Panagora Asset Management Inc. Decreases Stock Position in MGIC Investment Corporation $MTG

Panagora Asset Management Inc. decreased its holdings in shares of MGIC Investment Corporation (NYSE:MTG) by 45.5% during the second quarter, Holdings Channel.com reports. The fund owned 23,909 shares of the insurance provider’s stock after selling 19,930 shares during the period. Panagora Asset Management Inc.’s holdings in MGIC Investment were worth $666,000 as of its most recent SEC filing.

Other institutional investors also recently bought and sold shares of the company. US Bancorp DE grew its position in MGIC Investment by 5.3% during the 1st quarter. US Bancorp DE now owns 10,797 shares of the insurance provider’s stock worth $268,000 after purchasing an additional 548 shares during the last quarter. PNC Financial Services Group Inc. grew its holdings in shares of MGIC Investment by 4.2% during 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. Deutsche Bank AG grew its holdings in shares of MGIC Investment by 1.4% during the first quarter. Deutsche Bank AG now owns 87,747 shares of the insurance provider’s stock valued at $2,174,000 after buying an additional 1,217 shares during the last quarter. Headlands Technologies LLC raised its stake in MGIC Investment by 619.2% in the 1st quarter. Headlands Technologies LLC now owns 2,280 shares of the insurance provider’s stock worth $56,000 after acquiring an additional 1,963 shares during the last quarter. Finally, Citigroup Inc. raised its stake in MGIC Investment by 259.1% in the 1st quarter. Citigroup Inc. now owns 902,982 shares of the insurance provider’s stock worth $22,376,000 after acquiring an additional 651,549 shares during the last quarter. 95.58% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In related news, EVP Paula C. Maggio sold 20,000 shares of the firm’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 sale, the executive vice president owned 117,395 shares in the company, valued at approximately $3,221,318.80. This trade represents a 14.56% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, COO Salvatore A. Miosi sold 30,000 shares of the company’s stock in a transaction dated Wednesday, October 1st. The stock was sold at an average price of $28.15, for a total transaction of $844,500.00. Following the completion of the transaction, the chief operating officer owned 189,401 shares of the company’s stock, valued at approximately $5,331,638.15. This trade represents a 13.67% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 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 corporate insiders.

MGIC Investment Stock Performance

NYSE MTG opened at $28.00 on Friday. The firm has a market capitalization of $6.26 billion, a P/E ratio of 9.00, a PEG ratio of 1.56 and a beta of 0.85. The stock has a 50-day simple moving average of $27.70 and a two-hundred day simple moving average of $27.30. The company has a debt-to-equity ratio of 0.12, a quick ratio of 1.48 and a current ratio of 1.48. MGIC Investment Corporation has a fifty-two week low of $21.94 and a fifty-two week high of $29.01.

MGIC Investment (NYSE:MTG) last posted 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 firm had revenue of $304.51 million for the quarter, compared to analyst estimates of $308.16 million. MGIC Investment had a return on equity of 14.62% and a net margin of 61.96%.MGIC Investment’s revenue for the quarter was down .7% compared to the same quarter last year. During the same period last year, the company earned $0.77 earnings per share. On average, equities analysts forecast that MGIC Investment Corporation will post 2.71 earnings per share for the current year.

MGIC Investment Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, November 20th. Stockholders of record on Thursday, November 6th were paid a dividend of $0.15 per share. The ex-dividend date of this dividend was 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 (DPR) is presently 19.29%.

Wall Street Analyst Weigh In

MTG has been the topic of a number of research reports. Weiss Ratings reissued a “buy (a-)” rating on shares of MGIC Investment in a 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 research 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 given a Sell rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $26.80.

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.