Texas Permanent School Fund Reduces Its Stake in MGIC Investment Co. (NYSE:MTG)
The Texas Permanent School Fund reduced its holdings in MGIC Investment Co. (NYSE:MTG – Get Rating) by 3.2% during the first quarter, according to the company in its latest SEC filing. The fund held 227,103 shares of the insurance provider after selling 7,528 shares during the quarter. The Texas Permanent School Fund held approximately 0.07% of MGIC Investment worth $3,077,000 at the end of the most recent reporting period.
A number of other hedge funds also changed their positions in the company. O Shares Investment Advisers LLC increased its holdings of MGIC Investment shares by 2.3% in Q4. O Shares Investment Advisers LLC now owns 30,126 shares of the insurance provider valued at $434,000 after acquiring an additional 684 shares in the last quarter. Natixis Advisors LP increased its stake in MGIC Investment shares by 4.8% in the 4th quarter. Natixis Advisors LP now owns 17,732 shares of the insurance provider valued at $256,000 after acquiring 805 additional shares in the last quarter. Factorial Partners LLC increased its stake in MGIC Investment shares by 1.4% in the 4th quarter. Factorial Partners LLC now owns 74,000 shares of the insurance provider valued at $1,067,000 after acquiring an additional 1,000 shares in the last quarter. Meritage Portfolio Management increased its holdings of Placements MGIC shares by 11.5% in the first quarter. Meritage Investment Management now owns 18,921 shares of the insurance provider valued at $256,000 after acquiring 1,958 additional shares in the last quarter. Finally, Bank of America Corp DE increased its stake in MGIC Investment shares by 0.3% in the 4th quarter. Bank of America Corp DE now owns 845,340 shares of the insurance provider valued at $12,190,000 after acquiring 2,296 additional shares in the last quarter. Hedge funds and other institutional investors hold 94.10% of the company’s shares.
MGIC Investment Price Performance
Shares of MGIC Investment opened at $14.52 on Tuesday. MGIC Investment Co. has a 12-month low of $11.38 and a 12-month high of $16.84. The stock has a 50-day moving average of $13.23 and a two-hundred-day moving average of $13.80. The company has a current ratio of 0.62, a quick ratio of 0.62 and a debt ratio of 0.20. The stock has a market capitalization of $4.50 billion, a price/earnings ratio of 6.26, a PEG ratio of 1.20 and a beta of 1.47.
MGIC Investment increases its dividend
The company also recently announced a quarterly dividend, which will be paid on Thursday, August 25. Shareholders of record on Thursday August 11 will receive a dividend of $0.10 per share. This represents a dividend of $0.40 on an annualized basis and a yield of 2.75%. This is a boost from MGIC Investment’s previous quarterly dividend of $0.08. The ex-date of this dividend is Wednesday, August 10. The dividend payout ratio (DPR) of MGIC Investment is currently 13.79%.
Analyst upgrades and downgrades
A number of research companies have recently commented on MTG. BTIG Research lowered its price target on MGIC Investment from $18.00 to $17.00 in a Tuesday, April 12 report. StockNews.com upgraded MGIC Investment from a “hold” rating to a “buy” rating in a research rating on Friday. Finally, Royal Bank of Canada upgraded MGIC Investment from an “sector performance” rating to an “outperform” rating and raised its price target for the stock from $15.00 to $16.00 in a research note from Thursday, June 23. Two research analysts gave the stock a hold rating and four gave the stock a buy rating. Based on data from MarketBeat, the stock currently has an average rating of “moderate buy” and a consensus target price of $17.92.
MGIC Investment Profile
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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, Puerto Rico and in Guam. The company offers mortgage principal insurance that provides mortgage default protection on individual loans, as well as covers outstanding loan principal, overdue interest, and various expenses associated with default and subsequent foreclosure.
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