Louisiana State Employees Retirement System Purchases Shares of 63,600 MGIC Investment Corporation $MTG

Louisiana State Employees Retirement System bought a new position in MGIC Investment Corporation (NYSE:MTG) during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 63,600 shares of the insurance provider’s stock, valued at approximately $1,670,000.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Assenagon Asset Management S.A. boosted its position in MGIC Investment by 239.1% during the first quarter. Assenagon Asset Management S.A. now owns 460,844 shares of the insurance provider’s stock worth $12,097,000 after purchasing an additional 324,930 shares in the last quarter. Hsbc Holdings PLC grew its holdings in shares of MGIC Investment by 24.5% during the fourth quarter. Hsbc Holdings PLC now owns 207,412 shares of the insurance provider’s stock worth $6,089,000 after buying an additional 40,751 shares in the last quarter. Corient Private Wealth LLC lifted its position in MGIC Investment by 21.7% during the fourth quarter. Corient Private Wealth LLC now owns 219,460 shares of the insurance provider’s stock worth $6,413,000 after buying an additional 39,072 shares in the last quarter. Caitong International Asset Management Co. Ltd boosted its position in shares of MGIC Investment by 957.6% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 3,046 shares of the insurance provider’s stock valued at $89,000 after acquiring an additional 2,758 shares during the last quarter. Finally, DGS Capital Management LLC grew its stake in shares of MGIC Investment by 4.2% in the 4th quarter. DGS Capital Management LLC now owns 93,900 shares of the insurance provider’s stock valued at $2,744,000 after buying an additional 3,748 shares during the period. Institutional investors and hedge funds own 95.58% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on the stock. Barclays dropped their price target on shares of MGIC Investment from $29.00 to $28.00 and set an “equal weight” rating for the company in a research report on Friday, May 1st. Weiss Ratings reiterated a “buy (b)” rating on shares of MGIC Investment in a research note on Monday, June 15th. Keefe, Bruyette & Woods boosted their target price on shares of MGIC Investment from $28.00 to $29.00 and gave the stock a “market perform” rating in a research note on Friday, April 10th. Royal Bank Of Canada began coverage on shares of MGIC Investment in a research report on Friday, May 22nd. They set a “sector perform” rating and a $28.00 price objective for the company. Finally, UBS Group dropped their price target on MGIC Investment from $29.50 to $28.00 and set a “neutral” rating on the stock in a research note on Thursday, March 12th. One equities research analyst has rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat, the company currently has an average rating of “Hold” and an average target price of $28.25.

Insider Buying and Selling at MGIC Investment

In other news, EVP Paula C. Maggio sold 20,937 shares of the company’s stock in a transaction on Friday, May 29th. The stock was sold at an average price of $25.55, for a total transaction of $534,940.35. Following the completion of the sale, the executive vice president directly owned 169,620 shares in the company, valued at $4,333,791. This represents a 10.99% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, COO Salvatore A. Miosi sold 30,000 shares of the company’s stock in a transaction dated Monday, June 8th. The stock was sold at an average price of $25.38, for a total value of $761,400.00. Following the sale, the chief operating officer owned 560,951 shares of the company’s stock, valued at $14,236,936.38. This represents a 5.08% decrease in their ownership of the stock. 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 company insiders.

MGIC Investment Trading Down 0.1%

Shares of MTG stock opened at $28.16 on Thursday. The company has a quick ratio of 1.14, a current ratio of 1.14 and a debt-to-equity ratio of 0.13. The stock has a market cap of $5.96 billion, a P/E ratio of 8.94, a P/E/G ratio of 1.94 and a beta of 0.67. The business has a fifty day simple moving average of $26.52 and a 200-day simple moving average of $26.99. MGIC Investment Corporation has a fifty-two week low of $24.69 and a fifty-two week high of $29.97.

MGIC Investment (NYSE:MTG) last released its quarterly earnings results on Wednesday, April 29th. The insurance provider reported $0.76 EPS for the quarter, beating the consensus estimate of $0.73 by $0.03. MGIC Investment had a net margin of 59.63% and a return on equity of 14.01%. The business had revenue of $297.08 million for the quarter, compared to analyst estimates of $303.12 million. During the same period in the prior year, the business earned $0.75 earnings per share. The company’s quarterly revenue was down 3.0% on a year-over-year basis. On average, analysts forecast that MGIC Investment Corporation will post 3.05 earnings per share for the current fiscal year.

MGIC Investment Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, May 21st. Stockholders of record on Wednesday, May 6th were issued a dividend of $0.15 per share. The ex-dividend date was Wednesday, May 6th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 2.1%. MGIC Investment’s payout ratio is 19.05%.

MGIC Investment announced that its Board of Directors has initiated a stock repurchase plan on Thursday, April 23rd that authorizes the company to repurchase $750.00 million in shares. This repurchase authorization authorizes the insurance provider to repurchase up to 12.4% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s management believes its shares are undervalued.

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.