MGIC Investment Co. (NYSE:MTG) Shares Sold by New York State Teachers Retirement System

New York State Teachers Retirement System decreased its stake in shares of MGIC Investment Co. (NYSE:MTG) by 0.5% in the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 343,600 shares of the insurance provider’s stock after selling 1,724 shares during the period. New York State Teachers Retirement System’s holdings in MGIC Investment were worth $6,628,000 at the end of the most recent reporting period.

Other institutional investors also recently made changes to their positions in the company. Lazard Asset Management LLC acquired a new position in MGIC Investment in the 1st quarter valued at about $26,000. Blue Trust Inc. grew its holdings in shares of MGIC Investment by 49.2% during the fourth quarter. Blue Trust Inc. now owns 2,576 shares of the insurance provider’s stock worth $50,000 after buying an additional 849 shares in the last quarter. Industrial Alliance Investment Management Inc. raised its position in shares of MGIC Investment by 374.0% in the fourth quarter. Industrial Alliance Investment Management Inc. now owns 3,925 shares of the insurance provider’s stock valued at $51,000 after buying an additional 3,097 shares during the last quarter. Planned Solutions Inc. purchased a new position in shares of MGIC Investment during the fourth quarter valued at approximately $66,000. Finally, USA Financial Formulas acquired a new stake in MGIC Investment during the third quarter worth approximately $100,000. 95.58% of the stock is owned by institutional investors and hedge funds.

MGIC Investment Price Performance

MGIC Investment stock opened at $19.74 on Friday. The firm has a fifty day moving average of $20.31 and a 200-day moving average of $18.92. MGIC Investment Co. has a 52-week low of $13.91 and a 52-week high of $22.43. The company has a quick ratio of 0.98, a current ratio of 0.98 and a debt-to-equity ratio of 0.13. The firm has a market capitalization of $5.32 billion, a P/E ratio of 7.93, a PEG ratio of 1.64 and a beta of 1.24.

MGIC Investment (NYSE:MTG) last announced its quarterly earnings results on Wednesday, January 31st. The insurance provider reported $0.67 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.57 by $0.10. MGIC Investment had a return on equity of 14.82% and a net margin of 61.72%. The firm had revenue of $284.72 million during the quarter, compared to the consensus estimate of $302.96 million. As a group, analysts predict that MGIC Investment Co. will post 2.43 EPS for the current year.

MGIC Investment Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, March 5th. Investors of record on Thursday, February 15th were given a dividend of $0.115 per share. This represents a $0.46 annualized dividend and a yield of 2.33%. The ex-dividend date of this dividend was Wednesday, February 14th. MGIC Investment’s dividend payout ratio (DPR) is presently 18.47%.

Analyst Ratings Changes

Several brokerages have weighed in on MTG. Roth Mkm boosted their price target on MGIC Investment from $21.00 to $24.00 and gave the company a “buy” rating in a report on Friday, February 2nd. Royal Bank of Canada upped their target price on MGIC Investment from $18.00 to $21.00 and gave the company a “sector perform” rating in a research note on Friday, February 2nd. Finally, Keefe, Bruyette & Woods reiterated a “market perform” rating and set a $24.00 target price (up from $23.50) on shares of MGIC Investment in a research report on Thursday, April 4th. Five research analysts have rated the stock with a hold rating and one has issued a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $21.08.

About MGIC Investment

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.