State of Michigan Retirement System Cuts Stock Position in MGIC Investment Co. (NYSE:MTG)

State of Michigan Retirement System decreased its holdings in shares of MGIC Investment Co. (NYSE:MTG) by 2.4% during the fourth quarter, Holdings Channel.com reports. The firm owned 60,017 shares of the insurance provider’s stock after selling 1,500 shares during the period. State of Michigan Retirement System’s holdings in MGIC Investment were worth $1,423,000 at the end of the most recent reporting period.

Other institutional investors have also bought and sold shares of the company. Nations Financial Group Inc. IA ADV raised its position in shares of MGIC Investment by 1.6% during the 4th quarter. Nations Financial Group Inc. IA ADV now owns 37,821 shares of the insurance provider’s stock valued at $897,000 after buying an additional 579 shares in the last quarter. Lindenwold Advisors INC increased its stake in MGIC Investment by 3.7% during the third quarter. Lindenwold Advisors INC now owns 16,611 shares of the insurance provider’s stock worth $425,000 after acquiring an additional 592 shares during the last quarter. US Bancorp DE raised its position in MGIC Investment by 6.2% during the fourth quarter. US Bancorp DE now owns 10,249 shares of the insurance provider’s stock valued at $243,000 after purchasing an additional 600 shares during the period. Inspire Investing LLC lifted its stake in shares of MGIC Investment by 4.8% in the 4th quarter. Inspire Investing LLC now owns 16,883 shares of the insurance provider’s stock valued at $400,000 after purchasing an additional 766 shares during the last quarter. Finally, V Square Quantitative Management LLC boosted its holdings in shares of MGIC Investment by 61.9% in the 4th quarter. V Square Quantitative Management LLC now owns 2,077 shares of the insurance provider’s stock worth $49,000 after purchasing an additional 794 shares during the period. Institutional investors own 95.58% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on MTG. Keefe, Bruyette & Woods decreased their price target on MGIC Investment from $29.00 to $28.00 and set a “market perform” rating on the stock in a report on Wednesday, January 8th. Bank of America downgraded shares of MGIC Investment from a “buy” rating to an “underperform” rating and reduced their target price for the company from $26.00 to $25.00 in a research note on Monday, December 9th. Barclays lifted their price target on shares of MGIC Investment from $25.00 to $26.00 and gave the stock an “equal weight” rating in a research note on Wednesday, February 5th. UBS Group raised their price objective on shares of MGIC Investment from $25.00 to $26.00 and gave the stock a “neutral” rating in a research note on Wednesday, February 19th. Finally, Compass Point reaffirmed a “neutral” rating and set a $27.00 target price (up previously from $24.00) on shares of MGIC Investment in a research note on Wednesday, February 5th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $26.75.

MGIC Investment Price Performance

Shares of MTG stock opened at $23.80 on Friday. The company has a market capitalization of $5.78 billion, a P/E ratio of 8.21 and a beta of 1.28. The company’s 50-day simple moving average is $24.38 and its two-hundred day simple moving average is $24.82. MGIC Investment Co. has a one year low of $19.26 and a one year high of $26.56. The company has a debt-to-equity ratio of 0.12, a current ratio of 0.48 and a quick ratio of 1.25.

MGIC Investment (NYSE:MTG) last announced its quarterly earnings data on Monday, February 3rd. The insurance provider reported $0.72 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.65 by $0.07. MGIC Investment had a return on equity of 14.86% and a net margin of 63.18%. As a group, equities analysts anticipate that MGIC Investment Co. will post 2.71 EPS for the current year.

MGIC Investment Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, March 5th. Stockholders of record on Tuesday, February 18th were paid a dividend of $0.13 per share. The ex-dividend date of this dividend was Tuesday, February 18th. This represents a $0.52 annualized dividend and a dividend yield of 2.19%. MGIC Investment’s dividend payout ratio is currently 17.93%.

Insider Activity at MGIC Investment

In other MGIC Investment news, CAO Julie K. Sperber sold 4,600 shares of the firm’s stock in a transaction dated Friday, February 21st. The shares were sold at an average price of $24.55, for a total transaction of $112,930.00. Following the transaction, the chief accounting officer now owns 75,070 shares of the company’s stock, valued at approximately $1,842,968.50. This trade represents a 5.77 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 1.05% of the stock is currently owned by corporate insiders.

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.