MGIC Investment Co. (NYSE:MTG) Shares Sold by New York State Common Retirement Fund

New York State Common Retirement Fund trimmed its position in MGIC Investment Co. (NYSE:MTG) by 6.6% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 359,981 shares of the insurance provider’s stock after selling 25,634 shares during the quarter. New York State Common Retirement Fund owned about 0.13% of MGIC Investment worth $6,944,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in the company. Blue Trust Inc. lifted its holdings in MGIC Investment by 49.2% in the fourth quarter. Blue Trust Inc. now owns 2,576 shares of the insurance provider’s stock valued at $50,000 after acquiring an additional 849 shares during the last quarter. Planned Solutions Inc. purchased a new position in shares of MGIC Investment during the 4th quarter worth $66,000. Janiczek Wealth Management LLC increased its position in shares of MGIC Investment by 29.5% during the 4th quarter. Janiczek Wealth Management LLC now owns 5,572 shares of the insurance provider’s stock worth $107,000 after purchasing an additional 1,269 shares during the last quarter. USA Financial Formulas purchased a new stake in MGIC Investment in the 3rd quarter valued at about $100,000. Finally, Fox Run Management L.L.C. acquired a new position in MGIC Investment in the third quarter valued at about $170,000. Hedge funds and other institutional investors own 95.58% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have recently issued reports on MTG. Roth Mkm boosted their price target on shares of MGIC Investment from $21.00 to $24.00 and gave the company a “buy” rating in a research note on Friday, February 2nd. Royal Bank of Canada upped their price target on MGIC Investment from $18.00 to $21.00 and gave the stock a “sector perform” rating in a research note on Friday, February 2nd. Finally, Keefe, Bruyette & Woods restated a “market perform” rating and set a $24.00 price target (up from $23.50) on shares of MGIC Investment in a research report on Thursday, April 4th. Five investment analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. According to data from MarketBeat, MGIC Investment has a consensus rating of “Hold” and a consensus target price of $21.08.

MGIC Investment Price Performance

MGIC Investment stock opened at $20.65 on Friday. The company’s 50 day moving average is $20.55 and its two-hundred day moving average is $19.21. The firm has a market cap of $5.57 billion, a PE ratio of 7.94, a price-to-earnings-growth ratio of 1.69 and a beta of 1.24. The company has a quick ratio of 0.98, a current ratio of 0.98 and a debt-to-equity ratio of 0.13. MGIC Investment Co. has a 52-week low of $13.97 and a 52-week high of $22.43.

MGIC Investment (NYSE:MTG) last announced its quarterly earnings data on Wednesday, May 1st. The insurance provider reported $0.65 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.60 by $0.05. MGIC Investment had a return on equity of 15.13% and a net margin of 62.85%. The business had revenue of $294.40 million for the quarter, compared to analysts’ expectations of $301.62 million. During the same period last year, the firm earned $0.54 earnings per share. The company’s revenue for the quarter was up 3.7% compared to the same quarter last year. On average, research analysts expect that MGIC Investment Co. will post 2.43 EPS for the current fiscal year.

MGIC Investment Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, May 21st. Stockholders of record on Thursday, May 9th will be given a dividend of $0.115 per share. This represents a $0.46 dividend on an annualized basis and a dividend yield of 2.23%. The ex-dividend date is Wednesday, May 8th. MGIC Investment’s dividend payout ratio is presently 17.69%.

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.