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

Teacher Retirement System of Texas trimmed its position in MGIC Investment Corporation (NYSE:MTG - Free Report) by 71.2% during the first quarter, according to the company in its most recent 13F filing with the SEC. The firm 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 and hedge funds also recently modified their holdings of the company. EverSource Wealth Advisors LLC grew its stake in MGIC Investment by 21.9% in the 4th quarter. EverSource Wealth Advisors LLC now owns 2,336 shares of the insurance provider's stock valued at $55,000 after buying an additional 419 shares during the last quarter. Xponance Inc. grew its position in shares of MGIC Investment by 1.3% during the 4th quarter. Xponance Inc. now owns 35,320 shares of the insurance provider's stock worth $837,000 after purchasing an additional 442 shares in the last quarter. Fifth Third Bancorp grew 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 worth $68,000 after purchasing an additional 461 shares in the last quarter. NorthCrest Asset Manangement LLC grew its position in shares of MGIC Investment by 1.3% during the 1st quarter. NorthCrest Asset Manangement LLC now owns 41,718 shares of the insurance provider's stock worth $1,034,000 after purchasing an additional 524 shares in the last quarter. Finally, ProShare Advisors LLC grew its position in shares of MGIC Investment by 4.9% during the 4th quarter. ProShare Advisors LLC now owns 11,854 shares of the insurance provider's stock worth $281,000 after purchasing an additional 553 shares in the last quarter. 95.58% of the stock is owned by institutional investors.

MGIC Investment Trading Down 2.4%

NYSE:MTG opened at $26.59 on Thursday. The company has a current ratio of 1.25, a quick ratio of 1.25 and a debt-to-equity ratio of 0.13. The stock has a market capitalization of $6.31 billion, a price-to-earnings ratio of 8.83, a PEG ratio of 2.49 and a beta of 0.89. The firm has a fifty day simple moving average of $26.74 and a two-hundred day simple moving average of $25.03. MGIC Investment Corporation has a 12 month low of $21.47 and a 12 month high of $28.67.

MGIC Investment (NYSE:MTG - Get Free Report) last posted its quarterly earnings results on Wednesday, April 30th. The insurance provider reported $0.75 EPS for the quarter, topping analysts' consensus estimates of $0.66 by $0.09. The business had revenue of $306.23 million during the quarter, compared to analysts' expectations of $306.66 million. MGIC Investment had a net margin of 63.49% and a return on equity of 14.96%. The business's quarterly revenue was up 4.0% on a year-over-year basis. During the same period last year, the company posted $0.65 earnings per share. Analysts expect that MGIC Investment Corporation will post 2.71 EPS for the current fiscal year.

MGIC Investment declared that its board has authorized a share repurchase 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 purchase up to 12.5% of its shares through open market purchases. Shares buyback plans are typically a sign that the company's board of directors believes its shares are undervalued.

MGIC Investment Dividend Announcement

The firm also recently disclosed 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 dividend on an annualized basis and a dividend yield of 1.96%. The ex-dividend date was Thursday, May 8th. MGIC Investment's dividend payout ratio is currently 17.28%.

Insider Activity

In other news, EVP Paula C. Maggio sold 20,000 shares of MGIC Investment 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 completion of the transaction, the executive vice president directly owned 157,395 shares in the company, valued at $4,169,393.55. This trade represents a 11.27% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 1.05% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on MTG shares. Barclays increased 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. Keefe, Bruyette & Woods increased their price objective on shares of MGIC Investment from $26.00 to $27.00 and gave the company a "market perform" rating in a research note on Monday. Finally, Compass Point reissued a "neutral" rating and issued a $28.00 price objective (up previously from $27.00) on shares of MGIC Investment in a research note on Friday, May 23rd. One analyst has rated the stock with a sell rating, five have given a hold rating and two have given a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average price target of $26.88.

MGIC Investment Company 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.

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