MGIC Investment Corporation (MTG) Position Reduced by Convergence Investment Partners LLC

Convergence Investment Partners LLC decreased its stake in MGIC Investment Corporation (NYSE:MTG) by 20.1% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 306,131 shares of the insurance provider’s stock after selling 77,183 shares during the quarter. Convergence Investment Partners LLC owned approximately 0.08% of MGIC Investment worth $3,836,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in MTG. AJO LP acquired a new position in MGIC Investment in the second quarter worth $54,935,000. Janus Henderson Group PLC acquired a new position in MGIC Investment in the second quarter worth $45,117,000. Vanguard Group Inc. boosted its stake in MGIC Investment by 9.9% in the second quarter. Vanguard Group Inc. now owns 34,753,956 shares of the insurance provider’s stock worth $389,244,000 after purchasing an additional 3,120,511 shares in the last quarter. Bank of New York Mellon Corp boosted its stake in MGIC Investment by 29.6% in the second quarter. Bank of New York Mellon Corp now owns 13,197,831 shares of the insurance provider’s stock worth $147,815,000 after purchasing an additional 3,013,777 shares in the last quarter. Finally, Westfield Capital Management Co. LP boosted its stake in MGIC Investment by 98.6% in the second quarter. Westfield Capital Management Co. LP now owns 4,238,647 shares of the insurance provider’s stock worth $47,473,000 after purchasing an additional 2,104,047 shares in the last quarter. 91.31% of the stock is currently owned by institutional investors and hedge funds.

A number of equities analysts have commented on the company. Keefe, Bruyette & Woods reissued a “buy” rating and issued a $13.00 price objective on shares of MGIC Investment in a research note on Thursday, August 31st. Zacks Investment Research lowered MGIC Investment from a “buy” rating to a “hold” rating in a research note on Wednesday, October 4th. B. Riley reissued a “buy” rating on shares of MGIC Investment in a research note on Monday, November 6th. Deutsche Bank lowered MGIC Investment from a “buy” rating to a “hold” rating and set a $13.50 price objective on the stock. in a research note on Friday, November 3rd. Finally, BTIG Research reissued a “buy” rating and issued a $14.00 price objective on shares of MGIC Investment in a research note on Saturday, October 14th. Two investment analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The company currently has an average rating of “Buy” and a consensus price target of $14.34.

MGIC Investment Corporation (MTG) traded up $0.36 during mid-day trading on Monday, hitting $14.98. The stock had a trading volume of 3,785,900 shares, compared to its average volume of 3,369,298. The company has a market capitalization of $5,551.09, a P/E ratio of 12.28, a P/E/G ratio of 1.46 and a beta of 2.26. MGIC Investment Corporation has a 12 month low of $9.18 and a 12 month high of $15.05. The company has a current ratio of 0.27, a quick ratio of 0.27 and a debt-to-equity ratio of 0.27.

MGIC Investment (NYSE:MTG) last released its earnings results on Wednesday, October 18th. The insurance provider reported $0.32 earnings per share for the quarter, topping analysts’ consensus estimates of $0.26 by $0.06. The company had revenue of $270.30 million during the quarter, compared to the consensus estimate of $267.85 million. MGIC Investment had a return on equity of 16.41% and a net margin of 41.08%. The firm’s quarterly revenue was down 1.3% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.14 earnings per share. analysts predict that MGIC Investment Corporation will post 1.21 EPS for the current year.

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MGIC Investment 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.

Institutional Ownership by Quarter for MGIC Investment (NYSE:MTG)

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