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

Teacher Retirement System of Texas lessened its position in shares of MGIC Investment Corporation (NYSE:MTG - Free Report) by 71.2% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 107,387 shares of the insurance provider's stock after selling 266,024 shares during the quarter. Teacher Retirement System of Texas' holdings in MGIC Investment were worth $2,661,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Golden State Wealth Management LLC grew its holdings 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 valued at $53,000 after buying an additional 2,116 shares in the last quarter. Physician Wealth Advisors Inc. bought a new position in shares of MGIC Investment during the 4th quarter valued at approximately $54,000. EverSource Wealth Advisors LLC increased its position in shares of MGIC Investment by 21.9% during the 4th quarter. EverSource Wealth Advisors LLC now owns 2,336 shares of the insurance provider's stock valued at $55,000 after purchasing an additional 419 shares during the last quarter. UMB Bank n.a. increased its position in shares of MGIC Investment by 61.3% during the 1st quarter. UMB Bank n.a. now owns 2,660 shares of the insurance provider's stock valued at $66,000 after purchasing an additional 1,011 shares during the last quarter. Finally, Fifth Third Bancorp increased its position in shares of MGIC Investment by 20.1% during the 1st quarter. Fifth Third Bancorp now owns 2,749 shares of the insurance provider's stock valued at $68,000 after purchasing an additional 461 shares during the last quarter. Hedge funds and other institutional investors own 95.58% of the company's stock.

Analyst Upgrades and Downgrades

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

MGIC Investment Trading Down 2.4%

MTG traded down $0.62 during trading hours on Friday, reaching $25.25. 3,982,282 shares of the company's stock traded hands, compared to its average volume of 1,885,100. The firm has a 50-day moving average price of $26.74 and a 200 day moving average price of $25.06. MGIC Investment Corporation has a 52-week low of $21.94 and a 52-week 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. The firm has a market capitalization of $5.99 billion, a PE ratio of 8.39, a PEG ratio of 2.31 and a beta of 0.89.

MGIC Investment (NYSE:MTG - Get Free Report) last issued its 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 in the prior year, the business earned $0.65 EPS. The business's revenue for the quarter was up 4.0% compared to the same quarter last year. As a group, sell-side analysts predict that MGIC Investment Corporation will post 2.71 EPS for the current fiscal year.

MGIC Investment Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, May 21st. Shareholders of record on Thursday, May 8th were issued a $0.13 dividend. This represents a $0.52 annualized dividend and a dividend yield of 2.06%. The ex-dividend date of this dividend was Thursday, May 8th. MGIC Investment's dividend payout ratio is 17.28%.

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

Insider Buying and Selling at MGIC Investment

In other MGIC Investment news, EVP Paula C. Maggio sold 20,000 shares of the company's stock in a transaction on Friday, May 30th. The stock was sold at an average price of $26.49, for a total value of $529,800.00. Following the completion of the sale, the executive vice president directly owned 157,395 shares in the company, valued at approximately $4,169,393.55. This represents a 11.27% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 1.05% of the company's stock.

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.