Legal & General Group Plc raised its stake in shares of MGIC Investment Corporation (NYSE:MTG) by 17.0% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 131,182 shares of the insurance provider’s stock after buying an additional 19,066 shares during the period. Legal & General Group Plc’s holdings in MGIC Investment Corporation were worth $1,324,000 at the end of the most recent quarter.
Several other large investors have also made changes to their positions in MTG. World Asset Management Inc raised its stake in shares of MGIC Investment Corporation by 0.7% in the first quarter. World Asset Management Inc now owns 12,157 shares of the insurance provider’s stock valued at $123,000 after buying an additional 81 shares during the last quarter. Princeton Alpha Management LP purchased a new position in shares of MGIC Investment Corporation during the first quarter valued at about $127,000. Comerica Bank purchased a new position in shares of MGIC Investment Corporation during the fourth quarter valued at about $128,000. Paragon Capital Management Ltd purchased a new position in shares of MGIC Investment Corporation during the first quarter valued at about $157,000. Finally, Highbridge Capital Management LLC raised its position in MGIC Investment Corporation by 245.7% in the fourth quarter. Highbridge Capital Management LLC now owns 17,629 shares of the insurance provider’s stock worth $179,000 after buying an additional 29,729 shares in the last quarter. Institutional investors own 87.91% of the company’s stock.
MGIC Investment Corporation (NYSE MTG) traded down 1.14% on Friday, hitting $11.32. The stock had a trading volume of 1,918,642 shares. MGIC Investment Corporation has a 52-week low of $7.75 and a 52-week high of $12.25. The firm has a market cap of $4.19 billion, a price-to-earnings ratio of 11.66 and a beta of 2.08. The company’s 50 day moving average price is $11.61 and its 200 day moving average price is $10.92.
MGIC Investment Corporation (NYSE:MTG) last released its earnings results on Thursday, July 20th. The insurance provider reported $0.31 EPS for the quarter, topping analysts’ consensus estimates of $0.25 by $0.06. The business had revenue of $263.31 million during the quarter, compared to analysts’ expectations of $263.43 million. MGIC Investment Corporation had a net margin of 34.99% and a return on equity of 16.56%. The company’s quarterly revenue was down .1% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.26 earnings per share. Analysts expect that MGIC Investment Corporation will post $1.13 EPS for the current year.
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A number of research firms have recently weighed in on MTG. BidaskClub upgraded MGIC Investment Corporation from a “hold” rating to a “buy” rating in a report on Friday. BTIG Research reaffirmed a “buy” rating and set a $14.00 price target (up from $12.00) on shares of MGIC Investment Corporation in a research report on Saturday, July 22nd. Deutsche Bank AG increased their price target on MGIC Investment Corporation from $13.00 to $13.50 and gave the company a “buy” rating in a research report on Friday, July 21st. ValuEngine raised MGIC Investment Corporation from a “buy” rating to a “strong-buy” rating in a research report on Friday, June 2nd. Finally, Zacks Investment Research downgraded MGIC Investment Corporation from a “buy” rating to a “hold” rating in a research report on Thursday, May 11th. Two research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company’s stock. MGIC Investment Corporation presently has an average rating of “Buy” and a consensus price target of $11.80.
MGIC Investment Corporation Company Profile
MGIC Investment Corporation is a holding company. The Company, through its subsidiaries, provides private mortgage insurance and ancillary services. The Company provides mortgage insurance to lenders throughout the United States and to government-sponsored entities to protect against loss from defaults on low down payment residential mortgage loans.
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