22,800 MGIC Investment Corporation $MTG Shares Sold by Ballast Asset Management LP

Ballast Asset Management LP lessened its position in MGIC Investment Corporation (NYSE:MTG) by 15.4% in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 125,198 shares of the insurance provider’s stock after selling 22,800 shares during the period. Ballast Asset Management LP owned approximately 0.06% of MGIC Investment worth $3,235,000 as of its most recent filing with the SEC.

Several other hedge funds also recently bought and sold shares of the company. BlackRock Inc. acquired a new position in shares of MGIC Investment in the 2nd quarter valued at $618,467,000. Caisse de depot et placement du Quebec acquired a new stake in MGIC Investment during the 2nd quarter worth $98,074,000. NewEdge Wealth LLC acquired a new stake in MGIC Investment during the 2nd quarter worth $71,375,000. Bank of New York Mellon Corp acquired a new stake in MGIC Investment during the 2nd quarter worth $51,059,000. Finally, Bank of America Corp DE acquired a new stake in MGIC Investment during the 2nd quarter worth $44,658,000. 95.58% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at MGIC Investment

In other MGIC Investment news, COO Salvatore Miosi sold 30,000 shares of the stock in a transaction dated Thursday, October 1st. The stock was sold at an average price of $26.06, for a total transaction of $781,800.00. Following the completion of the transaction, the chief operating officer owned 440,951 shares in the company, valued at approximately $11,491,183.06. This represents a 6.37% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Timothy Mattke sold 137,114 shares of MGIC Investment stock in a transaction dated Thursday, October 1st. The shares were sold at an average price of $26.23, for a total value of $3,596,500.22. Following the completion of the sale, the chief executive officer directly owned 843,778 shares in the company, valued at $22,132,296.94. This represents a 13.98% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders have sold 197,114 shares of company stock valued at $5,300,200. Corporate insiders own 1.34% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on the company. Royal Bank Of Canada boosted their target price on MGIC Investment from $28.00 to $32.00 and gave the company a “sector perform” rating in a research note on Friday, July 31st. Keefe, Bruyette & Woods increased their price target on MGIC Investment from $29.00 to $30.00 and gave the stock a “market perform” rating in a report on Friday, July 31st. Zacks Research lowered MGIC Investment from a “strong-buy” rating to a “hold” rating in a research report on Monday, October 19th. Barclays lifted their price objective on MGIC Investment from $29.00 to $30.00 and gave the company an “equal weight” rating in a report on Friday. Finally, Roth Capital reiterated a “buy” rating and set a $35.00 price objective on shares of MGIC Investment in a report on Thursday, July 30th. One analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and six have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $31.00.

MGIC Investment Stock Down 0.2%

Shares of MTG stock opened at $28.54 on Tuesday. The firm has a fifty day moving average of $28.76 and a 200-day moving average of $27.82. The company has a quick ratio of 1.19, a current ratio of 1.19 and a debt-to-equity ratio of 0.13. MGIC Investment Corporation has a 12-month low of $24.69 and a 12-month high of $31.89. The company has a market capitalization of $5.85 billion, a price-to-earnings ratio of 9.02, a P/E/G ratio of 1.03 and a beta of 0.64.

MGIC Investment (NYSE:MTG) last issued its quarterly earnings data on Wednesday, November 4th. The insurance provider reported $0.85 EPS for the quarter, topping analysts’ consensus estimates of $0.81 by $0.04. The business had revenue of $299.08 million for the quarter, compared to analyst estimates of $298.66 million. MGIC Investment had a net margin of 58.12% and a return on equity of 13.66%. The firm’s quarterly revenue was down 1.8% on a year-over-year basis. During the same period last year, the business posted $0.83 earnings per share. As a group, equities research analysts predict that MGIC Investment Corporation will post 3.22 earnings per share for the current fiscal year.

MGIC Investment Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, November 23rd. Investors of record on Thursday, November 12th will be paid a $0.17 dividend. The ex-dividend date of this dividend is Thursday, November 12th. This represents a $0.68 dividend on an annualized basis and a yield of 2.4%. MGIC Investment’s dividend payout ratio is presently 21.12%.

MGIC Investment Company Profile

MGIC Investment Corporation is a mortgage insurance company whose principal subsidiary, Mortgage Guaranty Insurance Corporation (MGIC), provides private mortgage insurance to lenders. Its coverage helps protect lenders from losses if borrowers default on their mortgages and can help qualified borrowers purchase homes with smaller down payments.

Founded in 1957 by Max H. Karl, MGIC is widely recognized as a pioneer in the private mortgage insurance industry. The company serves mortgage lenders and borrowers across the United States.

Based in Milwaukee, Wisconsin, MGIC Investment is led by President and Chief Executive Officer Timothy J.