California State Teachers Retirement System Trims Position in MGIC Investment Co. (NYSE:MTG)

California State Teachers Retirement System reduced its position in MGIC Investment Co. (NYSE:MTG - Free Report) by 4.4% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 242,362 shares of the insurance provider's stock after selling 11,214 shares during the quarter. California State Teachers Retirement System owned 0.10% of MGIC Investment worth $5,746,000 as of its most recent SEC filing.

Several other hedge funds have also recently modified their holdings of MTG. Janney Montgomery Scott LLC increased its position in shares of MGIC Investment by 33.5% in the 4th quarter. Janney Montgomery Scott LLC now owns 40,398 shares of the insurance provider's stock valued at $958,000 after acquiring an additional 10,130 shares during the period. Asset Management One Co. Ltd. grew its holdings in shares of MGIC Investment by 311.0% during the fourth quarter. Asset Management One Co. Ltd. now owns 66,493 shares of the insurance provider's stock worth $1,575,000 after buying an additional 50,316 shares in the last quarter. Empowered Funds LLC purchased a new position in MGIC Investment during the fourth quarter worth approximately $1,166,000. Allianz Asset Management GmbH grew its stake in shares of MGIC Investment by 8.2% in the 4th quarter. Allianz Asset Management GmbH now owns 5,495,115 shares of the insurance provider's stock valued at $130,289,000 after buying an additional 415,586 shares during the period. Finally, Wells Fargo & Company MN increased its stake in MGIC Investment by 14.8% during the fourth quarter. Wells Fargo & Company MN now owns 90,987 shares of the insurance provider's stock worth $2,157,000 after acquiring an additional 11,721 shares during the last quarter. Hedge funds and other institutional investors own 95.58% of the company's stock.

MGIC Investment Stock Performance

Shares of NYSE:MTG traded up $0.18 on Tuesday, reaching $26.50. The company's stock had a trading volume of 1,899,664 shares, compared to its average volume of 1,801,442. 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 Co. has a 52-week low of $20.35 and a 52-week high of $26.92. The stock's 50-day moving average is $25.09 and its two-hundred day moving average is $24.64. The stock has a market capitalization of $6.29 billion, a P/E ratio of 9.14 and a beta of 0.91.

MGIC Investment (NYSE:MTG - Get Free Report) last issued its quarterly earnings results on Wednesday, April 30th. The insurance provider reported $0.75 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.66 by $0.09. The business had revenue of $306.23 million for the quarter, compared to analyst estimates of $306.66 million. MGIC Investment had a net margin of 63.18% and a return on equity of 14.86%. The business's revenue was up 4.0% compared to the same quarter last year. During the same period in the previous year, the business posted $0.65 earnings per share. As a group, sell-side analysts forecast that MGIC Investment Co. will post 2.71 EPS for the current year.

MGIC Investment Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, May 21st. Stockholders of record on Thursday, May 8th were issued a $0.13 dividend. The ex-dividend date of this dividend was Thursday, May 8th. This represents a $0.52 dividend on an annualized basis and a dividend yield of 1.96%. MGIC Investment's dividend payout ratio is presently 17.28%.

MGIC Investment declared that its board has authorized a share buyback program on Thursday, April 24th that authorizes the company to repurchase $750.00 million in shares. This repurchase authorization authorizes the insurance provider to repurchase up to 12.5% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company's leadership believes its stock is undervalued.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on the company. Keefe, Bruyette & Woods dropped their price objective on MGIC Investment from $28.00 to $26.00 and set a "market perform" rating for the company in a research note on Tuesday, April 8th. Barclays increased their price target on shares of MGIC Investment from $25.00 to $26.00 and gave the company an "equal weight" rating in a research note on Wednesday, February 5th. Compass Point restated a "neutral" rating and set a $28.00 price objective (up previously from $27.00) on shares of MGIC Investment in a research report on Friday, May 23rd. Finally, UBS Group boosted their price target on shares of MGIC Investment from $25.00 to $26.00 and gave the company a "neutral" rating in a research report on Wednesday, February 19th. One analyst has rated the stock with a sell rating, five have given a hold rating and two have assigned a buy rating to the company. According to MarketBeat.com, MGIC Investment has a consensus rating of "Hold" and an average price target of $26.63.

Insider Activity at MGIC Investment

In other MGIC Investment news, EVP Paula C. Maggio sold 20,000 shares of the firm's stock in a transaction dated Friday, May 30th. The shares were sold at an average price of $26.49, for a total transaction of $529,800.00. Following the completion of the transaction, the executive vice president now directly owns 157,395 shares in the company, valued at approximately $4,169,393.55. This trade represents a 11.27% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Company insiders own 1.05% of the company's stock.

About MGIC Investment

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.