Retirement Systems of Alabama Sells 6,836 Shares of MGIC Investment Co. (NYSE:MTG)

Retirement Systems of Alabama lowered its position in shares of MGIC Investment Co. (NYSE:MTG) by 2.2% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 308,871 shares of the insurance provider’s stock after selling 6,836 shares during the period. Retirement Systems of Alabama owned about 0.12% of MGIC Investment worth $7,323,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. State of Alaska Department of Revenue raised its position in MGIC Investment by 0.4% in the 3rd quarter. State of Alaska Department of Revenue now owns 150,750 shares of the insurance provider’s stock worth $3,858,000 after purchasing an additional 540 shares during the period. Lindenwold Advisors INC increased its holdings in shares of MGIC Investment by 3.7% in the third quarter. Lindenwold Advisors INC now owns 16,611 shares of the insurance provider’s stock worth $425,000 after buying an additional 592 shares during the period. Inspire Investing LLC increased its holdings in shares of MGIC Investment by 4.8% in the fourth quarter. Inspire Investing LLC now owns 16,883 shares of the insurance provider’s stock worth $400,000 after buying an additional 766 shares during the period. UMB Bank n.a. lifted its stake in shares of MGIC Investment by 131.9% in the 4th quarter. UMB Bank n.a. now owns 1,649 shares of the insurance provider’s stock valued at $39,000 after acquiring an additional 938 shares during the last quarter. Finally, Financial Strategies Group Inc. boosted its holdings in MGIC Investment by 9.2% during the 3rd quarter. Financial Strategies Group Inc. now owns 11,440 shares of the insurance provider’s stock valued at $295,000 after acquiring an additional 966 shares during the period. 95.58% of the stock is currently owned by hedge funds and other institutional investors.

MGIC Investment Trading Down 0.6 %

MTG stock opened at $25.30 on Monday. The company’s 50-day simple moving average is $24.47 and its 200-day simple moving average is $24.77. MGIC Investment Co. has a 52-week low of $18.68 and a 52-week high of $26.56. The firm has a market cap of $6.41 billion, a P/E ratio of 8.72, a PEG ratio of 2.01 and a beta of 1.29. The company has a quick ratio of 1.25, a current ratio of 0.48 and a debt-to-equity ratio of 0.12.

MGIC Investment (NYSE:MTG) last issued its earnings results on Monday, February 3rd. The insurance provider reported $0.72 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.65 by $0.07. MGIC Investment had a return on equity of 14.86% and a net margin of 63.18%. As a group, equities analysts forecast that MGIC Investment Co. will post 2.71 EPS for the current fiscal year.

MGIC Investment Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, March 5th. Stockholders of record on Tuesday, February 18th will be given a dividend of $0.13 per share. The ex-dividend date of this dividend is Tuesday, February 18th. This represents a $0.52 annualized dividend and a dividend yield of 2.06%. MGIC Investment’s dividend payout ratio is currently 17.93%.

Analyst Ratings Changes

Several brokerages have recently commented on MTG. Compass Point reaffirmed a “neutral” rating and set a $27.00 price objective (up from $24.00) on shares of MGIC Investment in a research note on Wednesday, February 5th. Barclays increased their price objective on MGIC Investment from $25.00 to $26.00 and gave the stock an “equal weight” rating in a report on Wednesday, February 5th. Royal Bank of Canada reduced their target price on MGIC Investment from $28.00 to $27.00 and set a “sector perform” rating on the stock in a research note on Wednesday, November 6th. Keefe, Bruyette & Woods dropped their price target on MGIC Investment from $29.00 to $28.00 and set a “market perform” rating for the company in a research note on Wednesday, January 8th. Finally, Bank of America cut shares of MGIC Investment from a “buy” rating to an “underperform” rating and cut their price target for the company from $26.00 to $25.00 in a report on Monday, December 9th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and two have assigned a buy rating to the company’s stock. According to MarketBeat, MGIC Investment has an average rating of “Hold” and an average price target of $26.25.

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.