MGIC Investment Corporation $MTG Shares Sold by State of Michigan Retirement System

State of Michigan Retirement System lowered its holdings in MGIC Investment Corporation (NYSE:MTG) by 3.9% in the second quarter, HoldingsChannel reports. The firm owned 57,117 shares of the insurance provider’s stock after selling 2,300 shares during the period. State of Michigan Retirement System’s holdings in MGIC Investment were worth $1,590,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. WPG Advisers LLC acquired a new position in shares of MGIC Investment in the 1st quarter valued at approximately $26,000. Hantz Financial Services Inc. grew its position in shares of MGIC Investment by 3,067.6% during the second quarter. Hantz Financial Services Inc. now owns 1,077 shares of the insurance provider’s stock worth $30,000 after buying an additional 1,043 shares in the last quarter. Cullen Frost Bankers Inc. bought a new stake in shares of MGIC Investment in the first quarter worth $33,000. Quarry LP acquired a new stake in MGIC Investment in the first quarter valued at $38,000. Finally, Geneos Wealth Management Inc. raised its holdings in MGIC Investment by 88.0% in the first quarter. Geneos Wealth Management Inc. now owns 1,745 shares of the insurance provider’s stock valued at $43,000 after acquiring an additional 817 shares in the last quarter. 95.58% of the stock is currently owned by hedge funds and other institutional investors.

MGIC Investment Stock Down 1.6%

MTG stock opened at $27.63 on Friday. The firm has a market cap of $6.18 billion, a price-to-earnings ratio of 8.88, a PEG ratio of 1.91 and a beta of 0.92. MGIC Investment Corporation has a 1-year low of $21.94 and a 1-year high of $29.01. The firm has a fifty day moving average price of $27.73 and a two-hundred day moving average price of $26.91. 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 posted its quarterly earnings results on Wednesday, October 29th. The insurance provider reported $0.83 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.72 by $0.11. MGIC Investment had a net margin of 61.96% and a return on equity of 14.63%. The company had revenue of $304.51 million for the quarter, compared to the consensus estimate of $308.16 million. During the same period last year, the firm posted $0.77 EPS. The company’s revenue for the quarter was down .7% on a year-over-year basis. Research analysts predict that MGIC Investment Corporation will post 2.71 EPS for the current 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 paid a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a yield of 2.2%. The ex-dividend date is Thursday, November 6th. MGIC Investment’s payout ratio is presently 19.29%.

Analysts Set New Price Targets

Several research analysts have weighed in on MTG shares. Barclays raised their price objective on shares of MGIC Investment from $27.00 to $28.00 and gave the stock a “cautious” rating in a report on Monday, October 6th. Weiss Ratings reaffirmed a “buy (a-)” rating on shares of MGIC Investment in a research report on Wednesday, October 8th. One investment analyst has rated the stock with a Strong Buy rating, three have assigned a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, MGIC Investment currently has an average rating of “Hold” and a consensus target price of $26.80.

Insider Activity

In other news, EVP Paula C. Maggio sold 20,000 shares of the stock in a transaction that occurred on Friday, October 31st. The stock was sold at an average price of $27.44, for a total transaction of $548,800.00. Following the sale, the executive vice president directly owned 117,395 shares in the company, valued at approximately $3,221,318.80. This represents a 14.56% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Timothy J. Mattke sold 139,203 shares of the firm’s stock in a transaction that occurred on Tuesday, October 7th. The stock was sold at an average price of $27.09, for a total value of $3,771,009.27. Following the completion of the sale, the chief executive officer directly owned 961,791 shares in the company, valued at approximately $26,054,918.19. This trade represents a 12.64% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders sold 219,203 shares of company stock valued at $5,989,909. 1.41% of the stock is currently owned by 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.