Patrick Sinks Sells 133,213 Shares of MGIC Investment Corp. (NYSE:MTG) Stock

MGIC Investment Corp. (NYSE:MTG) Vice Chairman Patrick Sinks sold 133,213 shares of MGIC Investment stock in a transaction that occurred on Friday, November 8th. The shares were sold at an average price of $14.04, for a total value of $1,870,310.52. Following the sale, the insider now directly owns 1,686,198 shares in the company, valued at $23,674,219.92. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link.

Patrick Sinks also recently made the following trade(s):

  • On Tuesday, November 12th, Patrick Sinks sold 57,001 shares of MGIC Investment stock. The shares were sold at an average price of $14.18, for a total value of $808,274.18.
  • On Wednesday, October 30th, Patrick Sinks sold 88,520 shares of MGIC Investment stock. The shares were sold at an average price of $13.87, for a total value of $1,227,772.40.
  • On Monday, October 28th, Patrick Sinks sold 72,364 shares of MGIC Investment stock. The shares were sold at an average price of $14.02, for a total value of $1,014,543.28.

Shares of MTG opened at $14.23 on Thursday. The company has a market capitalization of $4.87 billion, a P/E ratio of 7.99, a PEG ratio of 1.59 and a beta of 1.50. The company has a debt-to-equity ratio of 0.20, a current ratio of 0.29 and a quick ratio of 0.29. MGIC Investment Corp. has a one year low of $9.41 and a one year high of $14.97. The business’s 50 day simple moving average is $13.42 and its 200-day simple moving average is $13.37.

MGIC Investment (NYSE:MTG) last announced its earnings results on Tuesday, October 22nd. The insurance provider reported $0.48 EPS for the quarter, topping the consensus estimate of $0.43 by $0.05. The business had revenue of $318.38 million for the quarter, compared to the consensus estimate of $299.00 million. MGIC Investment had a return on equity of 16.61% and a net margin of 55.08%. MGIC Investment’s revenue was up 9.6% compared to the same quarter last year. During the same period in the previous year, the business earned $0.48 EPS. On average, sell-side analysts anticipate that MGIC Investment Corp. will post 1.76 EPS for the current fiscal year.

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

Institutional investors and hedge funds have recently made changes to their positions in the company. First Trust Advisors LP raised its position in shares of MGIC Investment by 5.7% during the 1st quarter. First Trust Advisors LP now owns 322,155 shares of the insurance provider’s stock worth $4,249,000 after acquiring an additional 17,470 shares in the last quarter. WINTON GROUP Ltd acquired a new stake in shares of MGIC Investment during the 2nd quarter worth about $678,000. Campbell & CO Investment Adviser LLC acquired a new stake in shares of MGIC Investment during the 2nd quarter worth about $823,000. NN Investment Partners Holdings N.V. raised its position in shares of MGIC Investment by 47.6% during the 2nd quarter. NN Investment Partners Holdings N.V. now owns 140,684 shares of the insurance provider’s stock worth $1,848,000 after acquiring an additional 45,387 shares in the last quarter. Finally, Clark Capital Management Group Inc. raised its position in shares of MGIC Investment by 6.2% during the 2nd quarter. Clark Capital Management Group Inc. now owns 398,517 shares of the insurance provider’s stock worth $5,237,000 after acquiring an additional 23,161 shares in the last quarter. 92.71% of the stock is currently owned by institutional investors and hedge funds.

MTG has been the topic of a number of recent research reports. Zacks Investment Research raised MGIC Investment from a “hold” rating to a “buy” rating and set a $14.00 price objective on the stock in a report on Friday, October 11th. Deutsche Bank boosted their target price on MGIC Investment from $18.00 to $18.50 and gave the stock a “buy” rating in a report on Wednesday, October 23rd. ValuEngine downgraded MGIC Investment from a “sell” rating to a “strong sell” rating in a report on Tuesday, November 5th. Finally, B. Riley reissued a “buy” rating on shares of MGIC Investment in a report on Tuesday, October 15th. One analyst has rated the stock with a sell rating and five have assigned a buy rating to the stock. The stock has a consensus rating of “Buy” and a consensus target price of $16.13.

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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