California Public Employees Retirement System Lowers Stock Holdings in MGIC Investment Co. (NYSE:MTG)

California Public Employees Retirement System lessened its position in shares of MGIC Investment Co. (NYSE:MTG - Free Report) by 10.2% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 526,931 shares of the insurance provider's stock after selling 60,068 shares during the quarter. California Public Employees Retirement System owned about 0.21% of MGIC Investment worth $12,494,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in the company. Norges Bank bought a new stake in shares of MGIC Investment during the 4th quarter worth approximately $85,908,000. Allianz Asset Management GmbH lifted its stake in shares of MGIC Investment by 8.2% during the 4th quarter. Allianz Asset Management GmbH now owns 5,495,115 shares of the insurance provider's stock worth $130,289,000 after acquiring an additional 415,586 shares during the last quarter. Amundi bought a new stake in shares of MGIC Investment during the 4th quarter worth approximately $8,914,000. Vest Financial LLC lifted its stake in shares of MGIC Investment by 33.4% during the 4th quarter. Vest Financial LLC now owns 1,485,140 shares of the insurance provider's stock worth $35,213,000 after acquiring an additional 371,882 shares during the last quarter. Finally, Assenagon Asset Management S.A. bought a new stake in shares of MGIC Investment during the 4th quarter worth approximately $8,362,000. Hedge funds and other institutional investors own 95.58% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on MTG shares. Barclays raised their price target on MGIC Investment from $25.00 to $26.00 and gave the stock an "equal weight" rating in a research note on Wednesday, February 5th. Compass Point restated a "neutral" rating and set a $27.00 price objective (up from $24.00) on shares of MGIC Investment in a report on Wednesday, February 5th. UBS Group raised their price objective on MGIC Investment from $25.00 to $26.00 and gave the stock a "neutral" rating in a report on Wednesday, February 19th. Finally, Keefe, Bruyette & Woods cut their price target on MGIC Investment from $28.00 to $26.00 and set a "market perform" rating on the stock in a report on Tuesday. One research analyst has rated the stock with a sell rating, five have given a hold rating and two have given a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus target price of $26.50.

MGIC Investment Price Performance

NYSE:MTG traded down $0.55 during trading hours on Thursday, hitting $23.34. 309,906 shares of the stock were exchanged, compared to its average volume of 1,791,042. The company has a current ratio of 0.48, a quick ratio of 1.25 and a debt-to-equity ratio of 0.12. The firm's fifty day moving average price is $24.08 and its 200 day moving average price is $24.57. The company has a market cap of $5.66 billion, a P/E ratio of 8.04 and a beta of 0.93. MGIC Investment Co. has a 52-week low of $19.26 and a 52-week high of $26.56.

MGIC Investment (NYSE:MTG - Get Free Report) last posted its quarterly earnings results on Monday, February 3rd. The insurance provider reported $0.72 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.65 by $0.07. MGIC Investment had a return on equity of 14.86% and a net margin of 63.18%. As a group, equities research analysts anticipate that MGIC Investment Co. will post 2.71 EPS for the current fiscal year.

MGIC Investment Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, March 5th. Shareholders of record on Tuesday, February 18th were paid a dividend of $0.13 per share. This represents a $0.52 dividend on an annualized basis and a yield of 2.23%. The ex-dividend date was Tuesday, February 18th. MGIC Investment's dividend payout ratio (DPR) is 17.93%.

Insiders Place Their Bets

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

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.