MGIC Investment Co. (NYSE:MTG) Shares Sold by Retirement Systems of Alabama

Retirement Systems of Alabama reduced its stake in shares of MGIC Investment Co. (NYSE:MTG) by 3.8% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 329,832 shares of the insurance provider’s stock after selling 13,151 shares during the period. Retirement Systems of Alabama owned about 0.12% of MGIC Investment worth $7,108,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently modified their holdings of the stock. Versant Capital Management Inc grew its stake in MGIC Investment by 482.7% in the second quarter. Versant Capital Management Inc now owns 1,142 shares of the insurance provider’s stock worth $25,000 after purchasing an additional 946 shares in the last quarter. GAMMA Investing LLC acquired a new position in shares of MGIC Investment in the 4th quarter worth approximately $30,000. Pacific Capital Wealth Advisors Inc. bought a new stake in shares of MGIC Investment in the 4th quarter valued at approximately $31,000. Quarry LP increased its holdings in shares of MGIC Investment by 244.4% in the 4th quarter. Quarry LP now owns 1,977 shares of the insurance provider’s stock valued at $38,000 after acquiring an additional 1,403 shares during the last quarter. Finally, CWM LLC raised its position in shares of MGIC Investment by 249.1% during the 1st quarter. CWM LLC now owns 2,175 shares of the insurance provider’s stock valued at $49,000 after acquiring an additional 1,552 shares in the last quarter. Institutional investors own 95.58% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have recently issued reports on MTG. Keefe, Bruyette & Woods upgraded shares of MGIC Investment from a “market perform” rating to an “outperform” rating and raised their price target for the stock from $24.00 to $25.00 in a research report on Monday, June 3rd. Barclays raised their target price on shares of MGIC Investment from $21.00 to $23.00 and gave the stock an “equal weight” rating in a report on Friday, August 2nd. UBS Group upped their target price on MGIC Investment from $21.00 to $22.00 and gave the company a “neutral” rating in a report on Wednesday, May 22nd. Roth Mkm raised their price target on MGIC Investment from $24.00 to $30.00 and gave the stock a “buy” rating in a report on Friday, August 2nd. Finally, BTIG Research boosted their price objective on MGIC Investment from $22.00 to $25.00 and gave the company a “buy” rating in a research report on Monday, August 5th. Four research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $24.33.

MGIC Investment Stock Up 2.6 %

Shares of MGIC Investment stock opened at $24.82 on Monday. MGIC Investment Co. has a 1-year low of $16.30 and a 1-year high of $25.93. The company has a market capitalization of $6.62 billion, a P/E ratio of 9.55, a PEG ratio of 3.02 and a beta of 1.28. The business’s fifty day moving average price is $22.92 and its two-hundred day moving average price is $21.35. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.11 and a quick ratio of 1.05.

MGIC Investment (NYSE:MTG) last posted its quarterly earnings data on Wednesday, July 31st. The insurance provider reported $0.77 earnings per share for the quarter, topping the consensus estimate of $0.62 by $0.15. The business had revenue of $305.28 million during the quarter, compared to the consensus estimate of $301.02 million. MGIC Investment had a net margin of 63.19% and a return on equity of 14.97%. The company’s quarterly revenue was up 5.0% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.68 earnings per share. As a group, research analysts forecast that MGIC Investment Co. will post 2.54 EPS for the current year.

MGIC Investment Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, August 22nd. Shareholders of record on Thursday, August 8th were given a $0.13 dividend. This represents a $0.52 dividend on an annualized basis and a yield of 2.10%. This is an increase from MGIC Investment’s previous quarterly dividend of $0.12. The ex-dividend date of this dividend was Thursday, August 8th. MGIC Investment’s dividend payout ratio is 20.00%.

MGIC Investment 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.