State of New Jersey Common Pension Fund D Reduces Stock Position in MGIC Investment Co. (NYSE:MTG)

State of New Jersey Common Pension Fund D lessened its holdings in MGIC Investment Co. (NYSE:MTG) by 35.6% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 91,935 shares of the insurance provider’s stock after selling 50,830 shares during the quarter. State of New Jersey Common Pension Fund D’s holdings in MGIC Investment were worth $1,981,000 at the end of the most recent quarter.

Other large investors have also recently bought and sold shares of the company. Nations Financial Group Inc. IA ADV boosted its stake in MGIC Investment by 1.6% in the second quarter. Nations Financial Group Inc. IA ADV now owns 35,306 shares of the insurance provider’s stock valued at $761,000 after acquiring an additional 565 shares in the last quarter. Fortem Financial Group LLC boosted its stake in MGIC Investment by 1.0% in the second quarter. Fortem Financial Group LLC now owns 75,447 shares of the insurance provider’s stock valued at $1,626,000 after acquiring an additional 747 shares in the last quarter. Crossmark Global Holdings Inc. boosted its stake in MGIC Investment by 0.7% in the fourth quarter. Crossmark Global Holdings Inc. now owns 117,517 shares of the insurance provider’s stock valued at $2,267,000 after acquiring an additional 774 shares in the last quarter. Versant Capital Management Inc boosted its stake in MGIC Investment by 482.7% in the second quarter. Versant Capital Management Inc now owns 1,142 shares of the insurance provider’s stock valued at $25,000 after acquiring an additional 946 shares in the last quarter. Finally, QRG Capital Management Inc. boosted its stake in MGIC Investment by 7.7% in the second quarter. QRG Capital Management Inc. now owns 15,152 shares of the insurance provider’s stock valued at $327,000 after acquiring an additional 1,081 shares in the last quarter. Hedge funds and other institutional investors own 95.58% of the company’s stock.

MGIC Investment Price Performance

Shares of MTG opened at $25.38 on Friday. MGIC Investment Co. has a fifty-two week low of $16.30 and a fifty-two week high of $25.93. The company has a market capitalization of $6.77 billion, a price-to-earnings ratio of 9.76, a price-to-earnings-growth ratio of 1.30 and a beta of 1.28. The firm has a 50-day simple moving average of $24.38 and a 200-day simple moving average of $22.15. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.11 and a current ratio of 1.11.

MGIC Investment (NYSE:MTG) last posted its quarterly earnings results on Wednesday, July 31st. The insurance provider reported $0.77 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.62 by $0.15. The firm had revenue of $305.28 million during the quarter, compared to analysts’ expectations of $301.02 million. MGIC Investment had a net margin of 63.19% and a return on equity of 14.97%. The firm’s revenue for the quarter was up 5.0% on a year-over-year basis. During the same period in the prior year, the company posted $0.68 earnings per share. On average, equities research analysts anticipate that MGIC Investment Co. will post 2.76 earnings per share for the current year.

MGIC Investment Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, August 22nd. Investors of record on Thursday, August 8th were issued a dividend of $0.13 per share. This is a boost from MGIC Investment’s previous quarterly dividend of $0.12. This represents a $0.52 annualized dividend and a yield of 2.05%. The ex-dividend date was Thursday, August 8th. MGIC Investment’s dividend payout ratio is currently 20.00%.

Analyst Ratings Changes

Several equities analysts have issued reports on the stock. Keefe, Bruyette & Woods upgraded shares of MGIC Investment from a “market perform” rating to an “outperform” rating and upped their price objective for the company from $24.00 to $25.00 in a research note on Monday, June 3rd. Roth Mkm upped their price objective on shares of MGIC Investment from $24.00 to $30.00 and gave the company a “buy” rating in a research note on Friday, August 2nd. Barclays increased their target price on shares of MGIC Investment from $21.00 to $23.00 and gave the stock an “equal weight” rating in a research note on Friday, August 2nd. Finally, BTIG Research increased their target price on shares of MGIC Investment from $22.00 to $25.00 and gave the stock a “buy” rating in a research note on Monday, August 5th. Four investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $24.33.

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.