Arizona State Retirement System Sells 2,688 Shares of MGIC Investment Co. (NYSE:MTG)

Arizona State Retirement System trimmed its position in MGIC Investment Co. (NYSE:MTG) by 3.3% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 78,921 shares of the insurance provider’s stock after selling 2,688 shares during the period. Arizona State Retirement System’s holdings in MGIC Investment were worth $1,522,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Vanguard Group Inc. increased its position in MGIC Investment by 6.0% in the 3rd quarter. Vanguard Group Inc. now owns 37,980,396 shares of the insurance provider’s stock valued at $486,909,000 after buying an additional 2,137,706 shares in the last quarter. BlackRock Inc. increased its position in MGIC Investment by 0.5% in the 1st quarter. BlackRock Inc. now owns 27,872,353 shares of the insurance provider’s stock valued at $377,670,000 after buying an additional 127,008 shares in the last quarter. First Trust Advisors LP increased its holdings in MGIC Investment by 450.2% during the 1st quarter. First Trust Advisors LP now owns 14,943,450 shares of the insurance provider’s stock worth $200,541,000 after purchasing an additional 12,227,328 shares in the last quarter. JPMorgan Chase & Co. increased its holdings in MGIC Investment by 2.3% during the 1st quarter. JPMorgan Chase & Co. now owns 14,350,838 shares of the insurance provider’s stock worth $192,588,000 after purchasing an additional 328,140 shares in the last quarter. Finally, State Street Corp increased its holdings in MGIC Investment by 0.5% during the 3rd quarter. State Street Corp now owns 10,524,110 shares of the insurance provider’s stock worth $134,919,000 after purchasing an additional 54,611 shares in the last quarter. 95.58% of the stock is owned by institutional investors.

MGIC Investment Stock Performance

MTG stock opened at $19.74 on Friday. The firm has a market cap of $5.32 billion, a PE ratio of 7.93, a P/E/G ratio of 1.64 and a beta of 1.24. 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 business has a 50 day moving average of $20.31 and a 200-day moving average of $18.93. MGIC Investment Co. has a 12-month low of $13.91 and a 12-month high of $22.43.

MGIC Investment (NYSE:MTG) last released its 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. The company had revenue of $284.72 million during the quarter, compared to analyst estimates of $302.96 million. MGIC Investment had a return on equity of 14.82% and a net margin of 61.72%. As a group, sell-side analysts expect that MGIC Investment Co. will post 2.43 earnings per share for the current year.

MGIC Investment Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, March 5th. Stockholders of record on Thursday, February 15th were issued a $0.115 dividend. This represents a $0.46 annualized dividend and a dividend yield of 2.33%. The ex-dividend date of this dividend was Wednesday, February 14th. MGIC Investment’s dividend payout ratio is presently 18.47%.

Analyst Ratings Changes

A number of analysts have commented on MTG shares. Roth Mkm boosted their price objective on MGIC Investment from $21.00 to $24.00 and gave the stock a “buy” rating in a report on Friday, February 2nd. Keefe, Bruyette & Woods reissued a “market perform” rating and set a $24.00 price objective (up from $23.50) on shares of MGIC Investment in a report on Thursday, April 4th. Finally, Royal Bank of Canada boosted their price objective on MGIC Investment from $18.00 to $21.00 and gave the stock a “sector perform” rating in a report on Friday, February 2nd. Five research analysts have rated the stock with a hold rating and one has given a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price 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.