South Dakota Investment Council Cuts Stake in MGIC Investment Corporation (NYSE:MTG)

South Dakota Investment Council lessened its holdings in MGIC Investment Corporation (NYSE:MTG - Free Report) by 44.1% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 237,755 shares of the insurance provider's stock after selling 187,494 shares during the period. South Dakota Investment Council owned about 0.10% of MGIC Investment worth $5,892,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. Signaturefd LLC raised its position in shares of MGIC Investment by 1.9% during the 1st quarter. Signaturefd LLC now owns 22,112 shares of the insurance provider's stock worth $548,000 after buying an additional 421 shares in the last quarter. Xponance Inc. increased its position in shares of MGIC Investment by 1.3% in the fourth quarter. Xponance Inc. now owns 35,320 shares of the insurance provider's stock worth $837,000 after acquiring an additional 442 shares in the last quarter. Fifth Third Bancorp increased its position in shares of MGIC Investment by 20.1% in the first quarter. Fifth Third Bancorp now owns 2,749 shares of the insurance provider's stock worth $68,000 after acquiring an additional 461 shares in the last quarter. NorthCrest Asset Manangement LLC increased its position in shares of MGIC Investment by 1.3% in the first quarter. NorthCrest Asset Manangement LLC now owns 41,718 shares of the insurance provider's stock worth $1,034,000 after acquiring an additional 524 shares in the last quarter. Finally, ProShare Advisors LLC increased its position in shares of MGIC Investment by 4.9% in the fourth quarter. ProShare Advisors LLC now owns 11,854 shares of the insurance provider's stock worth $281,000 after acquiring an additional 553 shares in the last quarter. 95.58% of the stock is owned by institutional investors and hedge funds.

MGIC Investment Stock Performance

Shares of MTG traded up $0.26 during midday trading on Tuesday, reaching $25.75. 1,053,121 shares of the stock were exchanged, compared to its average volume of 1,903,425. The company has a market cap of $6.11 billion, a P/E ratio of 8.56, a PEG ratio of 2.70 and a beta of 0.89. The stock's 50 day simple moving average is $26.64 and its 200 day simple moving average is $25.12. MGIC Investment Corporation has a twelve month low of $21.94 and a twelve month high of $28.67. The company has a quick ratio of 1.25, a current ratio of 1.25 and a debt-to-equity ratio of 0.13.

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, beating the consensus estimate of $0.66 by $0.09. MGIC Investment had a return on equity of 14.96% and a net margin of 63.49%. The firm had revenue of $306.23 million for the quarter, compared to analyst estimates of $306.66 million. During the same period in the previous year, the firm earned $0.65 earnings per share. The company's revenue was up 4.0% compared to the same quarter last year. On average, sell-side analysts expect that MGIC Investment Corporation will post 2.71 earnings per share for the current year.

MGIC Investment announced that its board has approved a stock buyback program on Thursday, April 24th that authorizes the company to repurchase $750.00 million in outstanding 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 a sign that the company's management believes its stock is undervalued.

MGIC Investment Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, May 21st. Shareholders of record on Thursday, May 8th were paid a dividend of $0.13 per share. This represents a $0.52 annualized dividend and a yield of 2.02%. The ex-dividend date was Thursday, May 8th. MGIC Investment's dividend payout ratio (DPR) is presently 17.28%.

Insiders Place Their Bets

In other news, EVP Paula C. Maggio sold 20,000 shares of MGIC Investment 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 completion of the sale, the executive vice president owned 157,395 shares in the company, valued at approximately $4,169,393.55. This trade represents a 11.27% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Company insiders own 1.41% of the company's stock.

Analysts Set New Price Targets

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

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.