State of Michigan Retirement System Sells 1,500 Shares of MGIC Investment Co. (NYSE:MTG)

State of Michigan Retirement System lessened its stake in shares of MGIC Investment Co. (NYSE:MTG) by 2.4% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 60,017 shares of the insurance provider’s stock after selling 1,500 shares during the quarter. State of Michigan Retirement System’s holdings in MGIC Investment were worth $1,423,000 as of its most recent SEC filing.

A number of other large investors have also recently made changes to their positions in the stock. US Bancorp DE grew its position in MGIC Investment by 6.2% in the 4th quarter. US Bancorp DE now owns 10,249 shares of the insurance provider’s stock worth $243,000 after purchasing an additional 600 shares during the period. A&I Financial Services LLC purchased a new position in shares of MGIC Investment in the 4th quarter worth $454,000. Proficio Capital Partners LLC bought a new stake in shares of MGIC Investment in the fourth quarter worth $653,000. NewEdge Wealth LLC increased its position in MGIC Investment by 11.6% during the fourth quarter. NewEdge Wealth LLC now owns 1,837,821 shares of the insurance provider’s stock valued at $43,575,000 after acquiring an additional 190,450 shares during the last quarter. Finally, Allianz Asset Management GmbH lifted its holdings in MGIC Investment by 8.2% in the fourth quarter. Allianz Asset Management GmbH now owns 5,495,115 shares of the insurance provider’s stock valued at $130,289,000 after acquiring an additional 415,586 shares during the period. 95.58% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

MTG has been the subject of a number of recent research reports. Bank of America downgraded 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 research note on Monday, December 9th. UBS Group boosted their target price on shares of MGIC Investment from $25.00 to $26.00 and gave the company a “neutral” rating in a research report on Wednesday, February 19th. Keefe, Bruyette & Woods decreased their price target on shares of MGIC Investment from $29.00 to $28.00 and set a “market perform” rating on the stock in a research report on Wednesday, January 8th. Compass Point reissued a “neutral” rating and set a $27.00 price objective (up previously from $24.00) on shares of MGIC Investment in a research report on Wednesday, February 5th. Finally, Barclays raised their target price on MGIC Investment from $25.00 to $26.00 and gave the stock an “equal weight” rating in a report on Wednesday, February 5th. One research analyst has rated the stock with a sell rating, five have issued a hold rating and two have given a buy rating to the company’s stock. According to MarketBeat, MGIC Investment has an average rating of “Hold” and a consensus price target of $26.75.

MGIC Investment Stock Up 0.7 %

MTG opened at $23.80 on Friday. The stock has a market cap of $5.78 billion, a price-to-earnings ratio of 8.21 and a beta of 1.28. The company has a debt-to-equity ratio of 0.12, a quick ratio of 1.25 and a current ratio of 0.48. The firm’s fifty day moving average is $24.38 and its 200 day moving average is $24.82. MGIC Investment Co. has a fifty-two week low of $19.26 and a fifty-two week high of $26.56.

MGIC Investment (NYSE:MTG) last announced its quarterly earnings data on Monday, February 3rd. The insurance provider reported $0.72 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%. On average, sell-side analysts forecast that MGIC Investment Co. will post 2.71 earnings per share for the current fiscal year.

MGIC Investment Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, March 5th. Shareholders of record on Tuesday, February 18th were issued a dividend of $0.13 per share. This represents a $0.52 dividend on an annualized basis and a yield of 2.19%. The ex-dividend date was Tuesday, February 18th. MGIC Investment’s dividend payout ratio (DPR) is currently 17.93%.

Insider Activity

In related news, CAO Julie K. Sperber sold 4,600 shares of the firm’s stock in a transaction on Friday, February 21st. The shares were sold at an average price of $24.55, for a total transaction of $112,930.00. Following the completion of the transaction, the chief accounting officer now directly owns 75,070 shares of the company’s stock, valued at approximately $1,842,968.50. This trade represents a 5.77 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 1.05% of the company’s stock.

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.