MGIC Investment Corporation $MTG Stake Lowered by State of New Jersey Common Pension Fund D

State of New Jersey Common Pension Fund D trimmed its position in shares of MGIC Investment Corporation (NYSE:MTG) by 11.0% in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 72,080 shares of the insurance provider’s stock after selling 8,930 shares during the period. State of New Jersey Common Pension Fund D’s holdings in MGIC Investment were worth $2,007,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. EP Wealth Advisors LLC lifted its position in shares of MGIC Investment by 0.9% during the 1st quarter. EP Wealth Advisors LLC now owns 45,481 shares of the insurance provider’s stock valued at $1,127,000 after acquiring an additional 398 shares during the last quarter. Brooklyn Investment Group lifted its holdings in MGIC Investment by 15.5% in the 1st quarter. Brooklyn Investment Group now owns 3,094 shares of the insurance provider’s stock worth $77,000 after purchasing an additional 416 shares during the last quarter. Signaturefd LLC lifted its stake in shares of MGIC Investment by 1.9% in the first quarter. Signaturefd LLC now owns 22,112 shares of the insurance provider’s stock worth $548,000 after buying an additional 421 shares during the last quarter. PNC Financial Services Group Inc. increased its stake in shares of MGIC Investment by 4.2% in the first quarter. PNC Financial Services Group Inc. now owns 10,894 shares of the insurance provider’s stock worth $270,000 after purchasing an additional 437 shares during the period. Finally, US Bancorp DE increased its stake in MGIC Investment by 5.3% during the first quarter. US Bancorp DE now owns 10,797 shares of the insurance provider’s stock valued at $268,000 after acquiring an additional 548 shares during the period. 95.58% of the stock is owned by institutional investors.

Insider Activity

In other MGIC Investment news, CEO Timothy J. Mattke sold 139,203 shares of MGIC Investment stock in a transaction dated Thursday, August 7th. The stock was sold at an average price of $26.54, for a total transaction of $3,694,447.62. Following the transaction, the chief executive officer directly owned 1,100,994 shares of the company’s stock, valued at approximately $29,220,380.76. The trade was a 11.22% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, COO Salvatore A. Miosi sold 30,000 shares of MGIC Investment stock in a transaction dated Wednesday, October 1st. The stock was sold at an average price of $28.15, for a total value of $844,500.00. Following the completion of the transaction, the chief operating officer directly owned 189,401 shares of the company’s stock, valued at approximately $5,331,638.15. This trade represents a 13.67% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 308,406 shares of company stock worth $8,309,957 over the last ninety days. Company insiders own 1.05% of the company’s stock.

Analyst Ratings Changes

MTG has been the topic of several analyst reports. Barclays upped their price objective on MGIC Investment from $27.00 to $28.00 and gave the company a “cautious” rating in a research note on Monday, October 6th. Keefe, Bruyette & Woods increased their price target on shares of MGIC Investment from $26.00 to $27.00 and gave the company a “market perform” rating in a research report on Monday, July 7th. Finally, Weiss Ratings reiterated a “buy (a-)” rating on shares of MGIC Investment in a report on Wednesday, October 8th. One research analyst has rated the stock with a Strong Buy rating, four have issued a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $26.83.

MGIC Investment Price Performance

MGIC Investment stock opened at $27.48 on Friday. MGIC Investment Corporation has a 12 month low of $21.94 and a 12 month high of $29.01. The stock’s 50 day moving average is $27.75 and its 200-day moving average is $26.78. The company has a current ratio of 1.46, a quick ratio of 1.46 and a debt-to-equity ratio of 0.13. The company has a market capitalization of $6.33 billion, a price-to-earnings ratio of 8.83, a PEG ratio of 1.91 and a beta of 0.88.

MGIC Investment (NYSE:MTG) last issued its quarterly earnings results on Wednesday, October 29th. The insurance provider reported $0.83 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.72 by $0.11. The business had revenue of $304.51 million for the quarter, compared to the consensus estimate of $308.16 million. MGIC Investment had a return on equity of 14.63% and a net margin of 61.96%.The firm’s quarterly revenue was down .7% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.77 earnings per share. Equities research analysts expect that MGIC Investment Corporation will post 2.71 EPS for the current year.

MGIC Investment Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, November 20th. Shareholders of record on Thursday, November 6th will be issued a dividend of $0.15 per share. The ex-dividend date of this dividend is Thursday, November 6th. This represents a $0.60 annualized dividend and a yield of 2.2%. MGIC Investment’s 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.