State of New Jersey Common Pension Fund D Sells 8,797 Shares of MGIC Investment Co. (NYSE:MTG)

State of New Jersey Common Pension Fund D trimmed its stake in MGIC Investment Co. (NYSE:MTG) by 9.6% during the 3rd quarter, Holdings Channel reports. The firm owned 83,138 shares of the insurance provider’s stock after selling 8,797 shares during the quarter. State of New Jersey Common Pension Fund D’s holdings in MGIC Investment were worth $2,128,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. Meritage Portfolio Management increased its holdings in shares of MGIC Investment by 9.2% in the 3rd quarter. Meritage Portfolio Management now owns 23,635 shares of the insurance provider’s stock worth $605,000 after buying an additional 2,000 shares during the last quarter. Covestor Ltd grew its position in MGIC Investment by 65.5% in the third quarter. Covestor Ltd now owns 3,387 shares of the insurance provider’s stock worth $87,000 after acquiring an additional 1,341 shares in the last quarter. CWA Asset Management Group LLC bought a new position in MGIC Investment in the third quarter valued at $723,000. Financial Strategies Group Inc. raised its position in MGIC Investment by 9.2% during the third quarter. Financial Strategies Group Inc. now owns 11,440 shares of the insurance provider’s stock valued at $295,000 after purchasing an additional 966 shares in the last quarter. Finally, Hara Capital LLC purchased a new position in shares of MGIC Investment in the 3rd quarter worth about $25,000. 95.58% of the stock is owned by hedge funds and other institutional investors.

MGIC Investment Trading Down 0.3 %

NYSE:MTG opened at $24.61 on Friday. The firm has a market capitalization of $6.24 billion, a P/E ratio of 8.70, a P/E/G ratio of 1.81 and a beta of 1.28. MGIC Investment Co. has a 52 week low of $17.25 and a 52 week high of $26.52. The company has a quick ratio of 1.25, a current ratio of 1.25 and a debt-to-equity ratio of 0.12. The company has a fifty day moving average of $25.19 and a 200 day moving average of $23.33.

MGIC Investment (NYSE:MTG) last posted its earnings results on Monday, November 4th. The insurance provider reported $0.77 earnings per share for the quarter, topping analysts’ consensus estimates of $0.66 by $0.11. The company had revenue of $306.65 million during the quarter, compared to analyst estimates of $306.03 million. MGIC Investment had a net margin of 64.09% and a return on equity of 14.99%. MGIC Investment’s revenue for the quarter was up 3.4% on a year-over-year basis. During the same period in the prior year, the business posted $0.64 earnings per share. On average, research analysts predict that MGIC Investment Co. will post 2.81 earnings per share for the current year.

MGIC Investment Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, November 21st. Stockholders of record on Thursday, November 7th will be paid a dividend of $0.13 per share. This represents a $0.52 dividend on an annualized basis and a dividend yield of 2.11%. The ex-dividend date is Thursday, November 7th. MGIC Investment’s payout ratio is 18.31%.

Analyst Upgrades and Downgrades

MTG has been the topic of a number of research reports. Barclays raised their price objective on MGIC Investment from $23.00 to $24.00 and gave the company an “equal weight” rating in a report on Tuesday, October 8th. BTIG Research boosted their price objective on shares of MGIC Investment from $22.00 to $25.00 and gave the stock a “buy” rating in a report on Monday, August 5th. Royal Bank of Canada reduced their target price on shares of MGIC Investment from $28.00 to $27.00 and set a “sector perform” rating on the stock in a report on Wednesday, November 6th. Finally, Roth Mkm boosted their price target on shares of MGIC Investment from $24.00 to $30.00 and gave the stock a “buy” rating in a research note on Friday, August 2nd. Three research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $25.50.

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.