Retirement Systems of Alabama Cuts Stake in MGIC Investment Corporation $MTG

Retirement Systems of Alabama trimmed its stake in MGIC Investment Corporation (NYSE:MTG) by 4.0% in the second quarter, according to the company in its most recent disclosure with the SEC. The firm owned 291,001 shares of the insurance provider’s stock after selling 12,191 shares during the quarter. Retirement Systems of Alabama owned about 0.13% of MGIC Investment worth $8,101,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. JPMorgan Chase & Co. boosted its holdings in shares of MGIC Investment by 4.8% in the 1st quarter. JPMorgan Chase & Co. now owns 16,162,180 shares of the insurance provider’s stock valued at $400,499,000 after purchasing an additional 743,212 shares during the last quarter. LSV Asset Management raised its position in shares of MGIC Investment by 2.9% in the 1st quarter. LSV Asset Management now owns 10,888,437 shares of the insurance provider’s stock worth $269,815,000 after buying an additional 310,095 shares during the period. Allianz Asset Management GmbH boosted its holdings in MGIC Investment by 40.6% in the second quarter. Allianz Asset Management GmbH now owns 5,398,356 shares of the insurance provider’s stock valued at $150,290,000 after acquiring an additional 1,557,970 shares during the last quarter. AQR Capital Management LLC grew its position in MGIC Investment by 22.5% during the first quarter. AQR Capital Management LLC now owns 3,291,645 shares of the insurance provider’s stock valued at $80,481,000 after acquiring an additional 605,342 shares during the period. Finally, Goldman Sachs Group Inc. raised its holdings in shares of MGIC Investment by 6.7% in the 1st quarter. Goldman Sachs Group Inc. now owns 3,103,366 shares of the insurance provider’s stock worth $76,901,000 after purchasing an additional 195,895 shares during the period. Institutional investors and hedge funds own 95.58% of the company’s stock.

Analyst Ratings Changes

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

MGIC Investment Price Performance

MTG stock opened at $27.39 on Monday. The stock’s 50 day moving average is $27.73 and its two-hundred day moving average is $26.84. MGIC Investment Corporation has a 52-week low of $21.94 and a 52-week high of $29.01. The company has a market capitalization of $6.13 billion, a PE ratio of 8.81, a P/E/G ratio of 1.91 and a beta of 0.88. The company has a quick ratio of 1.46, a current ratio of 1.46 and a debt-to-equity ratio of 0.13.

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

MGIC Investment Dividend Announcement

The business also recently disclosed 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. This represents a $0.60 annualized dividend and a yield of 2.2%. The ex-dividend date of this dividend is Thursday, November 6th. MGIC Investment’s dividend payout ratio (DPR) is currently 19.29%.

Insider Activity

In other news, CEO Timothy J. Mattke sold 139,203 shares of the company’s stock in a transaction dated Tuesday, October 7th. The shares were sold at an average price of $27.09, for a total value of $3,771,009.27. Following the sale, the chief executive officer owned 961,791 shares in the company, valued at approximately $26,054,918.19. This represents a 12.64% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, COO Salvatore A. Miosi sold 30,000 shares of the stock in a transaction dated Wednesday, October 1st. The stock was sold at an average price of $28.15, for a total transaction of $844,500.00. Following the transaction, the chief operating officer directly owned 189,401 shares in the company, valued at $5,331,638.15. The trade was a 13.67% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 308,406 shares of company stock valued at $8,309,957 in the last three months. Insiders own 1.05% of the company’s stock.

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.