MGIC Investment Corporation $MTG Shares Sold by Penserra Capital Management LLC

Penserra Capital Management LLC cut its holdings in MGIC Investment Corporation (NYSE:MTG) by 20.8% in the 2nd quarter, HoldingsChannel reports. The institutional investor owned 8,278 shares of the insurance provider’s stock after selling 2,177 shares during the period. Penserra Capital Management LLC’s holdings in MGIC Investment were worth $230,000 as of its most recent filing with the SEC.

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

Wall Street Analyst Weigh In

A number of research firms recently weighed in on MTG. Barclays increased their price objective on shares of MGIC Investment from $27.00 to $28.00 and gave the stock a “cautious” rating in a report on Monday, October 6th. Weiss Ratings reaffirmed a “buy (a-)” rating on shares of MGIC Investment in a report on Wednesday, October 8th. One equities research analyst has rated the stock with a Strong Buy rating, three have assigned a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $26.80.

MGIC Investment Trading Down 0.1%

MGIC Investment stock opened at $28.45 on Thursday. MGIC Investment Corporation has a 52 week low of $21.94 and a 52 week high of $29.01. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.46 and a current ratio of 1.46. The firm has a market capitalization of $6.37 billion, a price-to-earnings ratio of 9.15, a P/E/G ratio of 1.91 and a beta of 0.92. The company has a 50 day moving average price of $27.77 and a 200 day moving average price of $27.04.

MGIC Investment (NYSE:MTG) last issued its earnings results on Wednesday, October 29th. The insurance provider reported $0.83 EPS for the quarter, topping the consensus estimate of $0.72 by $0.11. The business had revenue of $304.51 million during the quarter, compared to analysts’ expectations of $308.16 million. MGIC Investment had a return on equity of 14.63% and a net margin of 61.96%.MGIC Investment’s revenue was down .7% compared to the same quarter last year. During the same quarter last year, the firm posted $0.77 earnings per share. Research analysts forecast that MGIC Investment Corporation will post 2.71 EPS for the current year.

MGIC Investment Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, November 20th. Stockholders of record on Thursday, November 6th will be issued a $0.15 dividend. The ex-dividend date is Thursday, November 6th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 2.1%. MGIC Investment’s dividend payout ratio is currently 19.29%.

Insider Transactions at MGIC Investment

In other news, EVP Paula C. Maggio sold 20,000 shares of the business’s stock in a transaction on Friday, October 31st. The shares were sold at an average price of $27.44, for a total transaction of $548,800.00. Following the transaction, the executive vice president directly owned 117,395 shares in the company, valued at $3,221,318.80. The trade was a 14.56% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Timothy J. Mattke sold 139,203 shares of the stock in a transaction on Tuesday, October 7th. The stock was sold at an average price of $27.09, for a total value of $3,771,009.27. Following the sale, the chief executive officer owned 961,791 shares of the company’s stock, valued at approximately $26,054,918.19. This represents a 12.64% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 219,203 shares of company stock valued at $5,989,909 over the last three months. 1.05% of the stock is owned by corporate insiders.

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.