Teachers Retirement System of The State of Kentucky Trims Stock Position in MGIC Investment Co. (NYSE:MTG)

Teachers Retirement System of The State of Kentucky reduced its position in MGIC Investment Co. (NYSE:MTG - Free Report) by 14.4% in the 4th quarter, according to its most recent filing with the SEC. The firm owned 133,987 shares of the insurance provider's stock after selling 22,578 shares during the period. Teachers Retirement System of The State of Kentucky owned 0.05% of MGIC Investment worth $3,176,000 at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of the stock. First Trust Advisors LP lifted its holdings 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 purchasing an additional 2,928,595 shares in the last quarter. LSV Asset Management boosted its holdings in shares of MGIC Investment by 2.3% in the 4th quarter. LSV Asset Management now owns 10,578,342 shares of the insurance provider's stock valued at $250,812,000 after buying an additional 235,916 shares during the last quarter. Allianz Asset Management GmbH increased its stake in shares of MGIC Investment by 8.2% during the 4th quarter. Allianz Asset Management GmbH now owns 5,495,115 shares of the insurance provider's stock worth $130,289,000 after purchasing an additional 415,586 shares during the last quarter. Invesco Ltd. grew its holdings in MGIC Investment by 16.6% during the fourth quarter. Invesco Ltd. now owns 4,766,195 shares of the insurance provider's stock worth $113,006,000 after purchasing an additional 677,227 shares during the period. Finally, Norges Bank acquired a new position in shares of MGIC Investment during the 4th quarter worth approximately $85,908,000. 95.58% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

MTG has been the subject of a number of analyst reports. Keefe, Bruyette & Woods dropped their price target on shares of MGIC Investment from $28.00 to $26.00 and set a "market perform" rating for the company in a research report on Tuesday, April 8th. Compass Point reaffirmed a "neutral" rating and issued a $27.00 price objective (up from $24.00) on shares of MGIC Investment in a research note on Wednesday, February 5th. UBS Group raised their price objective on MGIC Investment from $25.00 to $26.00 and gave the company a "neutral" rating in a report on Wednesday, February 19th. Finally, Barclays raised their price target on shares of MGIC Investment from $25.00 to $26.00 and gave the stock an "equal weight" rating in a research note on Wednesday, February 5th. One 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. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus price target of $26.50.

Insider Activity at MGIC Investment

In related news, CAO Julie K. Sperber sold 4,600 shares of MGIC Investment stock in a transaction dated Friday, February 21st. The stock was sold at an average price of $24.55, for a total transaction of $112,930.00. Following the completion of the sale, the chief accounting officer now owns 75,070 shares of the company's stock, valued at $1,842,968.50. The trade was a 5.77 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 1.05% of the stock is currently owned by corporate insiders.

MGIC Investment Stock Performance

Shares of NYSE MTG traded down $0.04 during trading on Tuesday, reaching $24.53. 318,686 shares of the company traded hands, compared to its average volume of 1,797,418. MGIC Investment Co. has a 52-week low of $20.02 and a 52-week high of $26.56. The company has a quick ratio of 1.25, a current ratio of 0.48 and a debt-to-equity ratio of 0.12. The firm has a 50 day simple moving average of $23.86 and a 200-day simple moving average of $24.45. The stock has a market capitalization of $5.95 billion, a PE ratio of 8.46 and a beta of 0.93.

MGIC Investment (NYSE:MTG - Get Free Report) last released its quarterly earnings data on Monday, February 3rd. The insurance provider reported $0.72 EPS for the quarter, beating the consensus estimate of $0.65 by $0.07. MGIC Investment had a net margin of 63.18% and a return on equity of 14.86%. Equities research analysts anticipate that MGIC Investment Co. will post 2.71 earnings per share for the current year.

MGIC Investment Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 21st. Investors of record on Thursday, May 8th will be paid a $0.13 dividend. This represents a $0.52 dividend on an annualized basis and a yield of 2.12%. The ex-dividend date of this dividend is Thursday, May 8th. MGIC Investment's dividend payout ratio (DPR) is presently 17.93%.

MGIC Investment declared that its board has authorized a share repurchase program on Thursday, April 24th that allows the company to buyback $750.00 million in outstanding shares. This buyback authorization allows the insurance provider to repurchase up to 12.5% of its stock through open market purchases. Stock buyback programs are typically a sign that the company's management believes its stock is undervalued.

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.