Teacher Retirement System of Texas Grows Stock Holdings in MGIC Investment Co. (NYSE:MTG)

Teacher Retirement System of Texas raised its position in shares of MGIC Investment Co. (NYSE:MTG) by 2.7% in the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 373,411 shares of the insurance provider’s stock after buying an additional 9,939 shares during the period. Teacher Retirement System of Texas’ holdings in MGIC Investment were worth $8,854,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. CIBC Asset Management Inc purchased a new position in shares of MGIC Investment in the 3rd quarter valued at approximately $202,000. Natixis Advisors LLC raised its position in shares of MGIC Investment by 38.2% in the 3rd quarter. Natixis Advisors LLC now owns 152,404 shares of the insurance provider’s stock valued at $3,902,000 after purchasing an additional 42,088 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. raised its position in shares of MGIC Investment by 369.2% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 57,722 shares of the insurance provider’s stock valued at $1,478,000 after purchasing an additional 45,419 shares during the last quarter. Larson Financial Group LLC raised its position in shares of MGIC Investment by 3.2% in the 3rd quarter. Larson Financial Group LLC now owns 105,432 shares of the insurance provider’s stock valued at $2,699,000 after purchasing an additional 3,220 shares during the last quarter. Finally, Hancock Whitney Corp purchased a new position in shares of MGIC Investment in the 3rd quarter valued at approximately $777,000. 95.58% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at MGIC Investment

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

Analysts Set New Price Targets

MTG has been the subject of several research analyst reports. Keefe, Bruyette & Woods decreased their price objective on shares of MGIC Investment from $29.00 to $28.00 and set a “market perform” rating for the company in a research report on Wednesday, January 8th. Compass Point reissued a “neutral” rating and set a $27.00 price target (up from $24.00) on shares of MGIC Investment in a research report on Wednesday, February 5th. Bank of America lowered shares of MGIC Investment from a “buy” rating to an “underperform” rating and reduced their price target for the stock from $26.00 to $25.00 in a research report on Monday, December 9th. 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 report on Wednesday, February 5th. Finally, UBS Group raised their price target on shares of MGIC Investment from $25.00 to $26.00 and gave the stock a “neutral” rating in a research report on Wednesday, February 19th. One investment 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 currently has an average rating of “Hold” and a consensus price target of $26.75.

MGIC Investment Price Performance

Shares of NYSE MTG opened at $23.52 on Friday. The stock has a market capitalization of $5.71 billion, a price-to-earnings ratio of 8.11 and a beta of 1.28. MGIC Investment Co. has a 12 month low of $19.26 and a 12 month high of $26.56. The firm’s 50 day simple moving average is $24.29 and its 200-day simple moving average is $24.69. The company has a debt-to-equity ratio of 0.12, a current ratio of 0.48 and a quick ratio of 1.25.

MGIC Investment (NYSE:MTG) last issued its quarterly earnings data on Monday, February 3rd. The insurance provider reported $0.72 EPS for the quarter, topping analysts’ consensus estimates of $0.65 by $0.07. MGIC Investment had a net margin of 63.18% and a return on equity of 14.86%. Analysts expect that MGIC Investment Co. will post 2.71 EPS for the current year.

MGIC Investment Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, March 5th. Stockholders of record on Tuesday, February 18th were paid a dividend of $0.13 per share. The ex-dividend date of this dividend was Tuesday, February 18th. This represents a $0.52 dividend on an annualized basis and a dividend yield of 2.21%. MGIC Investment’s payout ratio is 17.93%.

MGIC Investment Company 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.