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

Teachers Retirement System of The State of Kentucky lessened its stake in shares of MGIC Investment Co. (NYSE:MTGGet Rating) by 1.6% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 196,228 shares of the insurance provider’s stock after selling 3,248 shares during the period. Teachers Retirement System of The State of Kentucky owned approximately 0.06% of MGIC Investment worth $2,659,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of MTG. Vanguard Group Inc. boosted its holdings in shares of MGIC Investment by 3.7% in the 1st quarter. Vanguard Group Inc. now owns 33,025,974 shares of the insurance provider’s stock valued at $447,501,000 after acquiring an additional 1,166,300 shares during the last quarter. BlackRock Inc. boosted its holdings in shares of MGIC Investment by 0.5% in the 1st quarter. BlackRock Inc. now owns 27,872,353 shares of the insurance provider’s stock valued at $377,670,000 after acquiring an additional 127,008 shares during the last quarter. Goldman Sachs Group Inc. boosted its holdings in shares of MGIC Investment by 38.4% in the 1st quarter. Goldman Sachs Group Inc. now owns 10,458,631 shares of the insurance provider’s stock valued at $141,715,000 after acquiring an additional 2,904,381 shares during the last quarter. Bank of Nova Scotia boosted its holdings in shares of MGIC Investment by 18.6% in the 1st quarter. Bank of Nova Scotia now owns 9,803,863 shares of the insurance provider’s stock valued at $132,842,000 after acquiring an additional 1,534,540 shares during the last quarter. Finally, JPMorgan Chase & Co. boosted its holdings in shares of MGIC Investment by 14.8% in the 1st quarter. JPMorgan Chase & Co. now owns 9,608,483 shares of the insurance provider’s stock valued at $130,194,000 after acquiring an additional 1,235,554 shares during the last quarter. Hedge funds and other institutional investors own 97.63% of the company’s stock.

Analyst Ratings Changes

MTG has been the topic of several recent research reports. StockNews.com raised shares of MGIC Investment from a “hold” rating to a “buy” rating in a report on Friday, August 5th. Royal Bank of Canada raised shares of MGIC Investment from a “sector perform” rating to an “outperform” rating and increased their price target for the stock from $15.00 to $16.00 in a report on Thursday, June 23rd. Credit Suisse Group increased their price target on shares of MGIC Investment to $17.00 in a report on Monday, August 22nd. Finally, Bank of America raised shares of MGIC Investment from a “neutral” rating to a “buy” rating and set a $18.00 price target on the stock in a report on Thursday, August 18th. One research analyst has rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat, MGIC Investment has an average rating of “Moderate Buy” and an average price target of $18.33.

MGIC Investment Stock Performance

NYSE:MTG opened at $14.32 on Tuesday. The company has a debt-to-equity ratio of 0.20, a quick ratio of 0.62 and a current ratio of 0.62. The company has a fifty day moving average of $14.27 and a two-hundred day moving average of $13.64. The stock has a market capitalization of $4.35 billion, a PE ratio of 6.17, a P/E/G ratio of 1.13 and a beta of 1.44. MGIC Investment Co. has a fifty-two week low of $11.38 and a fifty-two week high of $16.84.

MGIC Investment Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, August 25th. Shareholders of record on Thursday, August 11th were given a dividend of $0.10 per share. The ex-dividend date was Wednesday, August 10th. This is a boost from MGIC Investment’s previous quarterly dividend of $0.08. This represents a $0.40 dividend on an annualized basis and a yield of 2.79%. MGIC Investment’s dividend payout ratio is currently 17.24%.

MGIC Investment Profile

(Get Rating)

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, 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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Institutional Ownership by Quarter for MGIC Investment (NYSE:MTG)

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