VIRGINIA RETIREMENT SYSTEMS ET Al Makes New Investment in MGIC Investment Corporation $MTG

VIRGINIA RETIREMENT SYSTEMS ET Al bought a new stake in shares of MGIC Investment Corporation (NYSE:MTG) during the 2nd quarter, Holdings Channel reports. The firm bought 1,060,945 shares of the insurance provider’s stock, valued at approximately $29,919,000.

Several other large investors have also added to or reduced their stakes in MTG. Newbridge Financial Services Group Inc. purchased a new position in shares of MGIC Investment during the 3rd quarter valued at $28,000. SBI Securities Co. Ltd. boosted its stake in MGIC Investment by 40.3% during the fourth quarter. SBI Securities Co. Ltd. now owns 1,461 shares of the insurance provider’s stock valued at $43,000 after buying an additional 420 shares during the last quarter. Geneos Wealth Management Inc. boosted its position in shares of MGIC Investment by 88.0% during the 1st 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 during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. purchased a new position in shares of MGIC Investment in the 2nd quarter worth $62,000. Finally, Harbor Investment Advisory LLC increased its stake in MGIC Investment by 613.0% during the second quarter. Harbor Investment Advisory LLC now owns 2,574 shares of the insurance provider’s stock worth $73,000 after acquiring an additional 2,213 shares during the last quarter. Hedge funds and other institutional investors own 95.58% of the company’s stock.

Insiders Place Their Bets

In other MGIC Investment news, EVP Paula Maggio sold 20,000 shares of the stock in a transaction on Friday, August 7th. The stock was sold at an average price of $30.30, for a total transaction of $606,000.00. Following the sale, the executive vice president owned 149,620 shares of the company’s stock, valued at approximately $4,533,486. This trade represents a 11.79% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, COO Salvatore Miosi sold 30,000 shares of the stock in a transaction on Tuesday, September 1st. The shares were sold at an average price of $30.73, for a total value of $921,900.00. Following the sale, the chief operating officer directly owned 470,951 shares in the company, valued at $14,472,324.23. This trade represents a 5.99% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 1.34% of the stock is owned by corporate insiders.

MGIC Investment Stock Performance

NYSE MTG opened at $31.01 on Tuesday. MGIC Investment Corporation has a one year low of $24.69 and a one year high of $31.89. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.19 and a current ratio of 1.19. The company has a market capitalization of $6.36 billion, a price-to-earnings ratio of 9.69, a price-to-earnings-growth ratio of 0.79 and a beta of 0.65. The company’s 50-day simple moving average is $29.96 and its two-hundred day simple moving average is $27.72.

MGIC Investment (NYSE:MTG) last announced its quarterly earnings results on Wednesday, July 29th. The insurance provider reported $0.87 earnings per share for the quarter, topping the consensus estimate of $0.76 by $0.11. MGIC Investment had a net margin of 59.20% and a return on equity of 13.90%. The firm had revenue of $295.39 million during the quarter, compared to analysts’ expectations of $297.54 million. During the same quarter in the prior year, the company earned $0.82 EPS. The company’s revenue was down 2.9% compared to the same quarter last year. Equities analysts forecast that MGIC Investment Corporation will post 3.24 EPS for the current fiscal year.

MGIC Investment Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, August 20th. Shareholders of record on Wednesday, August 5th were issued a dividend of $0.17 per share. This is an increase from MGIC Investment’s previous quarterly dividend of $0.15. This represents a $0.68 dividend on an annualized basis and a yield of 2.2%. The ex-dividend date was Wednesday, August 5th. MGIC Investment’s dividend payout ratio (DPR) is currently 21.25%.

Analyst Upgrades and Downgrades

MTG has been the subject of several recent analyst reports. Roth Capital reaffirmed a “buy” rating and set a $35.00 price objective on shares of MGIC Investment in a research note on Thursday, July 30th. Weiss Ratings raised shares of MGIC Investment from a “buy (b+)” rating to a “buy (a-)” rating in a research note on Wednesday, August 19th. Zacks Research upgraded MGIC Investment from a “hold” rating to a “strong-buy” rating in a report on Tuesday, August 25th. Royal Bank Of Canada increased their price objective on MGIC Investment from $28.00 to $32.00 and gave the stock a “sector perform” rating in a research note on Friday, July 31st. Finally, Keefe, Bruyette & Woods raised their price objective on MGIC Investment from $29.00 to $30.00 and gave the stock a “market perform” rating in a report on Friday, July 31st. Two equities research analysts have rated the stock with a Strong Buy rating, one has assigned a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $30.60.

About MGIC Investment

MGIC Investment Corporation (NYSE: MTG) is a leading provider of private mortgage insurance in the United States. Established in 1957 as the nation’s first private mortgage insurer, MGIC helps lenders manage credit risk and facilitates homeownership by protecting mortgage loans against default. Headquartered in Milwaukee, Wisconsin, the company operates through its principal subsidiary, Mortgage Guaranty Insurance Corporation, and maintains relationships with a broad network of originators and servicers nationwide.

The company’s primary business activity involves issuing mortgage insurance policies that enable borrowers to purchase homes with down payments below traditional lending thresholds.