Louisiana State Employees Retirement System Makes New Investment in MGIC Investment Co. (NYSE:MTG)

Louisiana State Employees Retirement System purchased a new stake in shares of MGIC Investment Co. (NYSE:MTG) during the fourth quarter, HoldingsChannel.com reports. The fund purchased 77,900 shares of the insurance provider’s stock, valued at approximately $1,503,000.

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

MGIC Investment Stock Performance

NYSE MTG opened at $19.83 on Friday. The stock has a market capitalization of $5.35 billion, a PE ratio of 7.96, a P/E/G ratio of 1.61 and a beta of 1.24. MGIC Investment Co. has a 1-year low of $13.97 and a 1-year high of $22.43. The business has a 50 day simple moving average of $20.36 and a two-hundred day simple moving average of $19.03. The company has a debt-to-equity ratio of 0.13, a current ratio of 0.98 and a quick ratio of 0.98.

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

MGIC Investment Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, March 5th. Shareholders of record on Thursday, February 15th were paid a $0.115 dividend. The ex-dividend date of this dividend was Wednesday, February 14th. This represents a $0.46 dividend on an annualized basis and a yield of 2.32%. MGIC Investment’s dividend payout ratio is currently 18.47%.

Wall Street Analyst Weigh In

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