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

Teacher Retirement System of Texas reduced its holdings in shares of MGIC Investment Corporation (NYSE:MTG - Free Report) by 71.2% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. 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 have also made changes to their positions in the company. US Bancorp DE increased its stake in shares of MGIC Investment by 6.2% during the fourth quarter. US Bancorp DE now owns 10,249 shares of the insurance provider's stock worth $243,000 after purchasing an additional 600 shares during the period. Proficio Capital Partners LLC acquired a new position in MGIC Investment in the 4th quarter valued at $653,000. Raymond James Financial Inc. bought a new position in MGIC Investment during the 4th quarter worth $1,740,000. PNC Financial Services Group Inc. lifted its holdings in shares of MGIC Investment by 6.2% during the fourth quarter. PNC Financial Services Group Inc. now owns 10,457 shares of the insurance provider's stock worth $248,000 after buying an additional 608 shares in the last quarter. Finally, Amundi bought a new stake in shares of MGIC Investment in the fourth quarter valued at about $8,914,000. 95.58% of the stock is owned by institutional investors and hedge funds.

MGIC Investment Stock Down 2.4%

MGIC Investment stock traded down $0.62 during trading on Friday, hitting $25.25. 3,982,282 shares of the company were exchanged, compared to its average volume of 1,883,971. The company has a market capitalization of $5.99 billion, a P/E ratio of 8.39, a PEG ratio of 2.37 and a beta of 0.89. The business's 50 day moving average is $26.74 and its 200 day moving average is $25.05. MGIC Investment Corporation has a 52 week low of $21.94 and a 52 week high of $28.67. 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 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 company had revenue of $306.23 million during the quarter, compared to analyst estimates of $306.66 million. During the same period in the prior year, the company posted $0.65 earnings per share. MGIC Investment's quarterly revenue was up 4.0% on a year-over-year basis. Analysts predict that MGIC Investment Corporation will post 2.71 earnings per share for the current year.

MGIC Investment Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, May 21st. Stockholders of record on Thursday, May 8th were paid a dividend of $0.13 per share. The ex-dividend date was Thursday, May 8th. This represents a $0.52 annualized dividend and a dividend yield of 2.06%. MGIC Investment's payout ratio is currently 17.28%.

MGIC Investment declared that its Board of Directors has approved a stock repurchase plan on Thursday, April 24th that permits the company to buyback $750.00 million in shares. This buyback authorization permits the insurance provider to reacquire up to 12.5% of its shares through open market purchases. Shares buyback plans are usually an indication that the company's management believes its shares are undervalued.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on the company. Compass Point reissued a "neutral" rating and set a $28.00 target price (up from $27.00) on shares of MGIC Investment in a report on Friday, May 23rd. Keefe, Bruyette & Woods increased their price objective on shares of MGIC Investment from $26.00 to $27.00 and gave the stock a "market perform" rating in a research note on Monday. Finally, Barclays boosted 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 report on Tuesday. 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. According to data from MarketBeat, the stock presently has a consensus rating of "Hold" and an average price target of $26.88.

Insider Activity at MGIC Investment

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