Teacher Retirement System of Texas Sells 266,024 Shares of MGIC Investment Corporation (NYSE:MTG)

Teacher Retirement System of Texas decreased its position in MGIC Investment Corporation (NYSE:MTG - Free Report) by 71.2% during the 1st quarter, according to its most recent filing with the SEC. The institutional investor owned 107,387 shares of the insurance provider's stock after selling 266,024 shares during the period. Teacher Retirement System of Texas' holdings in MGIC Investment were worth $2,661,000 as of its most recent filing with the SEC.

Other institutional investors have also made changes to their positions in the company. Norges Bank acquired a new position in shares of MGIC Investment during the 4th quarter worth approximately $85,908,000. First Trust Advisors LP grew its stake in shares of MGIC Investment by 22.4% in the fourth quarter. First Trust Advisors LP now owns 16,008,489 shares of the insurance provider's stock valued at $379,561,000 after buying an additional 2,928,595 shares in the last quarter. Caisse DE Depot ET Placement DU Quebec increased its holdings in MGIC Investment by 292.0% during the fourth quarter. Caisse DE Depot ET Placement DU Quebec now owns 2,072,629 shares of the insurance provider's stock worth $49,142,000 after buying an additional 1,543,908 shares during the last quarter. BNP Paribas Financial Markets increased its holdings in MGIC Investment by 259.4% during the fourth quarter. BNP Paribas Financial Markets now owns 1,105,399 shares of the insurance provider's stock worth $26,209,000 after buying an additional 797,852 shares during the last quarter. Finally, Invesco Ltd. lifted its stake in MGIC Investment by 16.6% in the fourth quarter. Invesco Ltd. now owns 4,766,195 shares of the insurance provider's stock valued at $113,006,000 after acquiring an additional 677,227 shares during the last quarter. Institutional investors own 95.58% of the company's stock.

MGIC Investment Stock Performance

MTG stock traded down $0.70 during mid-day trading on Thursday, hitting $25.89. 3,844,355 shares of the company were exchanged, compared to its average volume of 1,871,072. MGIC Investment Corporation has a 1-year low of $21.47 and a 1-year high of $28.67. The stock has a market capitalization of $6.15 billion, a PE ratio of 8.60, a price-to-earnings-growth ratio of 2.49 and a beta of 0.89. The business has a 50 day simple moving average of $26.74 and a 200-day simple moving average of $25.03. The company has a current ratio of 1.25, a quick ratio of 1.25 and a debt-to-equity ratio of 0.13.

MGIC Investment (NYSE:MTG - Get Free Report) last released its quarterly earnings results on Wednesday, April 30th. The insurance provider reported $0.75 earnings per share for the quarter, topping 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 business had revenue of $306.23 million during the quarter, compared to analysts' expectations of $306.66 million. During the same period last year, the firm posted $0.65 EPS. The firm's revenue for the quarter was up 4.0% compared to the same quarter last year. On average, equities analysts forecast that MGIC Investment Corporation will post 2.71 earnings per share for the current year.

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

MGIC Investment Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, May 21st. Stockholders of record on Thursday, May 8th were issued a dividend of $0.13 per share. This represents a $0.52 annualized dividend and a dividend yield of 2.01%. The ex-dividend date of this dividend was Thursday, May 8th. MGIC Investment's dividend payout ratio (DPR) is currently 17.28%.

Insider Activity at MGIC Investment

In other MGIC Investment news, EVP Paula C. Maggio sold 20,000 shares of the 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 sale, the executive vice president directly owned 157,395 shares in the company, valued at $4,169,393.55. This represents a 11.27% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Insiders own 1.05% of the company's stock.

Analyst Ratings Changes

MTG has been the topic of several recent analyst reports. Barclays boosted their price objective on shares of MGIC Investment from $26.00 to $27.00 and gave the stock an "equal weight" rating in a research note on Tuesday. Compass Point reissued a "neutral" rating and set a $28.00 price target (up previously from $27.00) on shares of MGIC Investment in a research report on Friday, May 23rd. Finally, Keefe, Bruyette & Woods upped their price objective on MGIC Investment from $26.00 to $27.00 and gave the company a "market perform" rating in a research note on Monday. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and two have issued a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of "Hold" and a consensus 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.