VIRGINIA RETIREMENT SYSTEMS ET Al Makes New Investment in MGIC Investment Corporation $MTG

Key Points

• Virginia Retirement Systems purchased 1,046,645 shares of MGIC Investment Corporation for approximately $29.14 million, representing about 0.44% ownership as of the latest SEC filing.
• MGIC Investment recently increased its quarterly dividend from $0.13 to $0.15 per share, reflecting a 2.2% dividend yield.
• Analysts have varied opinions on the stock, with Barclays raising the price target to $28.00 and maintaining a "cautious" rating, while the consensus rating remains a "Hold" with an average target of $26.83.

VIRGINIA RETIREMENT SYSTEMS ET Al bought a new position in MGIC Investment Corporation (NYSE:MTG - Free Report) in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 1,046,645 shares of the insurance provider's stock, valued at approximately $29,139,000. VIRGINIA RETIREMENT SYSTEMS ET Al owned approximately 0.44% of MGIC Investment as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also added to or reduced their stakes in MTG. GAMMA Investing LLC increased its holdings in MGIC Investment by 39.1% in the first quarter. GAMMA Investing LLC now owns 6,068 shares of the insurance provider's stock worth $150,000 after purchasing an additional 1,705 shares in the last quarter. SG Americas Securities LLC bought a new position in MGIC Investment in the first quarter worth approximately $466,000. Janney Montgomery Scott LLC boosted its holdings in MGIC Investment by 1.5% in the first quarter. Janney Montgomery Scott LLC now owns 40,985 shares of the insurance provider's stock worth $1,016,000 after acquiring an additional 587 shares in the last quarter. Lecap Asset Management Ltd. bought a new stake in shares of MGIC Investment during the first quarter valued at approximately $1,516,000. Finally, Golden State Wealth Management LLC increased its holdings 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 valued at $53,000 after acquiring an additional 2,116 shares in the last quarter. 95.58% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

MTG has been the subject of several recent research reports. Barclays boosted their price objective on MGIC Investment from $27.00 to $28.00 and gave the company a "cautious" rating in a report on Monday, October 6th. Keefe, Bruyette & Woods boosted their price objective on MGIC Investment from $26.00 to $27.00 and gave the company a "market perform" rating in a report on Monday, July 7th. Finally, Weiss Ratings restated a "buy (a-)" rating on shares of MGIC Investment in a report on Wednesday, October 8th. One research analyst has rated the stock with a Strong Buy rating, four have issued a Hold rating and two have given a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus price target of $26.83.

MGIC Investment Stock Up 1.4%

Shares of NYSE MTG opened at $26.94 on Monday. MGIC Investment Corporation has a one year low of $21.94 and a one year high of $29.01. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.46 and a quick ratio of 1.46. The business's fifty day moving average price is $27.82 and its 200-day moving average price is $26.56. The stock has a market capitalization of $6.21 billion, a PE ratio of 8.83, a P/E/G ratio of 1.95 and a beta of 0.88.

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

MGIC Investment Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, August 21st. Stockholders of record on Thursday, August 7th were given a dividend of $0.15 per share. This is a boost from MGIC Investment's previous quarterly dividend of $0.13. The ex-dividend date was Thursday, August 7th. This represents a $0.60 annualized dividend and a dividend yield of 2.2%. MGIC Investment's dividend payout ratio is currently 19.67%.

Insider Activity

In other news, COO Salvatore A. Miosi sold 30,000 shares of the stock in a transaction dated Wednesday, October 1st. The stock was sold at an average price of $28.15, for a total transaction of $844,500.00. Following the transaction, the chief operating officer directly owned 189,401 shares in the company, valued at approximately $5,331,638.15. This represents a 13.67% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Timothy J. Mattke sold 139,203 shares of the stock in a transaction dated Thursday, August 7th. The shares were sold at an average price of $26.54, for a total value of $3,694,447.62. Following the transaction, the chief executive officer owned 1,100,994 shares in the company, valued at $29,220,380.76. This trade represents a 11.22% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 338,406 shares of company stock worth $9,096,557 over the last quarter. Corporate insiders own 1.41% of the company's stock.

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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