MGIC Investment Co. (NYSE:MTG) Shares Sold by Texas Permanent School Fund Corp

Texas Permanent School Fund Corp lowered its stake in shares of MGIC Investment Co. (NYSE:MTG) by 10.0% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 214,686 shares of the insurance provider’s stock after selling 23,798 shares during the period. Texas Permanent School Fund Corp owned 0.08% of MGIC Investment worth $4,626,000 as of its most recent SEC filing.

A number of other large investors have also made changes to their positions in MTG. Norges Bank acquired a new stake in MGIC Investment in the 4th quarter worth about $62,047,000. NFC Investments LLC acquired a new stake in MGIC Investment in the 4th quarter worth about $37,183,000. Jupiter Asset Management Ltd. boosted its stake in MGIC Investment by 134.8% in the 1st quarter. Jupiter Asset Management Ltd. now owns 1,537,972 shares of the insurance provider’s stock worth $34,389,000 after buying an additional 882,984 shares during the last quarter. Allianz Asset Management GmbH boosted its stake in MGIC Investment by 33.6% in the 4th quarter. Allianz Asset Management GmbH now owns 3,008,255 shares of the insurance provider’s stock worth $58,029,000 after buying an additional 757,021 shares during the last quarter. Finally, First Trust Advisors LP boosted its stake in MGIC Investment by 3.6% in the 4th quarter. First Trust Advisors LP now owns 12,067,181 shares of the insurance provider’s stock worth $232,776,000 after buying an additional 415,628 shares during the last quarter. Institutional investors and hedge funds own 95.58% of the company’s stock.

MGIC Investment Stock Performance

Shares of NYSE:MTG opened at $25.26 on Friday. The company has a market cap of $6.55 billion, a P/E ratio of 9.72, a PEG ratio of 1.30 and a beta of 1.28. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.11 and a current ratio of 1.11. MGIC Investment Co. has a one year low of $16.30 and a one year high of $25.93. The business’s 50-day simple moving average is $24.02 and its 200 day simple moving average is $21.93.

MGIC Investment (NYSE:MTG) last announced its earnings results on Wednesday, July 31st. The insurance provider reported $0.77 EPS for the quarter, beating the consensus estimate of $0.62 by $0.15. The business had revenue of $305.28 million for the quarter, compared to the consensus estimate of $301.02 million. MGIC Investment had a return on equity of 14.97% and a net margin of 63.19%. The company’s revenue was up 5.0% on a year-over-year basis. During the same period last year, the business posted $0.68 EPS. On average, sell-side analysts forecast that MGIC Investment Co. will post 2.76 earnings per share for the current fiscal year.

MGIC Investment Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, August 22nd. Investors of record on Thursday, August 8th were issued a dividend of $0.13 per share. This is an increase from MGIC Investment’s previous quarterly dividend of $0.12. This represents a $0.52 annualized dividend and a dividend yield of 2.06%. The ex-dividend date of this dividend was Thursday, August 8th. MGIC Investment’s dividend payout ratio (DPR) is presently 20.00%.

Analysts Set New Price Targets

A number of analysts have issued reports on the company. Roth Mkm raised their price target on MGIC Investment from $24.00 to $30.00 and gave the stock a “buy” rating in a research note on Friday, August 2nd. Barclays raised their price objective on MGIC Investment from $21.00 to $23.00 and gave the stock an “equal weight” rating in a report on Friday, August 2nd. UBS Group raised their price objective on MGIC Investment from $21.00 to $22.00 and gave the stock a “neutral” rating in a report on Wednesday, May 22nd. Keefe, Bruyette & Woods upgraded MGIC Investment from a “market perform” rating to an “outperform” rating and raised their price objective for the stock from $24.00 to $25.00 in a report on Monday, June 3rd. Finally, BTIG Research raised their price objective on MGIC Investment from $22.00 to $25.00 and gave the stock a “buy” rating in a report on Monday, August 5th. Four investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat.com, MGIC Investment currently has an average rating of “Hold” and a consensus price target of $24.33.

MGIC Investment Company 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.