MGIC Investment Corp. (NYSE:MTG) Sees Significant Decline in Short Interest

MGIC Investment Corp. (NYSE:MTG) was the target of a large decline in short interest during the month of January. As of January 31st, there was short interest totalling 2,600,000 shares, a decline of 9.4% from the January 15th total of 2,870,000 shares. Approximately 0.8% of the shares of the company are sold short. Based on an average daily volume of 2,110,000 shares, the days-to-cover ratio is presently 1.2 days.

In other MGIC Investment news, Vice Chairman Patrick Sinks sold 19,803 shares of the business’s stock in a transaction dated Wednesday, November 27th. The stock was sold at an average price of $14.37, for a total transaction of $284,569.11. Following the sale, the insider now owns 1,455,706 shares in the company, valued at approximately $20,918,495.22. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CAO Julie K. Sperber sold 5,535 shares of the business’s stock in a transaction dated Tuesday, February 11th. The shares were sold at an average price of $14.28, for a total value of $79,039.80. Following the sale, the chief accounting officer now owns 82,239 shares in the company, valued at approximately $1,174,372.92. The disclosure for this sale can be found here. In the last quarter, insiders have sold 50,680 shares of company stock worth $723,465. Company insiders own 0.81% of the company’s stock.

Several hedge funds have recently modified their holdings of the company. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA acquired a new position in MGIC Investment in the 4th quarter worth about $25,000. Smith Asset Management Group LP raised its holdings in MGIC Investment by 100.0% in the 4th quarter. Smith Asset Management Group LP now owns 1,900 shares of the insurance provider’s stock worth $27,000 after purchasing an additional 950 shares during the period. Advisory Alpha LLC acquired a new position in MGIC Investment in the 4th quarter worth about $28,000. Chevy Chase Trust Holdings Inc. acquired a new position in MGIC Investment in the 4th quarter worth about $39,000. Finally, Advisory Services Network LLC raised its holdings in MGIC Investment by 81.3% in the 4th quarter. Advisory Services Network LLC now owns 3,263 shares of the insurance provider’s stock worth $46,000 after purchasing an additional 1,463 shares during the period. 89.36% of the stock is owned by institutional investors and hedge funds.

Several analysts have weighed in on MTG shares. BTIG Research reiterated a “buy” rating and set a $18.00 price target on shares of MGIC Investment in a research note on Thursday, February 6th. ValuEngine raised MGIC Investment from a “strong sell” rating to a “sell” rating in a report on Wednesday, January 15th. Deutsche Bank boosted their price objective 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 boosted their price objective on MGIC Investment from $18.00 to $19.00 and gave the company a “buy” rating in a report on Thursday, December 19th. One research analyst has rated the stock with a sell rating and four have assigned a buy rating to the company. The stock presently has a consensus rating of “Buy” and an average price target of $17.38.

Shares of MTG stock traded down $0.20 on Friday, hitting $13.61. The company had a trading volume of 4,343,034 shares. The company has a 50-day moving average price of $14.00 and a 200-day moving average price of $13.52. MGIC Investment has a twelve month low of $11.85 and a twelve month high of $15.24.

MGIC Investment (NYSE:MTG) last issued its quarterly earnings data on Tuesday, February 4th. The insurance provider reported $0.49 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.42 by $0.07. The company had revenue of $311.60 million during the quarter, compared to analyst estimates of $307.10 million. The business’s quarterly revenue was up 9.1% compared to the same quarter last year. During the same period last year, the firm earned $0.42 EPS. Sell-side analysts anticipate that MGIC Investment will post 1.81 earnings per share for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Friday, February 28th. Stockholders of record on Tuesday, February 11th will be issued a $0.06 dividend. The ex-dividend date of this dividend is Monday, February 10th. This represents a $0.24 annualized dividend and a dividend yield of 1.76%.

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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