New York State Teachers Retirement System Lowers Position in MGIC Investment Corporation $MTG

New York State Teachers Retirement System lessened its holdings in shares of MGIC Investment Corporation (NYSE:MTG) by 8.2% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 284,393 shares of the insurance provider’s stock after selling 25,397 shares during the quarter. New York State Teachers Retirement System owned about 0.13% of MGIC Investment worth $7,465,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently modified their holdings of MTG. Root Financial Partners LLC raised its holdings in shares of MGIC Investment by 100.7% during the 1st quarter. Root Financial Partners LLC now owns 3,022 shares of the insurance provider’s stock valued at $79,000 after buying an additional 1,516 shares in the last quarter. Impact Partnership Wealth LLC boosted its stake in MGIC Investment by 16.5% in the first quarter. Impact Partnership Wealth LLC now owns 18,284 shares of the insurance provider’s stock worth $480,000 after buying an additional 2,588 shares in the last quarter. Ellenbecker Investment Group grew its position in MGIC Investment by 49.5% during the first quarter. Ellenbecker Investment Group now owns 29,310 shares of the insurance provider’s stock valued at $769,000 after acquiring an additional 9,704 shares during the last quarter. Inspire Investing LLC grew its position in MGIC Investment by 22.2% during the first quarter. Inspire Investing LLC now owns 19,515 shares of the insurance provider’s stock valued at $512,000 after acquiring an additional 3,540 shares during the last quarter. Finally, Pictet Asset Management Holding SA raised its stake in shares of MGIC Investment by 9.9% during the first quarter. Pictet Asset Management Holding SA now owns 37,933 shares of the insurance provider’s stock worth $996,000 after acquiring an additional 3,432 shares in the last quarter. Hedge funds and other institutional investors own 95.58% of the company’s stock.

Insider Buying and Selling at MGIC Investment

In related news, COO Salvatore A. Miosi sold 30,000 shares of the firm’s stock in a transaction that occurred on Monday, June 8th. The shares were sold at an average price of $25.38, for a total transaction of $761,400.00. Following the completion of the sale, the chief operating officer owned 560,951 shares of the company’s stock, valued at $14,236,936.38. This trade represents a 5.08% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Paula C. Maggio sold 20,937 shares of the business’s stock in a transaction that occurred on Friday, May 29th. The stock was sold at an average price of $25.55, for a total transaction of $534,940.35. Following the completion of the transaction, the executive vice president owned 169,620 shares of the company’s stock, valued at approximately $4,333,791. The trade was a 10.99% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 1.34% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on MTG shares. Barclays decreased their price objective on shares of MGIC Investment from $29.00 to $28.00 and set an “equal weight” rating on the stock in a research report on Friday, May 1st. Weiss Ratings reissued a “buy (b)” rating on shares of MGIC Investment in a research note on Monday, June 15th. Royal Bank Of Canada began coverage on MGIC Investment in a report on Friday, May 22nd. They set a “sector perform” rating and a $28.00 price target on the stock. UBS Group lowered their price target on MGIC Investment from $29.50 to $28.00 and set a “neutral” rating for the company in a research report on Thursday, March 12th. Finally, Keefe, Bruyette & Woods lifted their price objective on MGIC Investment from $28.00 to $29.00 and gave the stock a “market perform” rating in a research report on Friday, April 10th. One research analyst has rated the stock with a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $28.25.

MGIC Investment Trading Up 1.5%

NYSE MTG traded up $0.41 during trading on Tuesday, hitting $28.62. The company had a trading volume of 112,948 shares, compared to its average volume of 2,078,158. The company has a current ratio of 1.14, a quick ratio of 1.14 and a debt-to-equity ratio of 0.13. MGIC Investment Corporation has a one year low of $24.69 and a one year high of $29.97. The company has a market cap of $6.05 billion, a price-to-earnings ratio of 9.09, a price-to-earnings-growth ratio of 1.95 and a beta of 0.67. The company’s fifty day moving average is $26.52 and its 200-day moving average is $26.98.

MGIC Investment (NYSE:MTG) last posted its earnings results on Wednesday, April 29th. The insurance provider reported $0.76 earnings per share for the quarter, topping analysts’ consensus estimates of $0.73 by $0.03. The firm had revenue of $297.08 million for the quarter, compared to the consensus estimate of $303.12 million. MGIC Investment had a return on equity of 14.01% and a net margin of 59.63%.The business’s revenue for the quarter was down 3.0% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.75 EPS. On average, sell-side analysts predict that MGIC Investment Corporation will post 3.05 earnings per share for the current year.

MGIC Investment announced that its board has approved a stock buyback plan on Thursday, April 23rd that allows the company to buyback $750.00 million in shares. This buyback authorization allows the insurance provider to buy up to 12.4% of its shares through open market purchases. Shares buyback plans are generally a sign that the company’s leadership believes its shares are undervalued.

MGIC Investment Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, May 21st. Stockholders of record on Wednesday, May 6th were issued a dividend of $0.15 per share. The ex-dividend date was Wednesday, May 6th. This represents a $0.60 annualized dividend and a dividend yield of 2.1%. MGIC Investment’s dividend payout ratio (DPR) is presently 19.05%.

About MGIC Investment

MGIC Investment Corporation (NYSE: MTG) is a leading provider of private mortgage insurance in the United States. Established in 1957 as the nation’s first private mortgage insurer, MGIC helps lenders manage credit risk and facilitates homeownership by protecting mortgage loans against default. Headquartered in Milwaukee, Wisconsin, the company operates through its principal subsidiary, Mortgage Guaranty Insurance Corporation, and maintains relationships with a broad network of originators and servicers nationwide.

The company’s primary business activity involves issuing mortgage insurance policies that enable borrowers to purchase homes with down payments below traditional lending thresholds.