MGIC Investment Corp. (NYSE:MTG) Shares Sold by First Mercantile Trust Co.

First Mercantile Trust Co. reduced its position in MGIC Investment Corp. (NYSE:MTG) by 17.6% in the 3rd quarter, HoldingsChannel.com reports. The firm owned 7,659 shares of the insurance provider’s stock after selling 1,634 shares during the quarter. First Mercantile Trust Co.’s holdings in MGIC Investment were worth $96,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also recently bought and sold shares of the stock. Rhumbline Advisers lifted its stake in shares of MGIC Investment by 0.3% in the 3rd quarter. Rhumbline Advisers now owns 313,689 shares of the insurance provider’s stock valued at $3,946,000 after purchasing an additional 850 shares during the period. Factorial Partners LLC lifted its stake in shares of MGIC Investment by 0.7% in the 2nd quarter. Factorial Partners LLC now owns 143,000 shares of the insurance provider’s stock valued at $1,879,000 after purchasing an additional 1,000 shares during the period. EagleClaw Capital Managment LLC lifted its stake in shares of MGIC Investment by 2.0% in the 3rd quarter. EagleClaw Capital Managment LLC now owns 50,350 shares of the insurance provider’s stock valued at $633,000 after purchasing an additional 1,000 shares during the period. State of Alaska Department of Revenue lifted its stake in shares of MGIC Investment by 5.1% in the 3rd quarter. State of Alaska Department of Revenue now owns 25,322 shares of the insurance provider’s stock valued at $318,000 after purchasing an additional 1,227 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank raised its position in MGIC Investment by 6.1% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 21,452 shares of the insurance provider’s stock worth $270,000 after acquiring an additional 1,238 shares during the period. Hedge funds and other institutional investors own 92.71% of the company’s stock.

A number of equities analysts have weighed in on the stock. Zacks Investment Research upgraded shares of MGIC Investment from a “hold” rating to a “buy” rating and set a $14.00 price objective for the company in a research report on Friday, October 11th. B. Riley restated a “buy” rating on shares of MGIC Investment in a research report on Tuesday, October 15th. ValuEngine cut shares of MGIC Investment from a “sell” rating to a “strong sell” rating in a research report on Tuesday, November 5th. Finally, Deutsche Bank upped their price objective on shares of MGIC Investment from $18.00 to $18.50 and gave the stock a “buy” rating in a research report on Wednesday, October 23rd. One analyst has rated the stock with a sell rating and five have assigned a buy rating to the company. MGIC Investment presently has an average rating of “Buy” and an average target price of $16.13.

In related news, Vice Chairman Patrick Sinks sold 88,520 shares of the firm’s stock in a transaction that occurred on Wednesday, October 30th. The shares were sold at an average price of $13.87, for a total value of $1,227,772.40. Following the sale, the insider now owns 1,882,108 shares of the company’s stock, valued at $26,104,837.96. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CAO Julie K. Sperber sold 5,535 shares of the firm’s stock in a transaction that occurred on Tuesday, October 29th. The shares were sold at an average price of $14.05, for a total transaction of $77,766.75. Following the completion of the sale, the chief accounting officer now directly owns 75,747 shares in the company, valued at approximately $1,064,245.35. The disclosure for this sale can be found here. Insiders have sold 166,419 shares of company stock worth $2,320,082 in the last three months. Corporate insiders own 0.81% of the company’s stock.

Shares of MTG traded up $0.14 during mid-day trading on Tuesday, hitting $14.17. 89,669 shares of the company’s stock were exchanged, compared to its average volume of 2,727,763. The company has a market cap of $4.87 billion, a price-to-earnings ratio of 7.96, a P/E/G ratio of 1.59 and a beta of 1.50. MGIC Investment Corp. has a fifty-two week low of $9.41 and a fifty-two week high of $14.97. The company has a debt-to-equity ratio of 0.20, a quick ratio of 0.29 and a current ratio of 0.29. The stock’s 50-day moving average is $13.37 and its 200-day moving average is $13.37.

MGIC Investment (NYSE:MTG) last issued its quarterly earnings results on Tuesday, October 22nd. The insurance provider reported $0.48 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.43 by $0.05. The business had revenue of $318.38 million for the quarter, compared to analysts’ expectations of $299.00 million. MGIC Investment had a net margin of 55.08% and a return on equity of 16.61%. The business’s quarterly revenue was up 9.6% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.48 earnings per share. As a group, equities research analysts anticipate that MGIC Investment Corp. will post 1.76 EPS for the current year.

The firm also recently declared a quarterly dividend, which will be paid on Monday, November 25th. Stockholders of record on Monday, November 11th will be given a dividend of $0.06 per share. The ex-dividend date is Thursday, November 7th. This represents a $0.24 annualized dividend and a dividend yield of 1.69%. MGIC Investment’s dividend payout ratio is presently 13.48%.

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 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.

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Institutional Ownership by Quarter for MGIC Investment (NYSE:MTG)

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