California Public Employees Retirement System Reduces Stake in MGIC Investment Co. (NYSE:MTG)

California Public Employees Retirement System reduced its position in MGIC Investment Co. (NYSE:MTGGet Rating) by 10.9% in the 2nd quarter, HoldingsChannel.com reports. The firm owned 588,000 shares of the insurance provider’s stock after selling 72,016 shares during the period. California Public Employees Retirement System’s holdings in MGIC Investment were worth $7,409,000 at the end of the most recent reporting period.

Other hedge funds have also recently bought and sold shares of the company. Lazard Asset Management LLC purchased a new position in MGIC Investment in the 1st quarter valued at approximately $26,000. Meeder Asset Management Inc. increased its position in MGIC Investment by 87,240.0% during the first quarter. Meeder Asset Management Inc. now owns 4,367 shares of the insurance provider’s stock worth $59,000 after buying an additional 4,362 shares in the last quarter. M&T Bank Corp purchased a new position in MGIC Investment during the second quarter worth $76,000. JJJ Advisors Inc. increased its position in MGIC Investment by 122.7% during the first quarter. JJJ Advisors Inc. now owns 7,778 shares of the insurance provider’s stock worth $105,000 after buying an additional 4,285 shares in the last quarter. Finally, Van ECK Associates Corp increased its position in MGIC Investment by 15.9% during the first quarter. Van ECK Associates Corp now owns 8,097 shares of the insurance provider’s stock worth $110,000 after buying an additional 1,112 shares in the last quarter. 97.63% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on the company. Bank of America raised MGIC Investment from a “neutral” rating to a “buy” rating and set a $18.00 price target for the company in a research report on Thursday, August 18th. Credit Suisse Group dropped their price target on MGIC Investment to $15.00 in a research report on Thursday, October 13th. Barclays lowered their price objective on MGIC Investment from $23.00 to $16.00 and set an “overweight” rating for the company in a research report on Thursday, October 13th. StockNews.com assumed coverage on MGIC Investment in a research report on Wednesday, October 12th. They issued a “buy” rating for the company. Finally, Compass Point downgraded MGIC Investment from a “buy” rating to a “neutral” rating and lowered their price objective for the company from $19.00 to $14.50 in a research report on Tuesday, November 8th. One investment analyst has rated the stock with a hold rating and four have given a buy rating to the company. According to data from MarketBeat, MGIC Investment has a consensus rating of “Moderate Buy” and a consensus target price of $16.08.

MGIC Investment Price Performance

Shares of NYSE:MTG opened at $13.54 on Thursday. MGIC Investment Co. has a 52 week low of $11.38 and a 52 week high of $16.84. The company has a market cap of $4.02 billion, a P/E ratio of 5.07, a P/E/G ratio of 0.94 and a beta of 1.38. The company has a quick ratio of 0.50, a current ratio of 0.50 and a debt-to-equity ratio of 0.15. The business has a fifty day simple moving average of $13.27 and a 200-day simple moving average of $13.51.

MGIC Investment Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, November 23rd. Investors of record on Thursday, November 10th were issued a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 2.95%. The ex-dividend date of this dividend was Wednesday, November 9th. MGIC Investment’s payout ratio is currently 14.98%.

MGIC Investment Company 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.

Further Reading

Want to see what other hedge funds are holding MTG? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for MGIC Investment Co. (NYSE:MTGGet Rating).

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

Receive News & Ratings for MGIC Investment Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for MGIC Investment and related companies with MarketBeat.com's FREE daily email newsletter.