has been the topic of several research reports. Zacks Research upgraded shares of MGIC Investment from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, August 25th. BTIG Research began coverage on shares of MGIC Investment in a research report on Tuesday, September 22nd. They set a “hold” rating for the company. Keefe, Bruyette & Woods lifted their price objective on shares of MGIC Investment from $29.00 to $30.00 and gave the stock a “market perform” rating in a research note on Friday, July 31st. Weiss Ratings upgraded shares of MGIC Investment from a “buy (b+)” rating to a “buy (a-)” rating in a research report on Wednesday, August 19th. Finally, Roth Capital reaffirmed a “buy” rating and issued a $35.00 price target on shares of MGIC Investment in a report on Thursday, July 30th. Two analysts have rated the stock with a Strong Buy rating, one has given a Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $30.60.

MGIC Investment Company Profile

MGIC Investment Corporation is a holding company whose principal subsidiary, Mortgage Guaranty Insurance Corporation (MGIC), provides private mortgage insurance in the United States. Its insurance helps lenders manage credit risk on residential mortgage loans, particularly loans made to borrowers who provide down payments below traditional thresholds.

MGIC’s products are primarily designed for lenders and other mortgage-finance participants, including primary mortgage insurance covering individual residential loans.