Public Employees Retirement System of Ohio Buys Shares of 88,401 MGIC Investment Corporation $MTG

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

A number of other hedge funds have also made changes to their positions in MTG. Newbridge Financial Services Group Inc. purchased a new position in MGIC Investment during the third quarter valued at approximately $28,000. SBI Securities Co. Ltd. increased its holdings in MGIC Investment by 40.3% in the fourth quarter. SBI Securities Co. Ltd. now owns 1,461 shares of the insurance provider’s stock worth $43,000 after buying an additional 420 shares during the last quarter. Geneos Wealth Management Inc. raised its position in MGIC Investment by 88.0% during the first quarter. Geneos Wealth Management Inc. now owns 1,745 shares of the insurance provider’s stock valued at $43,000 after acquiring an additional 817 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. bought a new position in MGIC Investment during the second quarter valued at approximately $62,000. Finally, Harbor Investment Advisory LLC lifted its stake in MGIC Investment by 613.0% in the second quarter. Harbor Investment Advisory LLC now owns 2,574 shares of the insurance provider’s stock valued at $73,000 after acquiring an additional 2,213 shares during the last quarter. 95.58% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

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

Insider Transactions at MGIC Investment

In related news, EVP Paula Maggio sold 20,000 shares of the stock in a transaction that occurred on Friday, August 7th. The stock was 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 in the company, valued at $4,533,486. This represents a 11.79% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available 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 firm’s stock in a transaction that occurred on Monday, June 8th. The shares were sold at an average price of $25.38, for a total value of $761,400.00. Following the completion of the sale, the chief operating officer directly owned 560,951 shares in the company, valued at $14,236,936.38. This trade represents a 5.08% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 80,000 shares of company stock worth $2,289,300 over the last quarter. 1.34% of the stock is currently owned by corporate insiders.

MGIC Investment Trading Down 1.5%

NYSE:MTG opened at $31.01 on Friday. MGIC Investment Corporation has a 12 month low of $24.69 and a 12 month high of $31.89. The firm has a market cap of $6.36 billion, a price-to-earnings ratio of 9.69, a P/E/G ratio of 0.79 and a beta of 0.65. The company has a quick ratio of 1.19, a current ratio of 1.19 and a debt-to-equity ratio of 0.13. The company’s 50 day moving average is $29.91 and its 200-day moving average is $27.69.

MGIC Investment (NYSE:MTG) last posted its earnings results on Wednesday, July 29th. The insurance provider reported $0.87 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.76 by $0.11. The business had revenue of $295.39 million for the quarter, compared to analyst estimates of $297.54 million. MGIC Investment had a net margin of 59.20% and a return on equity of 13.90%. MGIC Investment’s revenue was down 2.9% compared to the same quarter last year. During the same period last year, the business posted $0.82 EPS. Equities analysts anticipate that MGIC Investment Corporation will post 3.24 EPS for the current year.

MGIC Investment Increases Dividend

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

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.