MGIC Investment Corporation $MTG Shares Sold by Public Employees Retirement System of Ohio

Public Employees Retirement System of Ohio decreased its position in MGIC Investment Corporation (NYSE:MTG) by 0.4% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 109,218 shares of the insurance provider’s stock after selling 436 shares during the quarter. Public Employees Retirement System of Ohio’s holdings in MGIC Investment were worth $3,041,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. WPG Advisers LLC acquired a new stake in MGIC Investment in the first quarter valued at approximately $26,000. Cullen Frost Bankers Inc. acquired a new stake in MGIC Investment in the first quarter valued at approximately $33,000. Quarry LP acquired a new stake in MGIC Investment in the first quarter valued at approximately $38,000. Geneos Wealth Management Inc. raised its holdings in MGIC Investment by 88.0% in the first quarter. Geneos Wealth Management Inc. now owns 1,745 shares of the insurance provider’s stock valued at $43,000 after acquiring an additional 817 shares in the last quarter. Finally, Harbor Capital Advisors Inc. acquired a new stake in MGIC Investment in the second quarter valued at approximately $49,000. Institutional investors and hedge funds own 95.58% of the company’s stock.

Analysts Set New Price Targets

Several brokerages recently weighed in on MTG. Keefe, Bruyette & Woods raised their target price on shares of MGIC Investment from $26.00 to $27.00 and gave the company a “market perform” rating in a report on Monday, July 7th. Barclays raised their target price on shares of MGIC Investment from $26.00 to $27.00 and gave the company an “equal weight” rating in a report on Tuesday, July 8th. Five equities research analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company has a consensus rating of “Reduce” and an average price target of $26.67.

Insiders Place Their Bets

In other news, COO Salvatore A. Miosi sold 30,000 shares of MGIC Investment stock in a transaction on Friday, August 1st. The shares were sold at an average price of $26.22, for a total value of $786,600.00. Following the transaction, the chief operating officer directly owned 249,401 shares of the company’s stock, valued at $6,539,294.22. The trade was a 10.74% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Timothy J. Mattke sold 139,203 shares of MGIC Investment stock in a transaction on Thursday, August 7th. The shares were sold at an average price of $26.54, for a total transaction of $3,694,447.62. Following the completion of the transaction, the chief executive officer directly owned 1,100,994 shares in the company, valued at $29,220,380.76. The trade was a 11.22% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 1.05% of the company’s stock.

MGIC Investment Stock Down 0.9%

MTG stock opened at $28.12 on Thursday. The company’s 50 day moving average is $27.59 and its two-hundred day moving average is $26.28. The stock has a market cap of $6.48 billion, a P/E ratio of 9.22, a PEG ratio of 2.05 and a beta of 0.88. MGIC Investment Corporation has a twelve month low of $21.94 and a twelve month high of $29.01. The company has a current ratio of 1.46, a quick ratio of 1.46 and a debt-to-equity ratio of 0.13.

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

MGIC Investment Increases Dividend

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

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.