State of New Jersey Common Pension Fund D Purchases 2,298 Shares of MGIC Investment Co. (NYSE:MTG)

State of New Jersey Common Pension Fund D grew its position in MGIC Investment Co. (NYSE:MTG) by 2.8% in the fourth quarter, HoldingsChannel.com reports. The fund owned 85,436 shares of the insurance provider’s stock after buying an additional 2,298 shares during the period. State of New Jersey Common Pension Fund D’s holdings in MGIC Investment were worth $2,026,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors also recently modified their holdings of the company. State of Alaska Department of Revenue grew its holdings in MGIC Investment by 0.4% during the third quarter. State of Alaska Department of Revenue now owns 150,750 shares of the insurance provider’s stock worth $3,858,000 after purchasing an additional 540 shares during the period. Nations Financial Group Inc. IA ADV boosted its stake in shares of MGIC Investment by 1.6% during the 4th quarter. Nations Financial Group Inc. IA ADV now owns 37,821 shares of the insurance provider’s stock worth $897,000 after acquiring an additional 579 shares during the period. Lindenwold Advisors INC boosted its stake in shares of MGIC Investment by 3.7% during the 3rd quarter. Lindenwold Advisors INC now owns 16,611 shares of the insurance provider’s stock worth $425,000 after acquiring an additional 592 shares during the period. Inspire Investing LLC boosted its stake in shares of MGIC Investment by 4.8% during the 4th quarter. Inspire Investing LLC now owns 16,883 shares of the insurance provider’s stock worth $400,000 after acquiring an additional 766 shares during the period. Finally, V Square Quantitative Management LLC boosted its position in MGIC Investment by 61.9% during the fourth quarter. V Square Quantitative Management LLC now owns 2,077 shares of the insurance provider’s stock worth $49,000 after purchasing an additional 794 shares during the period. Institutional investors own 95.58% of the company’s stock.

MGIC Investment Trading Down 1.9 %

Shares of MTG stock opened at $23.97 on Monday. The stock has a 50 day simple moving average of $24.34 and a 200 day simple moving average of $24.79. The stock has a market cap of $6.07 billion, a P/E ratio of 8.26 and a beta of 1.29. The company has a current ratio of 0.48, a quick ratio of 1.25 and a debt-to-equity ratio of 0.12. MGIC Investment Co. has a 1 year low of $18.98 and a 1 year high of $26.56.

MGIC Investment (NYSE:MTG) last released its earnings results on Monday, February 3rd. The insurance provider reported $0.72 earnings per share 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%. On average, research analysts predict that MGIC Investment Co. will post 2.71 earnings per share for the current fiscal year.

MGIC Investment Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, March 5th. Stockholders of record on Tuesday, February 18th will be issued a dividend of $0.13 per share. This represents a $0.52 dividend on an annualized basis and a dividend yield of 2.17%. The ex-dividend date of this dividend is Tuesday, February 18th. MGIC Investment’s dividend payout ratio (DPR) is presently 17.93%.

Insider Transactions at MGIC Investment

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

Analysts Set New Price Targets

A number of research firms have commented on MTG. Compass Point reaffirmed a “neutral” rating and set a $27.00 price objective (up from $24.00) on shares of MGIC Investment in a research report on Wednesday, February 5th. Royal Bank of Canada reduced their target price on shares of MGIC Investment from $28.00 to $27.00 and set a “sector perform” rating for the company in a report on Wednesday, November 6th. Barclays boosted their price objective on MGIC Investment from $25.00 to $26.00 and gave the stock an “equal weight” rating in a report on Wednesday, February 5th. UBS Group boosted 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 reduced their price target on MGIC Investment from $29.00 to $28.00 and set a “market perform” rating for the company in a research note on Wednesday, January 8th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $26.75.

About MGIC Investment

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.