California Public Employees Retirement System Reduces Holdings in MGIC Investment Co. (NYSE:MTG)

California Public Employees Retirement System cut its stake in MGIC Investment Co. (NYSE:MTG) by 0.4% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 591,264 shares of the insurance provider’s stock after selling 2,605 shares during the period. California Public Employees Retirement System owned about 0.21% of MGIC Investment worth $11,405,000 as of its most recent SEC filing.

Several other hedge funds also recently made changes to their positions in MTG. Avantax Planning Partners Inc. grew its stake in MGIC Investment by 6.8% during the 3rd quarter. Avantax Planning Partners Inc. now owns 11,543 shares of the insurance provider’s stock worth $193,000 after buying an additional 734 shares during the last quarter. Asset Management One Co. Ltd. increased its holdings in shares of MGIC Investment by 2.1% in the 4th quarter. Asset Management One Co. Ltd. now owns 39,747 shares of the insurance provider’s stock valued at $774,000 after acquiring an additional 812 shares during the period. Blue Trust Inc. boosted its stake in MGIC Investment by 49.2% during the 4th quarter. Blue Trust Inc. now owns 2,576 shares of the insurance provider’s stock worth $50,000 after purchasing an additional 849 shares during the period. Signaturefd LLC grew its position in MGIC Investment by 4.0% during the 4th quarter. Signaturefd LLC now owns 22,162 shares of the insurance provider’s stock worth $428,000 after purchasing an additional 862 shares during the last quarter. Finally, Janiczek Wealth Management LLC increased its stake in MGIC Investment by 29.5% in the fourth quarter. Janiczek Wealth Management LLC now owns 5,572 shares of the insurance provider’s stock valued at $107,000 after purchasing an additional 1,269 shares during the period. Hedge funds and other institutional investors own 95.58% of the company’s stock.

MGIC Investment Stock Performance

Shares of MTG stock opened at $20.54 on Thursday. The company has a current ratio of 0.98, a quick ratio of 0.98 and a debt-to-equity ratio of 0.13. The stock has a 50 day simple moving average of $20.52 and a 200-day simple moving average of $19.21. The company has a market cap of $5.54 billion, a price-to-earnings ratio of 8.25, a price-to-earnings-growth ratio of 1.69 and a beta of 1.24. MGIC Investment Co. has a 12-month low of $13.97 and a 12-month high of $22.43.

MGIC Investment (NYSE:MTG) last released its quarterly earnings data on Wednesday, January 31st. The insurance provider reported $0.67 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.57 by $0.10. MGIC Investment had a return on equity of 14.82% and a net margin of 61.72%. The firm had revenue of $284.72 million during the quarter, compared to analysts’ expectations of $302.96 million. On average, equities analysts forecast that MGIC Investment Co. will post 2.43 EPS for the current year.

MGIC Investment Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, May 21st. Investors of record on Thursday, May 9th will be paid a $0.115 dividend. This represents a $0.46 annualized dividend and a dividend yield of 2.24%. The ex-dividend date is Wednesday, May 8th. MGIC Investment’s dividend payout ratio (DPR) is 18.47%.

Analyst Ratings Changes

MTG has been the topic of a number of research reports. Royal Bank of Canada raised their price target on MGIC Investment from $18.00 to $21.00 and gave the stock a “sector perform” rating in a report on Friday, February 2nd. Roth Mkm boosted their target price on MGIC Investment from $21.00 to $24.00 and gave the company a “buy” rating in a report on Friday, February 2nd. Finally, Keefe, Bruyette & Woods reaffirmed a “market perform” rating and set a $24.00 price target (up from $23.50) on shares of MGIC Investment in a report on Thursday, April 4th. Five analysts have rated the stock with a hold rating and one has given a buy rating to the company. According to MarketBeat.com, MGIC Investment presently has an average rating of “Hold” and an average target price of $21.08.

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.