Versor Investments LP Sells 72,807 Shares of MGIC Investment Corporation $MTG

Versor Investments LP cut its holdings in MGIC Investment Corporation (NYSE:MTG) by 89.8% in the second quarter, Holdings Channel reports. The fund owned 8,293 shares of the insurance provider’s stock after selling 72,807 shares during the quarter. Versor Investments LP’s holdings in MGIC Investment were worth $231,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in MTG. Allspring Global Investments Holdings LLC raised its holdings in shares of MGIC Investment by 50.1% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 16,147 shares of the insurance provider’s stock valued at $406,000 after purchasing an additional 5,393 shares in the last quarter. Crossmark Global Holdings Inc. raised its stake in MGIC Investment by 59.1% in the first quarter. Crossmark Global Holdings Inc. now owns 97,353 shares of the insurance provider’s stock worth $2,412,000 after buying an additional 36,180 shares in the last quarter. Alps Advisors Inc. lifted its holdings in MGIC Investment by 7.7% during the first quarter. Alps Advisors Inc. now owns 440,085 shares of the insurance provider’s stock worth $10,905,000 after buying an additional 31,636 shares during the period. Cerity Partners LLC boosted its position in MGIC Investment by 59.2% during the 1st quarter. Cerity Partners LLC now owns 78,307 shares of the insurance provider’s stock valued at $1,940,000 after acquiring an additional 29,104 shares in the last quarter. Finally, CWM LLC increased its holdings in shares of MGIC Investment by 76.3% in the 1st quarter. CWM LLC now owns 8,825 shares of the insurance provider’s stock valued at $219,000 after acquiring an additional 3,820 shares during the period. Hedge funds and other institutional investors own 95.58% of the company’s stock.

MGIC Investment Trading Down 1.6%

Shares of NYSE:MTG opened at $27.63 on Friday. The business’s 50-day moving average is $27.73 and its 200 day moving average is $26.91. MGIC Investment Corporation has a 1 year low of $21.94 and a 1 year high of $29.01. The firm has a market capitalization of $6.18 billion, a P/E ratio of 8.88, a P/E/G ratio of 1.91 and a beta of 0.92. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.46 and a quick ratio of 1.46.

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

MGIC Investment Announces Dividend

The business also recently announced 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 annualized dividend and a yield of 2.2%. The ex-dividend date of this dividend is Thursday, November 6th. MGIC Investment’s payout ratio is currently 19.29%.

Analysts Set New Price Targets

MTG has been the subject of a number of analyst reports. Barclays upped their price objective on MGIC Investment from $27.00 to $28.00 and gave the stock a “cautious” rating in a research note on Monday, October 6th. Weiss Ratings reissued a “buy (a-)” rating on shares of MGIC Investment in a research report on Wednesday, October 8th. 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 company’s stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $26.80.

Insider Buying and Selling at MGIC Investment

In other MGIC Investment news, COO Salvatore A. Miosi sold 30,000 shares of the firm’s stock in a transaction on Wednesday, October 1st. The shares were sold at an average price of $28.15, for a total value 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 ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Timothy J. Mattke sold 139,203 shares of MGIC Investment stock in a transaction on Tuesday, October 7th. The stock was sold at an average price of $27.09, for a total transaction of $3,771,009.27. Following the sale, the chief executive officer owned 961,791 shares of the company’s stock, valued at $26,054,918.19. The trade was a 12.64% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders have sold 219,203 shares of company stock worth $5,989,909. 1.41% of the stock is owned by corporate insiders.

MGIC Investment 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.