Teachers Retirement System of The State of Kentucky Trims Stock Position in MGIC Investment Corporation $MTG

Teachers Retirement System of The State of Kentucky trimmed its stake in MGIC Investment Corporation (NYSE:MTG) by 33.2% in the 3rd quarter, HoldingsChannel reports. The firm owned 88,329 shares of the insurance provider’s stock after selling 43,958 shares during the quarter. Teachers Retirement System of The State of Kentucky’s holdings in MGIC Investment were worth $2,506,000 at the end of the most recent quarter.

A number of other institutional investors also recently bought and sold shares of MTG. Victory Capital Management Inc. boosted its position in MGIC Investment by 5.4% during the 3rd quarter. Victory Capital Management Inc. now owns 408,755 shares of the insurance provider’s stock valued at $11,596,000 after acquiring an additional 21,120 shares in the last quarter. Focus Partners Advisor Solutions LLC lifted its stake in shares of MGIC Investment by 49.5% in the 3rd quarter. Focus Partners Advisor Solutions LLC now owns 33,132 shares of the insurance provider’s stock valued at $938,000 after purchasing an additional 10,967 shares during the period. American Century Companies Inc. boosted its position in shares of MGIC Investment by 1.4% during the third quarter. American Century Companies Inc. now owns 3,081,319 shares of the insurance provider’s stock valued at $87,417,000 after purchasing an additional 41,766 shares in the last quarter. Aster Capital Management DIFC Ltd purchased a new stake in MGIC Investment in the third quarter worth $209,000. Finally, Handelsbanken Fonder AB raised its holdings in MGIC Investment by 1.3% in the third quarter. Handelsbanken Fonder AB now owns 63,082 shares of the insurance provider’s stock worth $1,790,000 after purchasing an additional 800 shares in the last quarter. 95.58% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of analysts have recently commented on MTG shares. Keefe, Bruyette & Woods boosted their target price on shares of MGIC Investment from $27.00 to $28.00 and gave the company a “market perform” rating in a report on Thursday, December 18th. Barclays dropped their price objective on shares of MGIC Investment from $30.00 to $28.00 and set an “equal weight” rating on the stock in a research note on Wednesday, February 4th. Finally, Weiss Ratings downgraded shares of MGIC Investment from a “buy (a-)” rating to a “buy (b+)” rating in a research note on Thursday, February 5th. One equities research analyst has rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $28.00.

MGIC Investment Price Performance

MTG opened at $26.90 on Thursday. MGIC Investment Corporation has a 1 year low of $21.94 and a 1 year high of $29.97. The stock has a 50-day moving average price of $27.30 and a 200-day moving average price of $27.77. The firm has a market cap of $5.78 billion, a PE ratio of 8.57, a P/E/G ratio of 2.12 and a beta of 0.83. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.52 and a quick ratio of 1.52.

MGIC Investment (NYSE:MTG) last issued its earnings results on Monday, February 2nd. The insurance provider reported $0.75 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.73 by $0.02. MGIC Investment had a net margin of 60.84% and a return on equity of 14.33%. During the same period in the previous year, the firm earned $0.72 earnings per share. MGIC Investment’s quarterly revenue was down .9% compared to the same quarter last year. Sell-side analysts predict that MGIC Investment Corporation will post 2.71 earnings per share for the current fiscal year.

MGIC Investment Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, March 6th. Shareholders of record on Tuesday, February 17th will be paid a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a yield of 2.2%. The ex-dividend date is Tuesday, February 17th. MGIC Investment’s dividend payout ratio (DPR) is currently 19.11%.

Insiders Place Their Bets

In other MGIC Investment news, EVP Paula C. Maggio sold 20,000 shares of the business’s stock in a transaction dated Friday, February 6th. The stock was sold at an average price of $27.51, for a total value of $550,200.00. Following the completion of the transaction, the executive vice president owned 114,689 shares of the company’s stock, valued at approximately $3,155,094.39. The trade was a 14.85% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Timothy J. Mattke sold 139,203 shares of the business’s stock in a transaction that occurred on Tuesday, January 13th. The shares were sold at an average price of $26.51, for a total transaction of $3,690,271.53. Following the transaction, the chief executive officer directly owned 822,588 shares of the company’s stock, valued at $21,806,807.88. The trade was a 14.47% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders sold 189,203 shares of company stock valued at $5,058,572. Corporate insiders own 1.05% of the company’s stock.

MGIC Investment Company Profile

MGIC Investment Corporation (NYSE: MTG) is a leading provider of private mortgage insurance in the United States. Established in 1957 as the nation’s first private mortgage insurer, MGIC helps lenders manage credit risk and facilitates homeownership by protecting mortgage loans against default. Headquartered in Milwaukee, Wisconsin, the company operates through its principal subsidiary, Mortgage Guaranty Insurance Corporation, and maintains relationships with a broad network of originators and servicers nationwide.

The company’s primary business activity involves issuing mortgage insurance policies that enable borrowers to purchase homes with down payments below traditional lending thresholds.