Strs Ohio Purchases Shares of 120,596 MGIC Investment Corporation $MTG

Strs Ohio purchased a new stake in MGIC Investment Corporation (NYSE:MTG) during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm purchased 120,596 shares of the insurance provider’s stock, valued at approximately $2,988,000. Strs Ohio owned approximately 0.05% of MGIC Investment as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. JPMorgan Chase & Co. raised its holdings in shares of MGIC Investment by 4.8% during the 1st quarter. JPMorgan Chase & Co. now owns 16,162,180 shares of the insurance provider’s stock valued at $400,499,000 after buying an additional 743,212 shares in the last quarter. LSV Asset Management grew its position in MGIC Investment by 2.9% during the 1st quarter. LSV Asset Management now owns 10,888,437 shares of the insurance provider’s stock worth $269,815,000 after acquiring an additional 310,095 shares during the last quarter. AQR Capital Management LLC grew its position in MGIC Investment by 22.5% during the 1st quarter. AQR Capital Management LLC now owns 3,291,645 shares of the insurance provider’s stock worth $80,481,000 after acquiring an additional 605,342 shares during the last quarter. Goldman Sachs Group Inc. grew its position in MGIC Investment by 6.7% during the 1st quarter. Goldman Sachs Group Inc. now owns 3,103,366 shares of the insurance provider’s stock worth $76,901,000 after acquiring an additional 195,895 shares during the last quarter. Finally, Caisse DE Depot ET Placement DU Quebec grew its position in MGIC Investment by 25.3% during the 1st quarter. Caisse DE Depot ET Placement DU Quebec now owns 2,597,602 shares of the insurance provider’s stock worth $64,369,000 after acquiring an additional 524,973 shares during the last quarter. Hedge funds and other institutional investors own 95.58% of the company’s stock.

MGIC Investment Stock Down 1.6%

MTG stock opened at $27.99 on Tuesday. MGIC Investment Corporation has a 1-year low of $21.94 and a 1-year high of $28.98. The business has a fifty day moving average price of $26.97 and a 200-day moving average price of $25.91. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.46 and a quick ratio of 1.46. The stock has a market capitalization of $6.45 billion, a P/E ratio of 9.18, a P/E/G ratio of 2.06 and a beta of 0.89.

MGIC Investment (NYSE:MTG) last posted its quarterly earnings results on Wednesday, July 30th. The insurance provider reported $0.82 earnings per share for the quarter, topping the consensus estimate of $0.70 by $0.12. MGIC Investment had a return on equity of 14.73% and a net margin of 62.58%.The firm had revenue of $304.25 million during the quarter, compared to analysts’ expectations of $306.25 million. During the same quarter in the previous year, the business earned $0.77 earnings per share. The company’s revenue was down .3% on a year-over-year basis. Equities analysts forecast that MGIC Investment Corporation will post 2.71 earnings per share for the current fiscal year.

MGIC Investment Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, August 21st. Stockholders of record on Thursday, August 7th were paid a $0.15 dividend. This is an increase from MGIC Investment’s previous quarterly dividend of $0.13. This represents a $0.60 annualized dividend and a dividend yield of 2.1%. The ex-dividend date was Thursday, August 7th. MGIC Investment’s dividend payout ratio (DPR) is presently 19.67%.

Insider Buying and Selling at MGIC Investment

In related news, COO Salvatore A. Miosi sold 30,000 shares of MGIC Investment stock in a transaction on Friday, August 1st. The stock was sold at an average price of $26.22, for a total value of $786,600.00. Following the completion of the sale, the chief operating officer owned 249,401 shares of the company’s stock, valued at $6,539,294.22. The trade was a 10.74% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Timothy J. Mattke sold 139,203 shares of MGIC Investment stock in a transaction on Thursday, August 7th. The stock was sold at an average price of $26.54, for a total value of $3,694,447.62. Following the completion of the sale, the chief executive officer directly owned 1,100,994 shares of the company’s stock, valued at $29,220,380.76. The trade was a 11.22% decrease in their position. The disclosure for this sale can be found here. 1.41% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several research firms recently issued reports on MTG. Compass Point restated a “neutral” rating and set a $28.00 price target (up from $27.00) on shares of MGIC Investment in a research report on Friday, May 23rd. Barclays lifted their price objective on MGIC Investment from $26.00 to $27.00 and gave the stock an “equal weight” rating in a research report on Tuesday, July 8th. Finally, Keefe, Bruyette & Woods lifted their price objective on MGIC Investment from $26.00 to $27.00 and gave the stock a “market perform” rating in a research report on Monday, July 7th. Five investment analysts have rated the stock with a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, MGIC Investment has an average rating of “Reduce” and a consensus target price of $26.67.

MGIC Investment Company Profile

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.