Handelsbanken Fonder AB Reduces Holdings in MGIC Investment Corporation $MTG

Handelsbanken Fonder AB trimmed its stake in shares of MGIC Investment Corporation (NYSE:MTG) by 7.7% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 62,282 shares of the insurance provider’s stock after selling 5,200 shares during the quarter. Handelsbanken Fonder AB’s holdings in MGIC Investment were worth $1,734,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also recently bought and sold shares of MTG. PNC Financial Services Group Inc. boosted its position in MGIC Investment by 4.2% during the 1st 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 period. FCG Investment Co bought a new position in shares of MGIC Investment during the second quarter valued at about $846,000. Sequoia Financial Advisors LLC purchased a new stake in shares of MGIC Investment during the second quarter worth about $568,000. GSA Capital Partners LLP purchased a new stake in shares of MGIC Investment during the first quarter worth about $1,353,000. Finally, Private Advisor Group LLC bought a new stake in shares of MGIC Investment in the first quarter worth about $238,000. Institutional investors own 95.58% of the company’s stock.

Insider Transactions at MGIC Investment

In other MGIC Investment news, EVP Paula C. Maggio sold 20,000 shares of the company’s stock in a transaction dated Friday, October 31st. The shares were sold at an average price of $27.44, for a total value of $548,800.00. Following the sale, the executive vice president owned 117,395 shares in the company, valued at approximately $3,221,318.80. This represents a 14.56% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Timothy J. Mattke sold 139,203 shares of the firm’s 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 transaction, the chief executive officer directly owned 961,791 shares of the company’s stock, valued at approximately $26,054,918.19. This trade represents a 12.64% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 219,203 shares of company stock valued at $5,989,909 in the last three months. 1.05% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on the company. Weiss Ratings reaffirmed a “buy (a-)” rating on shares of MGIC Investment in a research report on Wednesday, October 8th. Barclays upped their target price on MGIC Investment from $27.00 to $28.00 and gave the company a “cautious” rating in a report on Monday, October 6th. One research analyst has rated the stock with a Strong Buy rating, three have given a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $26.80.

MGIC Investment Stock Performance

MGIC Investment stock opened at $28.38 on Thursday. MGIC Investment Corporation has a fifty-two week low of $21.94 and a fifty-two week high of $29.01. The stock’s 50 day simple moving average is $27.72 and its two-hundred day simple moving average is $27.21. 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 stock has a market cap of $6.35 billion, a price-to-earnings ratio of 9.13, a PEG ratio of 1.91 and a beta of 0.92.

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

MGIC Investment Dividend Announcement

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

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.