Public Employees Retirement System of Ohio Buys New Shares in MGIC Investment Corporation $MTG

Public Employees Retirement System of Ohio bought a new position in shares of MGIC Investment Corporation (NYSE:MTG) during the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 88,401 shares of the insurance provider’s stock, valued at approximately $2,493,000.

Other large investors have also recently added to or reduced their stakes in the company. Capstone Investment Advisors LLC bought a new stake in shares of MGIC Investment in the 2nd quarter worth approximately $737,000. Redwood Investment Management LLC acquired a new position in shares of MGIC Investment in the second quarter valued at $2,231,000. Proficio Capital Partners LLC acquired a new position in shares of MGIC Investment in the second quarter valued at $435,000. Corient Private Wealth LP bought a new position in MGIC Investment in the second quarter worth $9,813,000. Finally, Bank of America Corp DE bought a new position in MGIC Investment in the second quarter worth $44,658,000. Institutional investors and hedge funds own 95.58% of the company’s stock.

MGIC Investment Stock Performance

MGIC Investment stock opened at $31.01 on Friday. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.19 and a quick ratio of 1.19. The stock has a fifty day moving average price of $29.91 and a two-hundred day moving average price of $27.69. MGIC Investment Corporation has a 52-week low of $24.69 and a 52-week high of $31.89. The firm has a market capitalization of $6.36 billion, a P/E ratio of 9.69, a P/E/G ratio of 0.79 and a beta of 0.65.

MGIC Investment (NYSE:MTG) last issued its earnings results on Wednesday, July 29th. The insurance provider reported $0.87 EPS for the quarter, beating the consensus estimate of $0.76 by $0.11. MGIC Investment had a net margin of 59.20% and a return on equity of 13.90%. The company had revenue of $295.39 million for the quarter, compared to the consensus estimate of $297.54 million. During the same quarter in the previous year, the company earned $0.82 EPS. The firm’s revenue for the quarter was down 2.9% compared to the same quarter last year. As a group, analysts anticipate that MGIC Investment Corporation will post 3.24 EPS for the current fiscal year.

MGIC Investment Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, August 20th. Shareholders of record on Wednesday, August 5th were given a $0.17 dividend. This represents a $0.68 dividend on an annualized basis and a yield of 2.2%. This is a boost from MGIC Investment’s previous quarterly dividend of $0.15. The ex-dividend date was Wednesday, August 5th. MGIC Investment’s dividend payout ratio (DPR) is presently 21.25%.

Wall Street Analyst Weigh In

Several brokerages have issued reports on MTG. Zacks Research raised shares of MGIC Investment from a “hold” rating to a “strong-buy” rating in a report on Tuesday, August 25th. Weiss Ratings upgraded shares of MGIC Investment from a “buy (b+)” rating to a “buy (a-)” rating in a research report on Wednesday, August 19th. Royal Bank Of Canada upped their target price on shares of MGIC Investment from $28.00 to $32.00 and gave the company a “sector perform” rating in a research note on Friday, July 31st. Keefe, Bruyette & Woods increased their price target on shares of MGIC Investment from $29.00 to $30.00 and gave the stock a “market perform” rating in a research report on Friday, July 31st. Finally, Roth Capital restated a “buy” rating and set a $35.00 price target on shares of MGIC Investment in a research note on Thursday, July 30th. Two equities research analysts have rated the stock with a Strong Buy rating, one has issued a Buy rating and four have assigned a Hold rating to the company’s stock. According to data from MarketBeat, MGIC Investment presently has an average rating of “Moderate Buy” and a consensus target price of $30.60.

Insider Activity

In other news, EVP Paula Maggio sold 20,000 shares of the firm’s stock in a transaction that occurred on Friday, August 7th. The shares were sold at an average price of $30.30, for a total transaction of $606,000.00. Following the completion of the sale, the executive vice president owned 149,620 shares of the company’s stock, valued at approximately $4,533,486. This trade represents a 11.79% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, COO Salvatore Miosi sold 30,000 shares of the business’s stock in a transaction that occurred on Tuesday, September 1st. The stock was sold at an average price of $30.73, for a total value of $921,900.00. Following the completion of the transaction, the chief operating officer directly owned 470,951 shares in the company, valued at $14,472,324.23. The trade was a 5.99% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 80,000 shares of company stock worth $2,289,300 over the last ninety days. Insiders own 1.34% 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.