Bank of New Hampshire Sells 2,475 Shares of MGIC Investment Corporation $MTG

Bank of New Hampshire decreased its position in MGIC Investment Corporation (NYSE:MTG) by 2.9% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 82,899 shares of the insurance provider’s stock after selling 2,475 shares during the period. Bank of New Hampshire’s holdings in MGIC Investment were worth $2,308,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. KBC Group NV raised its holdings in MGIC Investment by 10.2% in the first quarter. KBC Group NV now owns 11,417 shares of the insurance provider’s stock worth $283,000 after buying an additional 1,060 shares during the last quarter. Cerity Partners LLC increased its position in shares of MGIC Investment by 59.2% during the first quarter. Cerity Partners LLC now owns 78,307 shares of the insurance provider’s stock valued at $1,940,000 after acquiring an additional 29,104 shares in the last quarter. GAMMA Investing LLC raised its holdings in MGIC Investment by 39.1% in the 1st quarter. GAMMA Investing LLC now owns 6,068 shares of the insurance provider’s stock worth $150,000 after acquiring an additional 1,705 shares during the last quarter. PNC Financial Services Group Inc. lifted its position in MGIC Investment by 4.2% in the 1st quarter. PNC Financial Services Group Inc. now owns 10,894 shares of the insurance provider’s stock valued at $270,000 after acquiring an additional 437 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC boosted its stake in MGIC Investment by 50.1% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 16,147 shares of the insurance provider’s stock valued at $406,000 after purchasing an additional 5,393 shares during the last quarter. 95.58% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

MTG has been the subject of several recent analyst reports. Keefe, Bruyette & Woods boosted their price target on MGIC Investment from $26.00 to $27.00 and gave the stock a “market perform” rating in a research note on Monday, July 7th. Barclays lifted their price objective on MGIC Investment from $26.00 to $27.00 and gave the stock an “equal weight” rating in a report on Tuesday, July 8th. Finally, Compass Point restated a “neutral” rating and set a $28.00 target price (up previously from $27.00) on shares of MGIC Investment in a research note on Friday, May 23rd. Five equities research analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Reduce” and a consensus target price of $26.67.

MGIC Investment Stock Performance

NYSE:MTG opened at $27.99 on Tuesday. The stock has a 50-day moving average price of $26.97 and a 200 day moving average price of $25.91. The stock has a market capitalization of $6.45 billion, a P/E ratio of 9.18, a P/E/G ratio of 2.06 and a beta of 0.89. MGIC Investment Corporation has a 12-month low of $21.94 and a 12-month high of $28.98. The company has a current ratio of 1.46, a quick ratio of 1.46 and a debt-to-equity ratio of 0.13.

MGIC Investment (NYSE:MTG) last posted its quarterly earnings results on Wednesday, July 30th. The insurance provider reported $0.82 earnings per share for the quarter, topping the consensus estimate of $0.70 by $0.12. MGIC Investment had a return on equity of 14.73% and a net margin of 62.58%.The business had revenue of $304.25 million during the quarter, compared to the consensus estimate of $306.25 million. During the same period in the prior year, the company posted $0.77 EPS. The firm’s revenue for the quarter was down .3% compared to the same quarter last year. Equities research analysts forecast that MGIC Investment Corporation will post 2.71 EPS for the current fiscal year.

MGIC Investment Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, August 21st. Investors of record on Thursday, August 7th were paid a dividend of $0.15 per share. The ex-dividend date of this dividend was Thursday, August 7th. This is a positive change from MGIC Investment’s previous quarterly dividend of $0.13. This represents a $0.60 annualized dividend and a yield of 2.1%. MGIC Investment’s dividend payout ratio is 19.67%.

Insiders Place Their Bets

In other news, CEO Timothy J. Mattke sold 139,203 shares of the firm’s stock in a transaction dated Thursday, August 7th. The stock was sold at an average price of $26.54, for a total transaction of $3,694,447.62. Following the completion of the transaction, the chief executive officer owned 1,100,994 shares in the company, valued at $29,220,380.76. This trade represents a 11.22% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, COO Salvatore A. Miosi sold 30,000 shares of MGIC Investment stock in a transaction dated Friday, August 1st. The stock was sold at an average price of $26.22, for a total value of $786,600.00. Following the completion of the sale, the chief operating officer directly owned 249,401 shares in the company, valued at $6,539,294.22. This trade represents a 10.74% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 1.41% of the company’s stock.

MGIC Investment 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.