Public Employees Retirement System of Ohio trimmed its stake in MGIC Investment Co. (NYSE:MTG - Free Report) by 21.9% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 138,148 shares of the insurance provider's stock after selling 38,699 shares during the period. Public Employees Retirement System of Ohio owned 0.05% of MGIC Investment worth $3,537,000 at the end of the most recent quarter.
Several other large investors have also recently made changes to their positions in MTG. Hara Capital LLC purchased a new position in MGIC Investment in the third quarter valued at about $25,000. V Square Quantitative Management LLC bought a new stake in shares of MGIC Investment in the 3rd quarter valued at about $33,000. Brooklyn Investment Group bought a new stake in shares of MGIC Investment in the 3rd quarter valued at about $69,000. Covestor Ltd grew its position in shares of MGIC Investment by 65.5% in the 3rd quarter. Covestor Ltd now owns 3,387 shares of the insurance provider's stock worth $87,000 after buying an additional 1,341 shares during the last quarter. Finally, Blue Trust Inc. raised its stake in shares of MGIC Investment by 233.4% during the 2nd quarter. Blue Trust Inc. now owns 4,985 shares of the insurance provider's stock worth $111,000 after acquiring an additional 3,490 shares in the last quarter. 95.58% of the stock is owned by institutional investors.
Several equities research analysts have weighed in on the stock. Barclays raised their target price on shares of MGIC Investment from $23.00 to $24.00 and gave the company an "equal weight" rating in a research note on Tuesday, October 8th. Bank of America downgraded MGIC Investment from a "buy" rating to an "underperform" rating and dropped their target price for the stock from $26.00 to $25.00 in a research note on Monday, December 9th. Keefe, Bruyette & Woods reiterated a "market perform" rating and issued a $29.00 price target on shares of MGIC Investment in a research note on Tuesday, December 10th. Finally, Royal Bank of Canada lowered their price target on MGIC Investment from $28.00 to $27.00 and set a "sector perform" rating for the company in a report on Wednesday, November 6th. One research analyst has rated the stock with a sell rating, four have given a hold rating and two have given a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average price target of $26.00.
Get Our Latest Stock Analysis on MTG
Shares of MTG stock opened at $24.55 on Monday. MGIC Investment Co. has a fifty-two week low of $18.68 and a fifty-two week high of $26.56. The firm has a market capitalization of $6.22 billion, a PE ratio of 8.64, a P/E/G ratio of 1.77 and a beta of 1.27. The company has a debt-to-equity ratio of 0.12, a quick ratio of 1.25 and a current ratio of 1.25. The stock's 50-day simple moving average is $25.22 and its 200-day simple moving average is $24.05.
MGIC Investment (NYSE:MTG - Get Free Report) last issued its quarterly earnings results on Monday, November 4th. The insurance provider reported $0.77 earnings per share for the quarter, topping the consensus estimate of $0.66 by $0.11. MGIC Investment had a net margin of 64.09% and a return on equity of 14.99%. The company had revenue of $306.65 million for the quarter, compared to the consensus estimate of $306.03 million. During the same quarter in the prior year, the company earned $0.64 EPS. MGIC Investment's quarterly revenue was up 3.4% on a year-over-year basis. Equities analysts expect that MGIC Investment Co. will post 2.85 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which was paid on Thursday, November 21st. Investors of record on Thursday, November 7th were given a dividend of $0.13 per share. The ex-dividend date was Thursday, November 7th. This represents a $0.52 dividend on an annualized basis and a yield of 2.12%. MGIC Investment's dividend payout ratio is presently 18.31%.
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.
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