Teachers Retirement System of The State of Kentucky Lowers Stake in MGIC Investment Co. (NYSE:MTG)

Teachers Retirement System of The State of Kentucky trimmed its position in MGIC Investment Co. (NYSE:MTG) by 5.9% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 184,240 shares of the insurance provider’s stock after selling 11,492 shares during the quarter. Teachers Retirement System of The State of Kentucky owned 0.07% of MGIC Investment worth $3,970,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also modified their holdings of MTG. Versant Capital Management Inc raised its holdings 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 valued at $25,000 after buying an additional 946 shares during the period. Quarry LP raised its stake 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 period. CWM LLC lifted its holdings 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. Fidelis Capital Partners LLC purchased a new stake in MGIC Investment during the 1st quarter worth $50,000. Finally, GAMMA Investing LLC increased its holdings in MGIC Investment by 76.2% in the 2nd quarter. GAMMA Investing LLC now owns 3,071 shares of the insurance provider’s stock valued at $66,000 after purchasing an additional 1,328 shares in the last quarter. 95.58% of the stock is owned by institutional investors and hedge funds.

MGIC Investment Stock Performance

MGIC Investment stock opened at $25.44 on Thursday. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.13. The stock has a 50 day moving average of $24.70 and a 200-day moving average of $22.42. The stock has a market cap of $6.78 billion, a P/E ratio of 9.78, a price-to-earnings-growth ratio of 1.37 and a beta of 1.28. MGIC Investment Co. has a 52 week low of $16.30 and a 52 week high of $25.93.

MGIC Investment (NYSE:MTG) last announced 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 company had revenue of $305.28 million during the quarter, compared to analyst estimates of $301.02 million. MGIC Investment had a net margin of 63.19% and a return on equity of 14.97%. The firm’s revenue for the quarter was up 5.0% compared to the same quarter last year. During the same period last year, the business earned $0.68 EPS. On average, analysts expect that MGIC Investment Co. will post 2.76 EPS for the current fiscal year.

MGIC Investment Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, August 22nd. Shareholders of record on Thursday, August 8th were paid a dividend of $0.13 per share. The ex-dividend date was Thursday, August 8th. This represents a $0.52 annualized dividend and a yield of 2.04%. This is a boost from MGIC Investment’s previous quarterly dividend of $0.12. MGIC Investment’s dividend payout ratio is presently 20.00%.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on MTG shares. Barclays upped their target price on MGIC Investment from $21.00 to $23.00 and gave the stock an “equal weight” rating in a research report on Friday, August 2nd. Roth Mkm boosted their target price on shares of MGIC Investment from $24.00 to $30.00 and gave the stock a “buy” rating in a research report on Friday, August 2nd. Finally, BTIG Research raised their price target on shares of MGIC Investment from $22.00 to $25.00 and gave the company a “buy” rating in a report on Monday, August 5th. Four analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $24.33.

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.