Public Employees Retirement System of Ohio Sells 15,221 Shares of MGIC Investment Co. (NYSE:MTG)

Public Employees Retirement System of Ohio reduced its holdings in shares of MGIC Investment Co. (NYSE:MTG - Free Report) by 11.0% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 122,927 shares of the insurance provider's stock after selling 15,221 shares during the quarter. Public Employees Retirement System of Ohio's holdings in MGIC Investment were worth $2,915,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also bought and sold shares of the business. Venturi Wealth Management LLC grew its position in shares of MGIC Investment by 102.1% during the 4th quarter. Venturi Wealth Management LLC now owns 1,817 shares of the insurance provider's stock valued at $43,000 after acquiring an additional 918 shares during the period. V Square Quantitative Management LLC lifted its stake in MGIC Investment by 61.9% in the fourth quarter. V Square Quantitative Management LLC now owns 2,077 shares of the insurance provider's stock valued at $49,000 after purchasing an additional 794 shares during the last quarter. Physician Wealth Advisors Inc. bought a new position in MGIC Investment during the fourth quarter valued at $54,000. EverSource Wealth Advisors LLC increased its position in MGIC Investment by 21.9% in the fourth quarter. EverSource Wealth Advisors LLC now owns 2,336 shares of the insurance provider's stock worth $55,000 after buying an additional 419 shares during the last quarter. Finally, Cary Street Partners Financial LLC purchased a new stake in MGIC Investment in the fourth quarter worth $209,000. Hedge funds and other institutional investors own 95.58% of the company's stock.

MGIC Investment Price Performance

NYSE:MTG traded up $0.19 during mid-day trading on Tuesday, hitting $26.51. 979,662 shares of the stock traded hands, compared to its average volume of 1,797,946. The business's 50-day moving average price is $25.09 and its 200 day moving average price is $24.64. The company has a quick ratio of 1.25, a current ratio of 0.48 and a debt-to-equity ratio of 0.12. The company has a market cap of $6.29 billion, a PE ratio of 9.14 and a beta of 0.91. MGIC Investment Co. has a 12-month low of $20.35 and a 12-month high of $26.92.

MGIC Investment (NYSE:MTG - Get Free Report) last released its quarterly earnings results on Wednesday, April 30th. The insurance provider reported $0.75 EPS for the quarter, beating analysts' consensus estimates of $0.66 by $0.09. The firm had revenue of $306.23 million during 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 for the quarter was up 4.0% on a year-over-year basis. During the same period in the previous year, the business earned $0.65 EPS. On average, analysts expect that MGIC Investment Co. will post 2.71 EPS for the current fiscal year.

MGIC Investment announced that its board has authorized a share buyback plan on Thursday, April 24th that permits the company to buyback $750.00 million in outstanding shares. This buyback authorization permits the insurance provider to reacquire up to 12.5% of its stock through open market purchases. Stock buyback plans are typically a sign that the company's leadership believes its stock is undervalued.

MGIC Investment Dividend Announcement

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

Insider Activity

In related news, EVP Paula C. Maggio sold 20,000 shares of the company's stock in a transaction on Friday, May 30th. The shares were sold at an average price of $26.49, for a total value 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. The trade was a 11.27% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 1.05% of the company's stock.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on MTG shares. Keefe, Bruyette & Woods cut their price target 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 target price on shares of MGIC Investment from $25.00 to $26.00 and gave the stock an "equal weight" rating in a research report on Wednesday, February 5th. 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. Finally, Compass Point restated a "neutral" rating and set a $28.00 price target (up from $27.00) on shares of MGIC Investment in a research note on Friday, May 23rd. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and two have assigned a buy rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Hold" and an average price target of $26.63.

MGIC Investment 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.