State Board of Administration of Florida Retirement System Decreases Stake in MGIC Investment Corporation $MTG

State Board of Administration of Florida Retirement System reduced its position in MGIC Investment Corporation (NYSE:MTG) by 3.9% during the second quarter, according to its most recent 13F filing with the SEC. The firm owned 414,686 shares of the insurance provider’s stock after selling 16,749 shares during the period. State Board of Administration of Florida Retirement System owned 0.18% of MGIC Investment worth $11,545,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Elevation Point Wealth Partners LLC purchased a new stake in shares of MGIC Investment during the 2nd quarter valued at approximately $42,000. Quadrant Capital Group LLC raised its holdings in MGIC Investment by 614.9% during the 2nd quarter. Quadrant Capital Group LLC now owns 21,467 shares of the insurance provider’s stock valued at $598,000 after acquiring an additional 18,464 shares during the period. Vinva Investment Management Ltd purchased a new stake in shares of MGIC Investment during the second quarter worth $232,000. Employees Retirement System of Texas bought a new position in shares of MGIC Investment in the second quarter worth $32,000. Finally, Choreo LLC purchased a new position in shares of MGIC Investment in the second quarter valued at $230,000. Institutional investors own 95.58% of the company’s stock.

MGIC Investment Trading Up 0.5%

Shares of MTG opened at $28.51 on Tuesday. MGIC Investment Corporation has a one year low of $21.94 and a one year high of $29.01. The stock has a 50-day moving average price of $27.73 and a 200 day moving average price of $27.26. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.46 and a current ratio of 1.46. The company has a market capitalization of $6.38 billion, a P/E ratio of 9.17, a P/E/G ratio of 1.91 and a beta of 0.92.

MGIC Investment (NYSE:MTG) last announced its earnings results on Wednesday, October 29th. The insurance provider reported $0.83 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.72 by $0.11. The company had revenue of $304.51 million for the quarter, compared to analyst estimates of $308.16 million. MGIC Investment had a return on equity of 14.63% and a net margin of 61.96%.MGIC Investment’s quarterly revenue was down .7% on a year-over-year basis. During the same period in the prior year, the company posted $0.77 EPS. Sell-side analysts forecast that MGIC Investment Corporation will post 2.71 EPS for the current fiscal year.

MGIC Investment Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, November 20th. Shareholders of record on Thursday, November 6th were paid a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a yield of 2.1%. The ex-dividend date was Thursday, November 6th. MGIC Investment’s dividend payout ratio is 19.29%.

Insiders Place Their Bets

In other MGIC Investment news, COO Salvatore A. Miosi sold 30,000 shares of the firm’s stock in a transaction on Wednesday, October 1st. The shares were sold at an average price of $28.15, for a total transaction of $844,500.00. Following the completion of the transaction, the chief operating officer directly owned 189,401 shares of the company’s stock, valued at $5,331,638.15. This trade represents a 13.67% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Timothy J. Mattke sold 139,203 shares of the company’s stock in a transaction dated Tuesday, October 7th. The shares were sold at an average price of $27.09, for a total transaction of $3,771,009.27. Following the completion of the sale, the chief executive officer owned 961,791 shares in the company, valued at approximately $26,054,918.19. This trade represents a 12.64% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 219,203 shares of company stock valued at $5,989,909 in the last ninety days. Corporate insiders own 1.05% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on the company. Barclays increased their price objective on MGIC Investment from $27.00 to $28.00 and gave the stock a “cautious” rating in a report on Monday, October 6th. Weiss Ratings restated a “buy (a-)” rating on shares of MGIC Investment in a research report on Wednesday, October 8th. One research analyst has rated the stock with a Strong Buy rating, three have assigned a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat.com, MGIC Investment currently has a consensus rating of “Hold” and a consensus price target of $26.80.

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.