New York State Teachers Retirement System Lowers Position in MGIC Investment Corporation $MTG

New York State Teachers Retirement System decreased its stake in shares of MGIC Investment Corporation (NYSE:MTG) by 8.2% in the first quarter, Holdings Channel.com reports. The fund owned 284,393 shares of the insurance provider’s stock after selling 25,397 shares during the period. New York State Teachers Retirement System’s holdings in MGIC Investment were worth $7,465,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of MTG. SBI Securities Co. Ltd. increased its position in shares of MGIC Investment by 40.3% during the 4th quarter. SBI Securities Co. Ltd. now owns 1,461 shares of the insurance provider’s stock valued at $43,000 after purchasing an additional 420 shares during the last quarter. Lido Advisors LLC lifted its position in MGIC Investment by 2.2% in the fourth quarter. Lido Advisors LLC now owns 23,799 shares of the insurance provider’s stock worth $689,000 after buying an additional 522 shares during the last quarter. Victory Financial Group LLC boosted its stake in MGIC Investment by 1.9% during the third quarter. Victory Financial Group LLC now owns 27,994 shares of the insurance provider’s stock worth $794,000 after buying an additional 535 shares during the period. Johnson Financial Group Inc. boosted its stake in MGIC Investment by 4.0% during the fourth quarter. Johnson Financial Group Inc. now owns 14,180 shares of the insurance provider’s stock worth $414,000 after buying an additional 540 shares during the period. Finally, True Wealth Design LLC increased its position in MGIC Investment by 22.8% during the fourth quarter. True Wealth Design LLC now owns 2,962 shares of the insurance provider’s stock valued at $87,000 after acquiring an additional 550 shares during the last quarter. 95.58% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at MGIC Investment

In other MGIC Investment 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 value of $534,940.35. Following the completion of the sale, the executive vice president directly owned 169,620 shares in the company, valued at approximately $4,333,791. This represents a 10.99% decrease in their position. The sale was disclosed in a 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 A. Miosi sold 30,000 shares of the company’s stock in a transaction on Monday, June 8th. The stock was sold at an average price of $25.38, for a total value of $761,400.00. Following the completion of 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. Company insiders own 1.34% of the company’s stock.

Wall Street Analysts Forecast Growth

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

MGIC Investment Trading Up 1.5%

MGIC Investment stock traded up $0.41 during mid-day trading on Tuesday, hitting $28.62. The company’s stock had a trading volume of 112,948 shares, compared to its average volume of 2,078,158. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.14 and a current ratio of 1.14. The company has a 50 day moving average of $26.52 and a 200-day moving average of $26.98. MGIC Investment Corporation has a one year low of $24.69 and a one year high of $29.97. The stock has a market cap of $6.05 billion, a PE ratio of 9.09, a P/E/G ratio of 1.95 and a beta of 0.67.

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

MGIC Investment announced that its board has authorized a stock repurchase plan on Thursday, April 23rd that permits the company to repurchase $750.00 million in shares. This repurchase authorization permits the insurance provider to repurchase up to 12.4% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s board of directors believes its stock is undervalued.

MGIC Investment Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, May 21st. Investors 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 yield of 2.1%. MGIC Investment’s dividend payout ratio (DPR) is presently 19.05%.

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.