Bayforest Capital Ltd Cuts Stock Holdings in MGIC Investment Corporation $MTG

Bayforest Capital Ltd reduced its position in MGIC Investment Corporation (NYSE:MTG) by 76.2% in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 2,540 shares of the insurance provider’s stock after selling 8,114 shares during the period. Bayforest Capital Ltd’s holdings in MGIC Investment were worth $71,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in MTG. GAMMA Investing LLC raised its stake in shares of MGIC Investment by 39.1% in the first quarter. GAMMA Investing LLC now owns 6,068 shares of the insurance provider’s stock worth $150,000 after purchasing an additional 1,705 shares during the last quarter. SG Americas Securities LLC purchased a new position in MGIC Investment in the 1st quarter worth about $466,000. Fifth Third Bancorp lifted its stake in MGIC Investment by 20.1% during the 1st quarter. Fifth Third Bancorp now owns 2,749 shares of the insurance provider’s stock valued at $68,000 after acquiring an additional 461 shares during the period. Janney Montgomery Scott LLC boosted its holdings in shares of MGIC Investment by 1.5% during the 1st quarter. Janney Montgomery Scott LLC now owns 40,985 shares of the insurance provider’s stock valued at $1,016,000 after acquiring an additional 587 shares during the last quarter. Finally, CWA Asset Management Group LLC grew its stake in shares of MGIC Investment by 28.6% in the first quarter. CWA Asset Management Group LLC now owns 45,398 shares of the insurance provider’s stock worth $1,125,000 after acquiring an additional 10,094 shares during the period. 95.58% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on MTG. Weiss Ratings restated a “buy (a-)” rating on shares of MGIC Investment in a report on Wednesday, October 8th. Barclays raised their price target on MGIC Investment from $27.00 to $28.00 and gave the stock a “cautious” rating in a research note on Monday, October 6th. Finally, Keefe, Bruyette & Woods upped their price objective on MGIC Investment from $26.00 to $27.00 and gave the company a “market perform” rating in a research report on Monday, July 7th. One research analyst has rated the stock with a Strong Buy rating, four have issued a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $26.83.

Insider Transactions at MGIC Investment

In related news, CEO Timothy J. Mattke sold 139,203 shares of the stock in a transaction that occurred on Tuesday, October 7th. The shares were sold at an average price of $27.09, for a total value of $3,771,009.27. Following the completion of the sale, the chief executive officer directly owned 961,791 shares of the company’s stock, valued at approximately $26,054,918.19. This represents a 12.64% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, COO Salvatore A. Miosi sold 30,000 shares of the firm’s stock in a transaction that occurred on Wednesday, October 1st. The stock was sold at an average price of $28.15, for a total transaction of $844,500.00. Following the sale, the chief operating officer owned 189,401 shares in the company, valued at approximately $5,331,638.15. The trade was a 13.67% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 338,406 shares of company stock valued at $9,096,557. Company insiders own 1.05% of the company’s stock.

MGIC Investment Stock Performance

Shares of NYSE MTG opened at $26.94 on Friday. MGIC Investment Corporation has a 12-month low of $21.94 and a 12-month high of $29.01. The firm has a market capitalization of $6.21 billion, a price-to-earnings ratio of 8.83, a price-to-earnings-growth ratio of 1.92 and a beta of 0.88. The company has a current ratio of 1.46, a quick ratio of 1.46 and a debt-to-equity ratio of 0.13. The firm has a 50 day moving average of $27.82 and a 200 day moving average of $26.53.

MGIC Investment (NYSE:MTG) last released 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 net margin of 62.58% and a return on equity of 14.73%. The business had revenue of $304.25 million for the quarter, compared to the consensus estimate of $306.25 million. During the same period last year, the firm earned $0.77 earnings per share. The company’s quarterly revenue was down .3% on a year-over-year basis. On average, research analysts anticipate that MGIC Investment Corporation will post 2.71 earnings per share for the current year.

MGIC Investment Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, August 21st. Shareholders of record on Thursday, August 7th were issued a dividend of $0.15 per share. This is a boost from MGIC Investment’s previous quarterly dividend of $0.13. This represents a $0.60 annualized dividend and a yield of 2.2%. The ex-dividend date of this dividend was Thursday, August 7th. MGIC Investment’s dividend payout ratio is presently 19.67%.

About MGIC Investment

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.