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

New York State Common Retirement Fund trimmed its position in shares of MGIC Investment Co. (NYSE:MTG) by 6.6% in the fourth quarter, HoldingsChannel reports. The institutional investor owned 359,981 shares of the insurance provider’s stock after selling 25,634 shares during the period. New York State Common Retirement Fund’s holdings in MGIC Investment were worth $6,944,000 at the end of the most recent quarter.

Other large investors have also made changes to their positions in the company. Invesco Ltd. grew its stake in MGIC Investment by 47.3% during the third quarter. Invesco Ltd. now owns 3,174,560 shares of the insurance provider’s stock worth $52,983,000 after buying an additional 1,019,759 shares during the period. AQR Capital Management LLC boosted its position in MGIC Investment by 30.3% during the 3rd quarter. AQR Capital Management LLC now owns 4,233,477 shares of the insurance provider’s stock worth $70,657,000 after purchasing an additional 985,512 shares during the period. LSV Asset Management boosted its position in shares of MGIC Investment by 8.5% in the third quarter. LSV Asset Management now owns 10,427,565 shares of the insurance provider’s stock worth $174,036,000 after buying an additional 820,182 shares during the period. FMR LLC grew its stake in shares of MGIC Investment by 26.7% in the third quarter. FMR LLC now owns 3,829,710 shares of the insurance provider’s stock valued at $63,918,000 after buying an additional 807,637 shares in the last quarter. Finally, Acadian Asset Management LLC raised its holdings in shares of MGIC Investment by 302.3% during the 3rd quarter. Acadian Asset Management LLC now owns 661,778 shares of the insurance provider’s stock valued at $11,034,000 after buying an additional 497,261 shares during the period. 95.58% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

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

MGIC Investment Stock Performance

MGIC Investment stock opened at $20.65 on Friday. The company has a current ratio of 0.98, a quick ratio of 0.98 and a debt-to-equity ratio of 0.13. The stock has a 50 day moving average of $20.55 and a 200-day moving average of $19.21. The stock has a market cap of $5.57 billion, a P/E ratio of 7.94, a price-to-earnings-growth ratio of 1.69 and a beta of 1.24. MGIC Investment Co. has a 52 week low of $13.97 and a 52 week high of $22.43.

MGIC Investment (NYSE:MTG) last posted its quarterly earnings data on Wednesday, May 1st. The insurance provider reported $0.65 EPS for the quarter, beating analysts’ consensus estimates of $0.60 by $0.05. The firm had revenue of $294.40 million for the quarter, compared to the consensus estimate of $301.62 million. MGIC Investment had a net margin of 62.85% and a return on equity of 15.13%. The firm’s revenue was up 3.7% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.54 EPS. On average, analysts expect that MGIC Investment Co. will post 2.43 EPS for the current fiscal year.

MGIC Investment Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, May 21st. Shareholders of record on Thursday, May 9th will be paid a dividend of $0.115 per share. This represents a $0.46 annualized dividend and a yield of 2.23%. The ex-dividend date is Wednesday, May 8th. MGIC Investment’s payout ratio is currently 17.69%.

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.