State of Michigan Retirement System Sells 2,700 Shares of MGIC Investment Co. (NYSE:MTG)

State of Michigan Retirement System cut its holdings in MGIC Investment Co. (NYSE:MTG) by 4.0% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 64,217 shares of the insurance provider’s stock after selling 2,700 shares during the period. State of Michigan Retirement System’s holdings in MGIC Investment were worth $1,384,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in MTG. Louisiana State Employees Retirement System lifted its stake in shares of MGIC Investment by 0.6% in the 1st quarter. Louisiana State Employees Retirement System now owns 78,400 shares of the insurance provider’s stock valued at $1,753,000 after acquiring an additional 500 shares during the last quarter. QRG Capital Management Inc. lifted its position in MGIC Investment by 4.1% in the fourth quarter. QRG Capital Management Inc. now owns 14,703 shares of the insurance provider’s stock valued at $284,000 after purchasing an additional 584 shares during the last quarter. Crossmark Global Holdings Inc. boosted its stake in shares of MGIC Investment by 0.7% during the fourth quarter. Crossmark Global Holdings Inc. now owns 117,517 shares of the insurance provider’s stock valued at $2,267,000 after purchasing an additional 774 shares during the period. Versant Capital Management Inc grew its holdings in shares of 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 during the last quarter. Finally, GAMMA Investing LLC increased its stake in shares of MGIC Investment by 76.2% in the second quarter. GAMMA Investing LLC now owns 3,071 shares of the insurance provider’s stock worth $66,000 after buying an additional 1,328 shares during the period. 95.58% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

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

MGIC Investment Trading Up 0.1 %

MTG opened at $25.17 on Friday. The stock has a market cap of $6.71 billion, a PE ratio of 9.68, a PEG ratio of 3.02 and a beta of 1.28. The business has a 50 day moving average of $23.24 and a 200-day moving average of $21.49. MGIC Investment Co. has a 52 week low of $16.30 and a 52 week high of $25.93. The company has a quick ratio of 1.05, a current ratio of 1.11 and a debt-to-equity ratio of 0.13.

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

MGIC Investment Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, August 22nd. Shareholders of record on Thursday, August 8th were issued a $0.13 dividend. This represents a $0.52 dividend on an annualized basis and a yield of 2.07%. The ex-dividend date was Thursday, August 8th. This is a boost from MGIC Investment’s previous quarterly dividend of $0.12. MGIC Investment’s dividend payout ratio is 20.00%.

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.