Securian Asset Management Inc. Lowers Stake in MGIC Investment Corporation $MTG

Securian Asset Management Inc. cut its position in shares of MGIC Investment Corporation (NYSE:MTG) by 4.2% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 18,082 shares of the insurance provider’s stock after selling 787 shares during the quarter. Securian Asset Management Inc.’s holdings in MGIC Investment were worth $503,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of the company. EP Wealth Advisors LLC grew its holdings in shares of MGIC Investment by 0.9% during the first quarter. EP Wealth Advisors LLC now owns 45,481 shares of the insurance provider’s stock worth $1,127,000 after buying an additional 398 shares in the last quarter. Brooklyn Investment Group grew its holdings in shares of MGIC Investment by 15.5% during the first quarter. Brooklyn Investment Group now owns 3,094 shares of the insurance provider’s stock worth $77,000 after buying an additional 416 shares in the last quarter. Signaturefd LLC grew its holdings in shares of MGIC Investment by 1.9% during the first quarter. Signaturefd LLC now owns 22,112 shares of the insurance provider’s stock worth $548,000 after buying an additional 421 shares in the last quarter. PNC Financial Services Group Inc. boosted its position in shares of MGIC Investment by 4.2% in the first quarter. PNC Financial Services Group Inc. now owns 10,894 shares of the insurance provider’s stock worth $270,000 after acquiring an additional 437 shares during the last quarter. Finally, US Bancorp DE boosted its position in shares of MGIC Investment by 5.3% in the first quarter. US Bancorp DE now owns 10,797 shares of the insurance provider’s stock worth $268,000 after acquiring an additional 548 shares during the last quarter. 95.58% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other MGIC Investment news, COO Salvatore A. Miosi sold 30,000 shares of MGIC Investment stock in a transaction that occurred on Wednesday, October 1st. The shares were sold at an average price of $28.15, for a total transaction of $844,500.00. Following the transaction, the chief operating officer directly owned 189,401 shares of the company’s stock, valued at $5,331,638.15. The trade was a 13.67% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CEO Timothy J. Mattke sold 139,203 shares of MGIC Investment stock in a transaction that occurred on Thursday, August 7th. The shares were sold at an average price of $26.54, for a total transaction of $3,694,447.62. Following the transaction, the chief executive officer directly owned 1,100,994 shares in the company, valued at approximately $29,220,380.76. This trade represents a 11.22% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 338,406 shares of company stock worth $9,096,557. 1.05% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

MTG has been the topic of several research analyst reports. Barclays raised their target price on shares of MGIC Investment from $27.00 to $28.00 and gave the stock a “cautious” rating in a research report on Monday, October 6th. Keefe, Bruyette & Woods raised their target price on shares of MGIC Investment from $26.00 to $27.00 and gave the stock a “market perform” rating in a research report on Monday, July 7th. Finally, Weiss Ratings reissued a “buy (a-)” rating on shares of MGIC Investment in a research report on Wednesday, October 8th. One equities research analyst has rated the stock with a Strong Buy rating, four have assigned a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $26.83.

MGIC Investment Trading Down 0.1%

Shares of MTG stock opened at $27.39 on Friday. The stock has a market cap of $6.31 billion, a price-to-earnings ratio of 8.98, a price-to-earnings-growth ratio of 1.98 and a beta of 0.88. The company has a quick ratio of 1.46, a current ratio of 1.46 and a debt-to-equity ratio of 0.13. MGIC Investment Corporation has a fifty-two week low of $21.94 and a fifty-two week high of $29.01. The firm’s 50 day moving average price is $27.79 and its two-hundred day moving average price is $26.66.

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

MGIC Investment Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, November 20th. Shareholders of record on Thursday, November 6th will be given a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a yield of 2.2%. The ex-dividend date of this dividend is Thursday, November 6th. MGIC Investment’s payout ratio is 19.67%.

MGIC Investment Company 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.