Louisiana State Employees Retirement System Purchases New Shares in MGIC Investment Corporation $MTG

by · The Cerbat Gem

Louisiana State Employees Retirement System purchased a new position in MGIC Investment Corporation (NYSE:MTG – Free Report) in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 63,600 shares of the insurance provider’s stock, valued at approximately $1,670,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of MTG. Jefferies Financial Group Inc. grew its stake in shares of MGIC Investment by 245.3% in the 4th quarter. Jefferies Financial Group Inc. now owns 364,650 shares of the insurance provider’s stock worth $10,655,000 after buying an additional 259,039 shares during the last quarter. Geode Capital Management LLC raised its position in MGIC Investment by 2.8% in the 4th quarter. Geode Capital Management LLC now owns 5,371,470 shares of the insurance provider’s stock worth $163,368,000 after buying an additional 146,589 shares during the last quarter. Arbejdsmarkedets Tillaegspension bought a new position in MGIC Investment during the fourth quarter valued at approximately $24,456,000. Tudor Investment Corp ET AL lifted its holdings in shares of MGIC Investment by 106.1% during the 3rd quarter. Tudor Investment Corp ET AL now owns 687,445 shares of the insurance provider’s stock valued at $19,503,000 after buying an additional 353,935 shares during the period. Finally, Intech Investment Management LLC bought a new position in MGIC Investment in the third quarter valued at about $1,444,000. 95.58% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on MTG. Weiss Ratings reiterated a “buy (b)” rating on shares of MGIC Investment in a research report on Monday, June 15th. Keefe, Bruyette & Woods lifted their price objective on shares of MGIC Investment from $28.00 to $29.00 and gave the company a “market perform” rating in a research report on Friday, April 10th. UBS Group decreased their target price on MGIC Investment from $29.50 to $28.00 and set a “neutral” rating on the stock in a research report on Thursday, March 12th. Barclays lowered their price objective on shares of MGIC Investment from $29.00 to $28.00 and set an “equal weight” rating for the company in a research report on Friday, May 1st. Finally, Royal Bank Of Canada started coverage on MGIC Investment in a report on Friday, May 22nd. They issued a “sector perform” rating and a $28.00 target price for the company. One equities research analyst has rated the stock with a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $28.25.

Get Our Latest Stock Report on MGIC Investment

MGIC Investment Trading Down 0.1%

MTG opened at $28.16 on Thursday. The company has a quick ratio of 1.14, a current ratio of 1.14 and a debt-to-equity ratio of 0.13. The stock’s fifty day moving average is $26.52 and its two-hundred day moving average is $26.99. The company has a market capitalization of $5.96 billion, a P/E ratio of 8.94, a PEG ratio of 1.94 and a beta of 0.67. MGIC Investment Corporation has a 52 week low of $24.69 and a 52 week high of $29.97.

MGIC Investment (NYSE:MTG – Get Free Report) last issued its earnings results on Wednesday, April 29th. The insurance provider reported $0.76 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.73 by $0.03. MGIC Investment had a net margin of 59.63% and a return on equity of 14.01%. The company had revenue of $297.08 million for the quarter, compared to analysts’ expectations of $303.12 million. During the same period in the prior year, the business earned $0.75 EPS. The firm’s quarterly revenue was down 3.0% on a year-over-year basis. Analysts forecast that MGIC Investment Corporation will post 3.05 earnings per share for the current year.

MGIC Investment announced that its Board of Directors has approved a stock repurchase plan on Thursday, April 23rd that allows the company to buyback $750.00 million in shares. This buyback authorization allows the insurance provider to purchase up to 12.4% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s management believes its stock is undervalued.

MGIC Investment Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, May 21st. Shareholders of record on Wednesday, May 6th were issued a $0.15 dividend. The ex-dividend date was Wednesday, May 6th. This represents a $0.60 dividend on an annualized basis and a yield of 2.1%. MGIC Investment’s payout ratio is currently 19.05%.

Insider Activity at MGIC Investment

In other MGIC Investment news, COO Salvatore A. Miosi sold 30,000 shares of the firm’s stock in a transaction dated Monday, June 8th. The stock was sold at an average price of $25.38, for a total value of $761,400.00. Following the completion of the sale, the chief operating officer owned 560,951 shares of the company’s stock, valued at approximately $14,236,936.38. This trade represents a 5.08% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Paula C. Maggio sold 20,937 shares of the business’s stock in a transaction that occurred on Friday, May 29th. The stock was sold at an average price of $25.55, for a total transaction of $534,940.35. Following the sale, the executive vice president directly owned 169,620 shares in the company, valued at approximately $4,333,791. This represents a 10.99% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 1.34% of the company’s stock.

MGIC Investment Company Profile

(Free Report)

MGIC Investment Corporation (NYSE: MTG) is a leading provider of private mortgage insurance in the United States. Established in 1957 as the nation’s first private mortgage insurer, MGIC helps lenders manage credit risk and facilitates homeownership by protecting mortgage loans against default. Headquartered in Milwaukee, Wisconsin, the company operates through its principal subsidiary, Mortgage Guaranty Insurance Corporation, and maintains relationships with a broad network of originators and servicers nationwide.

The company’s primary business activity involves issuing mortgage insurance policies that enable borrowers to purchase homes with down payments below traditional lending thresholds.

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