MGIC Investment Co. (NYSE:MTG) Shares Sold by Retirement Systems of Alabama

Retirement Systems of Alabama decreased its holdings in shares of MGIC Investment Co. (NYSE:MTG) by 4.3% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 315,707 shares of the insurance provider’s stock after selling 14,125 shares during the period. Retirement Systems of Alabama’s holdings in MGIC Investment were worth $8,082,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Dimensional Fund Advisors LP lifted its holdings in MGIC Investment by 3.8% during the second quarter. Dimensional Fund Advisors LP now owns 15,145,206 shares of the insurance provider’s stock valued at $326,375,000 after purchasing an additional 556,859 shares in the last quarter. State Street Corp lifted its stake in MGIC Investment by 0.8% in the 3rd quarter. State Street Corp now owns 9,092,453 shares of the insurance provider’s stock valued at $232,767,000 after buying an additional 73,851 shares in the last quarter. American Century Companies Inc. boosted its holdings in MGIC Investment by 1.5% in the 2nd quarter. American Century Companies Inc. now owns 3,395,208 shares of the insurance provider’s stock worth $73,167,000 after buying an additional 50,307 shares during the last quarter. Franklin Resources Inc. increased its stake in MGIC Investment by 6.5% during the 3rd quarter. Franklin Resources Inc. now owns 1,621,838 shares of the insurance provider’s stock worth $41,836,000 after buying an additional 98,369 shares in the last quarter. Finally, Los Angeles Capital Management LLC raised its holdings in shares of MGIC Investment by 0.3% during the second quarter. Los Angeles Capital Management LLC now owns 1,438,727 shares of the insurance provider’s stock valued at $31,005,000 after acquiring an additional 4,602 shares during the last quarter. Hedge funds and other institutional investors own 95.58% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on the company. Bank of America lowered MGIC Investment from a “buy” rating to an “underperform” rating and lowered their price target for the stock from $26.00 to $25.00 in a research note on Monday, December 9th. Keefe, Bruyette & Woods reiterated a “market perform” rating and issued a $29.00 target price on shares of MGIC Investment in a research report on Tuesday, December 10th. Royal Bank of Canada lowered their price target on shares of MGIC Investment from $28.00 to $27.00 and set a “sector perform” rating on the stock in a research report on Wednesday, November 6th. Finally, Barclays boosted their target price on MGIC Investment from $23.00 to $24.00 and gave the stock an “equal weight” rating in a report on Tuesday, October 8th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat.com, MGIC Investment currently has an average rating of “Hold” and an average target price of $26.00.

MGIC Investment Stock Performance

MGIC Investment stock opened at $24.29 on Wednesday. The firm has a 50 day simple moving average of $25.19 and a 200-day simple moving average of $24.10. The stock has a market cap of $6.15 billion, a price-to-earnings ratio of 8.55, a price-to-earnings-growth ratio of 1.77 and a beta of 1.27. The company has a debt-to-equity ratio of 0.12, a current ratio of 1.25 and a quick ratio of 1.25. MGIC Investment Co. has a 1-year low of $18.68 and a 1-year high of $26.56.

MGIC Investment (NYSE:MTG) last released its quarterly earnings data on Monday, November 4th. The insurance provider reported $0.77 EPS for the quarter, beating analysts’ consensus estimates of $0.66 by $0.11. The firm had revenue of $306.65 million for the quarter, compared to analysts’ expectations of $306.03 million. MGIC Investment had a return on equity of 14.99% and a net margin of 64.09%. The firm’s quarterly revenue was up 3.4% on a year-over-year basis. During the same period in the prior year, the firm posted $0.64 earnings per share. On average, analysts expect that MGIC Investment Co. will post 2.85 EPS for the current year.

MGIC Investment Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, November 21st. Investors of record on Thursday, November 7th were given a dividend of $0.13 per share. This represents a $0.52 dividend on an annualized basis and a dividend yield of 2.14%. The ex-dividend date of this dividend was Thursday, November 7th. MGIC Investment’s payout ratio is 18.31%.

MGIC Investment 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.