Public Employees Retirement Association of Colorado trimmed its stake in MGIC Investment Co. (NYSE:MTG – Free Report) by 69.2% in the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 9,007 shares of the insurance provider’s stock after selling 20,194 shares during the quarter. Public Employees Retirement Association of Colorado’s holdings in MGIC Investment were worth $121,000 as of its most recent filing with the SEC.
Several other institutional investors and hedge funds have also recently bought and sold shares of the stock. Raymond James Financial Services Advisors Inc. grew its stake in shares of MGIC Investment by 13.4% during the 1st quarter. Raymond James Financial Services Advisors Inc. now owns 103,446 shares of the insurance provider’s stock valued at $1,402,000 after buying an additional 12,256 shares during the period. HighTower Advisors LLC acquired a new position in MGIC Investment in the first quarter valued at $230,000. Natixis Advisors L.P. grew its position in MGIC Investment by 42.1% during the first quarter. Natixis Advisors L.P. now owns 25,204 shares of the insurance provider’s stock valued at $342,000 after acquiring an additional 7,472 shares during the period. MetLife Investment Management LLC increased its stake in MGIC Investment by 31.3% during the first quarter. MetLife Investment Management LLC now owns 207,142 shares of the insurance provider’s stock worth $2,807,000 after acquiring an additional 49,361 shares during the last quarter. Finally, Commonwealth of Pennsylvania Public School Empls Retrmt SYS increased its stake in MGIC Investment by 8.8% during the first quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 117,400 shares of the insurance provider’s stock worth $1,591,000 after acquiring an additional 9,454 shares during the last quarter. Institutional investors and hedge funds own 95.24% of the company’s stock.
Analysts Set New Price Targets
MTG has been the subject of a number of research reports. StockNews.com began coverage on MGIC Investment in a report on Thursday, May 18th. They set a “hold” rating for the company. Royal Bank of Canada boosted their price objective on shares of MGIC Investment from $17.00 to $18.00 and gave the stock a “sector perform” rating in a research note on Friday, August 4th. Finally, Compass Point lifted their target price on shares of MGIC Investment from $18.00 to $20.00 in a report on Thursday, August 3rd. Three analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to MarketBeat, MGIC Investment currently has a consensus rating of “Moderate Buy” and an average price target of $17.00.
MGIC Investment Stock Up 0.4 %
NYSE MTG opened at $17.89 on Monday. The company has a quick ratio of 0.66, a current ratio of 0.66 and a debt-to-equity ratio of 0.14. MGIC Investment Co. has a fifty-two week low of $12.13 and a fifty-two week high of $18.25. The business has a 50 day moving average price of $16.22 and a two-hundred day moving average price of $14.79. The stock has a market cap of $5.05 billion, a PE ratio of 6.78, a P/E/G ratio of 1.51 and a beta of 1.31.
MGIC Investment (NYSE:MTG – Get Free Report) last announced its earnings results on Wednesday, August 2nd. The insurance provider reported $0.68 earnings per share for the quarter, beating the consensus estimate of $0.55 by $0.13. MGIC Investment had a net margin of 67.83% and a return on equity of 17.26%. The business had revenue of $290.70 million during the quarter, compared to the consensus estimate of $292.51 million. During the same period in the prior year, the firm earned $0.81 earnings per share. The business’s quarterly revenue was down .8% compared to the same quarter last year. As a group, sell-side analysts predict that MGIC Investment Co. will post 2.37 EPS for the current fiscal year.
MGIC Investment Increases Dividend
The firm also recently announced a quarterly dividend, which will be paid on Thursday, August 24th. Stockholders of record on Thursday, August 10th will be paid a dividend of $0.115 per share. The ex-dividend date is Wednesday, August 9th. This is an increase from MGIC Investment’s previous quarterly dividend of $0.10. This represents a $0.46 annualized dividend and a dividend yield of 2.57%. MGIC Investment’s dividend payout ratio (DPR) is currently 17.42%.
About MGIC Investment
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.
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