SG Americas Securities LLC decreased its position in MGIC Investment Corp. (NYSE:MTG) by 65.8% in the third quarter, according to its most recent Form 13F filing with the SEC. The firm owned 13,508 shares of the insurance provider’s stock after selling 25,978 shares during the period. SG Americas Securities LLC’s holdings in MGIC Investment were worth $170,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Point72 Hong Kong Ltd purchased a new stake in shares of MGIC Investment in the second quarter valued at approximately $26,000. FNY Investment Advisers LLC purchased a new stake in shares of MGIC Investment in the second quarter valued at approximately $80,000. Signaturefd LLC purchased a new stake in shares of MGIC Investment in the third quarter valued at approximately $100,000. Parallel Advisors LLC boosted its holdings in shares of MGIC Investment by 524.2% in the third quarter. Parallel Advisors LLC now owns 9,451 shares of the insurance provider’s stock valued at $119,000 after purchasing an additional 7,937 shares during the period. Finally, BBT Capital Management LLC purchased a new stake in shares of MGIC Investment in the second quarter valued at approximately $144,000. Hedge funds and other institutional investors own 89.81% of the company’s stock.
MTG has been the subject of a number of research reports. ValuEngine lowered MGIC Investment from a “sell” rating to a “strong sell” rating in a report on Tuesday, November 5th. Zacks Investment Research upgraded MGIC Investment from a “hold” rating to a “buy” rating and set a $14.00 price target for the company in a report on Friday, October 11th. Deutsche Bank boosted their price target on MGIC Investment from $18.00 to $18.50 and gave the company a “buy” rating in a report on Wednesday, October 23rd. Finally, B. Riley restated a “buy” rating on shares of MGIC Investment in a report on Tuesday, October 15th. One investment analyst has rated the stock with a sell rating and five have issued a buy rating to the company. The stock currently has an average rating of “Buy” and an average target price of $16.13.
MGIC Investment (NYSE:MTG) last posted its earnings results on Tuesday, October 22nd. The insurance provider reported $0.48 earnings per share for the quarter, topping analysts’ consensus estimates of $0.43 by $0.05. The company had revenue of $318.38 million during the quarter, compared to analyst estimates 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% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.48 earnings per share. Equities analysts expect that MGIC Investment Corp. will post 1.76 earnings per share for the current year.
The business also recently announced a quarterly dividend, which was paid on Monday, November 25th. Shareholders of record on Monday, November 11th were issued a dividend of $0.06 per share. The ex-dividend date was Thursday, November 7th. This represents a $0.24 dividend on an annualized basis and a yield of 1.67%. MGIC Investment’s dividend payout ratio is currently 13.48%.
In other news, Vice Chairman Patrick Sinks sold 25,342 shares of the company’s stock in a transaction on Tuesday, November 19th. The stock was sold at an average price of $14.20, for a total transaction of $359,856.40. Following the transaction, the insider now directly owns 1,475,509 shares of the company’s stock, valued at $20,952,227.80. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CAO Julie K. Sperber sold 5,535 shares of the company’s stock in a transaction on Tuesday, October 29th. The stock was sold at an average price of $14.05, for a total value of $77,766.75. Following the transaction, the chief accounting officer now directly owns 75,747 shares in the company, valued at $1,064,245.35. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 456,060 shares of company stock valued at $6,399,418. 0.81% of the stock is owned by company insiders.
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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