California State Teachers Retirement System lifted its position in MGIC Investment Corporation (NYSE:MTG – Free Report) by 16.2% during the 1st quarter, Holdings Channel.com reports. The fund owned 274,193 shares of the insurance provider’s stock after acquiring an additional 38,217 shares during the period. California State Teachers Retirement System’s holdings in MGIC Investment were worth $7,198,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Newbridge Financial Services Group Inc. acquired a new position in shares of MGIC Investment in the third quarter valued at about $28,000. V Square Quantitative Management LLC acquired a new stake in shares of MGIC Investment during the fourth quarter worth about $36,000. SBI Securities Co. Ltd. boosted its position in MGIC Investment by 40.3% in the fourth quarter. SBI Securities Co. Ltd. now owns 1,461 shares of the insurance provider’s stock valued at $43,000 after buying an additional 420 shares during the last quarter. Geneos Wealth Management Inc. increased its holdings in MGIC Investment by 88.0% in the 1st quarter. Geneos Wealth Management Inc. now owns 1,745 shares of the insurance provider’s stock worth $43,000 after buying an additional 817 shares during the period. Finally, Kestra Advisory Services LLC acquired a new stake in shares of MGIC Investment in the fourth quarter worth $79,000. Hedge funds and other institutional investors own 95.58% of the company’s stock.
Wall Street Analysts Forecast Growth
Several equities analysts have recently weighed in on the stock. Weiss Ratings raised shares of MGIC Investment from a “buy (b)” rating to a “buy (b+)” rating in a report on Tuesday, July 7th. Keefe, Bruyette & Woods raised their target price on MGIC Investment from $29.00 to $30.00 and gave the company a “market perform” rating in a research report on Friday, July 31st. Royal Bank Of Canada lifted their price target on MGIC Investment from $28.00 to $32.00 and gave the stock a “sector perform” rating in a research note on Friday, July 31st. Barclays dropped their price target on MGIC Investment from $29.00 to $28.00 and set an “equal weight” rating for the company in a research report on Friday, May 1st. Finally, Roth Capital reissued a “buy” rating and issued a $35.00 price objective on shares of MGIC Investment in a research note on Thursday, July 30th. Two equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. According to MarketBeat, the company has an average rating of “Hold” and a consensus price target of $30.60.
MGIC Investment Stock Performance
MGIC Investment stock opened at $30.96 on Wednesday. The firm has a 50 day simple moving average of $27.61 and a 200-day simple moving average of $27.02. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.19 and a quick ratio of 1.19. The stock has a market cap of $6.35 billion, a price-to-earnings ratio of 9.67, a price-to-earnings-growth ratio of 2.06 and a beta of 0.66. MGIC Investment Corporation has a 1-year low of $24.69 and a 1-year high of $31.89.
MGIC Investment (NYSE:MTG – Get Free Report) last announced its quarterly earnings results on Wednesday, July 29th. The insurance provider reported $0.87 EPS for the quarter, beating the consensus estimate of $0.76 by $0.11. The business had revenue of $295.39 million for the quarter, compared to analyst estimates of $297.54 million. MGIC Investment had a return on equity of 13.90% and a net margin of 59.20%.The company’s quarterly revenue was down 2.9% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.82 EPS. On average, analysts expect that MGIC Investment Corporation will post 3.12 EPS for the current year.
MGIC Investment Increases Dividend
The business also recently announced a quarterly dividend, which will be paid on Thursday, August 20th. Investors of record on Wednesday, August 5th will be issued a $0.17 dividend. This represents a $0.68 dividend on an annualized basis and a yield of 2.2%. This is a boost from MGIC Investment’s previous quarterly dividend of $0.15. The ex-dividend date is Wednesday, August 5th. MGIC Investment’s dividend payout ratio (DPR) is 18.75%.
MGIC Investment announced that its Board of Directors has initiated a share buyback program on Thursday, April 23rd that allows the company to buyback $750.00 million in shares. This buyback authorization allows the insurance provider to purchase up to 12.4% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board of directors believes its shares are undervalued.
Insider Activity
In other news, EVP Paula C. Maggio sold 20,937 shares of the business’s stock in a transaction dated Friday, May 29th. The stock was sold at an average price of $25.55, for a total transaction of $534,940.35. Following the completion of the transaction, the executive vice president directly owned 169,620 shares of the company’s stock, valued at approximately $4,333,791. The trade was a 10.99% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, COO Salvatore A. Miosi sold 30,000 shares of the business’s stock in a transaction that occurred on Monday, June 8th. The stock was sold at an average price of $25.38, for a total transaction of $761,400.00. Following the transaction, the chief operating officer owned 560,951 shares of the company’s stock, valued at $14,236,936.38. This trade represents a 5.08% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 1.34% of the company’s stock.
MGIC Investment Company Profile
MGIC Investment Corporation (NYSE: MTG) is a leading provider of private mortgage insurance in the United States. Established in 1957 as the nation’s first private mortgage insurer, MGIC helps lenders manage credit risk and facilitates homeownership by protecting mortgage loans against default. Headquartered in Milwaukee, Wisconsin, the company operates through its principal subsidiary, Mortgage Guaranty Insurance Corporation, and maintains relationships with a broad network of originators and servicers nationwide.
The company’s primary business activity involves issuing mortgage insurance policies that enable borrowers to purchase homes with down payments below traditional lending thresholds.
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