New York State Common Retirement Fund Sells 214,249 Shares of MGIC Investment Corporation (NYSE:MTG)

New York State Common Retirement Fund decreased its holdings in MGIC Investment Corporation (NYSE:MTG - Free Report) by 59.5% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 145,779 shares of the insurance provider's stock after selling 214,249 shares during the period. New York State Common Retirement Fund owned about 0.06% of MGIC Investment worth $3,612,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Golden State Wealth Management LLC grew its position in MGIC Investment by 7,837.0% during the 1st quarter. Golden State Wealth Management LLC now owns 2,143 shares of the insurance provider's stock worth $53,000 after purchasing an additional 2,116 shares during the last quarter. Physician Wealth Advisors Inc. acquired a new position in MGIC Investment in the fourth quarter valued at about $54,000. UMB Bank n.a. increased its stake in MGIC Investment by 61.3% during the first quarter. UMB Bank n.a. now owns 2,660 shares of the insurance provider's stock worth $66,000 after purchasing an additional 1,011 shares during the period. Fifth Third Bancorp increased its stake in MGIC Investment by 20.1% during the first quarter. Fifth Third Bancorp now owns 2,749 shares of the insurance provider's stock worth $68,000 after purchasing an additional 461 shares during the period. Finally, Versant Capital Management Inc increased its stake in shares of MGIC Investment by 262.0% during the first quarter. Versant Capital Management Inc now owns 4,811 shares of the insurance provider's stock worth $119,000 after buying an additional 3,482 shares during the period. Hedge funds and other institutional investors own 95.58% of the company's stock.

MGIC Investment Stock Up 0.3%

Shares of MTG traded up $0.07 during trading hours on Friday, reaching $25.63. 1,660,279 shares of the stock traded hands, compared to its average volume of 2,499,299. The company has a market cap of $6.09 billion, a price-to-earnings ratio of 8.51, a PEG ratio of 2.75 and a beta of 0.89. The company has a current ratio of 1.25, a quick ratio of 1.25 and a debt-to-equity ratio of 0.13. The stock has a fifty day simple moving average of $26.55 and a 200 day simple moving average of $25.18. MGIC Investment Corporation has a 52 week low of $21.94 and a 52 week high of $28.67.

MGIC Investment (NYSE:MTG - Get Free Report) last posted its earnings results on Wednesday, April 30th. The insurance provider reported $0.75 earnings per share for the quarter, topping analysts' consensus estimates of $0.66 by $0.09. MGIC Investment had a net margin of 63.49% and a return on equity of 14.96%. The company had revenue of $306.23 million during the quarter, compared to analyst estimates of $306.66 million. During the same period in the prior year, the business posted $0.65 earnings per share. MGIC Investment's revenue for the quarter was up 4.0% on a year-over-year basis. On average, equities analysts forecast that MGIC Investment Corporation will post 2.71 EPS for the current year.

MGIC Investment Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, August 21st. Investors of record on Thursday, August 7th will be issued a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a yield of 2.34%. This is an increase from MGIC Investment's previous quarterly dividend of $0.13. The ex-dividend date is Thursday, August 7th. MGIC Investment's dividend payout ratio is presently 17.28%.

MGIC Investment announced that its Board of Directors has initiated a share buyback plan on Thursday, April 24th that permits the company to repurchase $750.00 million in outstanding shares. This repurchase authorization permits the insurance provider to buy up to 12.5% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company's board believes its shares are undervalued.

Wall Street Analyst Weigh In

A number of analysts recently commented on the company. Keefe, Bruyette & Woods lifted their price objective on MGIC Investment from $26.00 to $27.00 and gave the stock a "market perform" rating in a research report on Monday, July 7th. Compass Point restated a "neutral" rating and set a $28.00 price objective (up from $27.00) on shares of MGIC Investment in a research report on Friday, May 23rd. Finally, Barclays increased their price objective on MGIC Investment from $26.00 to $27.00 and gave the company an "equal weight" rating in a report on Tuesday, July 8th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Hold" and an average target price of $26.88.

Insiders Place Their Bets

In related news, EVP Paula C. Maggio sold 20,000 shares of the stock in a transaction dated Friday, May 30th. The stock was sold at an average price of $26.49, for a total transaction of $529,800.00. Following the transaction, the executive vice president owned 157,395 shares of the company's stock, valued at approximately $4,169,393.55. This represents a 11.27% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 1.05% of the stock is currently owned by company insiders.

MGIC Investment Company 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.