Strs Ohio Takes Position in MGIC Investment Corporation $MTG

Key Points

• Strs Ohio acquired 120,596 shares of MGIC Investment Corporation, valued at approximately $2.99 million, representing about 0.05% of the company.
• MGIC Investment Corporation has reported a quarterly earnings per share of $0.82, exceeding expectations, and declared an increased dividend of $0.15 per share.
• Several institutional investors, including JPMorgan Chase & Co. and Caisse DE Depot, have increased their holdings in MGIC Investment, which now has 95.58% institutional ownership.

Strs Ohio acquired a new position in shares of MGIC Investment Corporation (NYSE:MTG - Free Report) during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 120,596 shares of the insurance provider's stock, valued at approximately $2,988,000. Strs Ohio owned approximately 0.05% of MGIC Investment at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. WPG Advisers LLC acquired a new stake in MGIC Investment during the first quarter worth approximately $26,000. Cullen Frost Bankers Inc. purchased a new position in shares of MGIC Investment during the first quarter worth approximately $33,000. Quarry LP purchased a new position in shares of MGIC Investment during the first quarter worth approximately $38,000. Geneos Wealth Management Inc. grew its position in shares of MGIC Investment by 88.0% during the first quarter. Geneos Wealth Management Inc. now owns 1,745 shares of the insurance provider's stock worth $43,000 after acquiring an additional 817 shares during the last quarter. Finally, Golden State Wealth Management LLC grew its position in shares of MGIC Investment by 7,837.0% during the first quarter. Golden State Wealth Management LLC now owns 2,143 shares of the insurance provider's stock worth $53,000 after acquiring an additional 2,116 shares during the last quarter. Institutional investors and hedge funds own 95.58% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on MTG shares. Keefe, Bruyette & Woods raised their target price on shares of MGIC Investment from $26.00 to $27.00 and gave the stock a "market perform" rating in a research report on Monday, July 7th. Barclays raised their target price on shares of MGIC Investment from $26.00 to $27.00 and gave the stock an "equal weight" rating in a research report on Tuesday, July 8th. Finally, Compass Point restated a "neutral" rating and set a $28.00 target price (up from $27.00) on shares of MGIC Investment in a research report on Friday, May 23rd. Five equities research analysts have rated the stock with a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Reduce" and a consensus price target of $26.67.

Insider Transactions at MGIC Investment

In related news, COO Salvatore A. Miosi sold 30,000 shares of MGIC Investment stock in a transaction dated Friday, August 1st. The stock was sold at an average price of $26.22, for a total value of $786,600.00. Following the transaction, the chief operating officer owned 249,401 shares of the company's stock, valued at approximately $6,539,294.22. This trade represents a 10.74% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Timothy J. Mattke sold 139,203 shares of MGIC Investment stock in a transaction dated Thursday, August 7th. The stock was sold at an average price of $26.54, for a total value of $3,694,447.62. Following the completion of the transaction, the chief executive officer directly owned 1,100,994 shares in the company, valued at $29,220,380.76. This represents a 11.22% decrease in their position. The disclosure for this sale can be found here. Company insiders own 1.05% of the company's stock.

MGIC Investment Price Performance

NYSE:MTG traded down $0.19 during mid-day trading on Friday, reaching $28.31. 10,318,018 shares of the stock were exchanged, compared to its average volume of 1,585,135. The business has a fifty day moving average price of $27.12 and a 200 day moving average price of $26.00. The firm has a market capitalization of $6.53 billion, a PE ratio of 9.28, a PEG ratio of 2.06 and a beta of 0.89. MGIC Investment Corporation has a 1-year low of $21.94 and a 1-year high of $29.01. The company has a current ratio of 1.46, a quick ratio of 1.46 and a debt-to-equity ratio of 0.13.

MGIC Investment (NYSE:MTG - Get Free Report) last released its earnings results on Wednesday, July 30th. The insurance provider reported $0.82 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.70 by $0.12. The firm had revenue of $304.25 million for the quarter, compared to analyst estimates of $306.25 million. MGIC Investment had a return on equity of 14.73% and a net margin of 62.58%.MGIC Investment's revenue was down .3% compared to the same quarter last year. During the same period in the previous year, the company earned $0.77 earnings per share. Research analysts expect that MGIC Investment Corporation will post 2.71 earnings per share for the current fiscal year.

MGIC Investment Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, August 21st. Investors of record on Thursday, August 7th were issued a dividend of $0.15 per share. The ex-dividend date of this dividend was Thursday, August 7th. This is an increase from MGIC Investment's previous quarterly dividend of $0.13. This represents a $0.60 dividend on an annualized basis and a yield of 2.1%. MGIC Investment's dividend payout ratio is presently 19.67%.

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.