State of Michigan Retirement System Cuts Stake in MGIC Investment Corporation $MTG

State of Michigan Retirement System cut its stake in MGIC Investment Corporation (NYSE:MTG) by 3.9% during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 57,117 shares of the insurance provider’s stock after selling 2,300 shares during the period. State of Michigan Retirement System’s holdings in MGIC Investment were worth $1,590,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently bought and sold shares of the stock. WPG Advisers LLC purchased a new position in MGIC Investment during the first quarter worth approximately $26,000. Hantz Financial Services Inc. grew its stake in shares of MGIC Investment by 3,067.6% during the 2nd quarter. Hantz Financial Services Inc. now owns 1,077 shares of the insurance provider’s stock valued at $30,000 after buying an additional 1,043 shares during the period. Cullen Frost Bankers Inc. acquired a new stake in shares of MGIC Investment during the 1st quarter worth $33,000. Quarry LP purchased a new position in shares of MGIC Investment in the 1st quarter worth $38,000. Finally, Geneos Wealth Management Inc. raised its position in shares of MGIC Investment by 88.0% in the 1st quarter. Geneos Wealth Management Inc. now owns 1,745 shares of the insurance provider’s stock worth $43,000 after buying an additional 817 shares during the period. Institutional investors and hedge funds own 95.58% of the company’s stock.

Insider Buying and Selling at MGIC Investment

In other MGIC Investment news, EVP Paula C. Maggio sold 20,000 shares of the stock in a transaction that occurred on Friday, October 31st. The shares were sold at an average price of $27.44, for a total value of $548,800.00. Following the completion of the sale, the executive vice president owned 117,395 shares of the company’s stock, valued at $3,221,318.80. This trade represents a 14.56% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, COO Salvatore A. Miosi sold 30,000 shares of the business’s stock in a transaction on Monday, November 3rd. The stock was sold at an average price of $27.52, for a total transaction of $825,600.00. Following the transaction, the chief operating officer directly owned 159,401 shares in the company, valued at approximately $4,386,715.52. The trade was a 15.84% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 219,203 shares of company stock valued at $5,989,909 over the last 90 days. 1.41% of the stock is owned by corporate insiders.

MGIC Investment Stock Down 1.6%

Shares of MGIC Investment stock opened at $27.63 on Friday. MGIC Investment Corporation has a twelve month low of $21.94 and a twelve month high of $29.01. The stock has a market cap of $6.18 billion, a price-to-earnings ratio of 8.88, a price-to-earnings-growth ratio of 1.91 and a beta of 0.92. 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 fifty day moving average price of $27.73 and a 200 day moving average price of $26.91.

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

MGIC Investment Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, November 20th. Shareholders of record on Thursday, November 6th will be issued a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a yield of 2.2%. The ex-dividend date is Thursday, November 6th. MGIC Investment’s dividend payout ratio is currently 19.29%.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on MTG shares. Barclays boosted their price target on MGIC Investment from $27.00 to $28.00 and gave the company a “cautious” rating in a research report on Monday, October 6th. Weiss Ratings reaffirmed a “buy (a-)” rating on shares of MGIC Investment in a research note on Wednesday, October 8th. One equities research analyst has rated the stock with a Strong Buy rating, three have assigned a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $26.80.

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.