State of New Jersey Common Pension Fund D Has $2.03 Million Stock Position in MGIC Investment Co. (NYSE:MTG)

State of New Jersey Common Pension Fund D increased its position in shares of MGIC Investment Co. (NYSE:MTG) by 2.8% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 85,436 shares of the insurance provider’s stock after purchasing an additional 2,298 shares during the quarter. State of New Jersey Common Pension Fund D’s holdings in MGIC Investment were worth $2,026,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of the company. State Street Corp increased its holdings in MGIC Investment by 0.8% during the 3rd quarter. State Street Corp now owns 9,092,453 shares of the insurance provider’s stock valued at $232,767,000 after purchasing an additional 73,851 shares in the last quarter. Franklin Resources Inc. increased its holdings in MGIC Investment by 6.5% during the 3rd quarter. Franklin Resources Inc. now owns 1,621,838 shares of the insurance provider’s stock valued at $41,836,000 after purchasing an additional 98,369 shares in the last quarter. Vest Financial LLC increased its stake in shares of MGIC Investment by 33.4% in the fourth quarter. Vest Financial LLC now owns 1,485,140 shares of the insurance provider’s stock valued at $35,213,000 after buying an additional 371,882 shares in the last quarter. Robeco Institutional Asset Management B.V. increased its stake in shares of MGIC Investment by 1.1% in the fourth quarter. Robeco Institutional Asset Management B.V. now owns 807,485 shares of the insurance provider’s stock valued at $19,145,000 after buying an additional 9,031 shares in the last quarter. Finally, Caisse DE Depot ET Placement DU Quebec acquired a new stake in shares of MGIC Investment in the third quarter valued at $13,535,000. Institutional investors and hedge funds own 95.58% of the company’s stock.

MGIC Investment Stock Down 1.9 %

Shares of MGIC Investment stock opened at $23.97 on Monday. The company has a quick ratio of 1.25, a current ratio of 0.48 and a debt-to-equity ratio of 0.12. MGIC Investment Co. has a 12 month low of $18.98 and a 12 month high of $26.56. The business has a fifty day simple moving average of $24.34 and a 200 day simple moving average of $24.79. The stock has a market cap of $6.07 billion, a PE ratio of 8.26 and a beta of 1.29.

MGIC Investment (NYSE:MTG) last posted its earnings results on Monday, February 3rd. The insurance provider reported $0.72 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.65 by $0.07. MGIC Investment had a return on equity of 14.86% and a net margin of 63.18%. Research analysts predict that MGIC Investment Co. will post 2.71 EPS for the current year.

MGIC Investment Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, March 5th. Stockholders of record on Tuesday, February 18th will be issued a $0.13 dividend. This represents a $0.52 annualized dividend and a dividend yield of 2.17%. The ex-dividend date of this dividend is Tuesday, February 18th. MGIC Investment’s dividend payout ratio (DPR) is 17.93%.

Insider Activity at MGIC Investment

In other MGIC Investment news, CAO Julie K. Sperber sold 4,600 shares of the stock in a transaction dated Friday, February 21st. The stock was sold at an average price of $24.55, for a total value of $112,930.00. Following the completion of the sale, the chief accounting officer now directly owns 75,070 shares in the company, valued at $1,842,968.50. This represents a 5.77 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 1.05% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on the stock. Bank of America cut shares of MGIC Investment from a “buy” rating to an “underperform” rating and lowered their price objective for the company from $26.00 to $25.00 in a research report on Monday, December 9th. UBS Group raised their price target on shares of MGIC Investment from $25.00 to $26.00 and gave the company a “neutral” rating in a report on Wednesday, February 19th. Royal Bank of Canada lowered their price target on shares of MGIC Investment from $28.00 to $27.00 and set a “sector perform” rating for the company in a report on Wednesday, November 6th. Keefe, Bruyette & Woods lowered their target price on MGIC Investment from $29.00 to $28.00 and set a “market perform” rating for the company in a research note on Wednesday, January 8th. Finally, Barclays lifted their target price on MGIC Investment from $25.00 to $26.00 and gave the company an “equal weight” rating in a research note on Wednesday, February 5th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat.com, MGIC Investment presently has a consensus rating of “Hold” and an average price target of $26.75.

MGIC Investment 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.