Convergence Investment Partners LLC Trims Stake in MGIC Investment Corp. (MTG)

Convergence Investment Partners LLC reduced its stake in shares of MGIC Investment Corp. (NYSE:MTG) by 16.5% in the fourth quarter, HoldingsChannel.com reports. The fund owned 255,682 shares of the insurance provider’s stock after selling 50,449 shares during the quarter. Convergence Investment Partners LLC’s holdings in MGIC Investment were worth $3,608,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in MTG. Nisa Investment Advisors LLC boosted its holdings in MGIC Investment by 125.4% in the 4th quarter. Nisa Investment Advisors LLC now owns 7,190 shares of the insurance provider’s stock worth $101,000 after buying an additional 4,000 shares during the period. Wealthcare Advisory Partners LLC bought a new position in MGIC Investment in the 3rd quarter worth approximately $107,000. Sawgrass Asset Management LLC bought a new position in MGIC Investment in the 2nd quarter worth approximately $123,000. Arrowstreet Capital Limited Partnership bought a new position in MGIC Investment in the 2nd quarter worth approximately $132,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in MGIC Investment by 11.2% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 13,009 shares of the insurance provider’s stock valued at $146,000 after purchasing an additional 1,312 shares during the period. 91.32% of the stock is owned by institutional investors.

Several research analysts have commented on MTG shares. Deutsche Bank downgraded shares of MGIC Investment from a “buy” rating to a “hold” rating and set a $13.50 price target for the company. in a report on Friday, November 3rd. Bank of America raised their price target on shares of MGIC Investment from $13.00 to $16.00 and gave the company a “buy” rating in a report on Friday, October 20th. MKM Partners raised their price target on shares of MGIC Investment to $16.00 and gave the company a “buy” rating in a report on Thursday, October 19th. Royal Bank of Canada started coverage on shares of MGIC Investment in a report on Wednesday, December 20th. They issued an “outperform” rating and a $18.00 price target for the company. Finally, BTIG Research raised their price target on shares of MGIC Investment from $16.00 to $18.00 and gave the company a “buy” rating in a report on Wednesday, December 20th. One research analyst has rated the stock with a hold rating and fourteen have assigned a buy rating to the company. The stock currently has a consensus rating of “Buy” and a consensus price target of $15.35.

Shares of MGIC Investment Corp. (NYSE:MTG) traded down $0.06 during trading hours on Tuesday, reaching $15.12. 2,942,500 shares of the company were exchanged, compared to its average volume of 2,515,822. The stock has a market cap of $5,602.97, a PE ratio of 13.15, a PEG ratio of 1.24 and a beta of 2.30. MGIC Investment Corp. has a one year low of $9.68 and a one year high of $15.64. The company has a debt-to-equity ratio of 0.27, a quick ratio of 0.27 and a current ratio of 0.27.

MGIC Investment (NYSE:MTG) last issued its earnings results on Wednesday, October 18th. The insurance provider reported $0.32 EPS for the quarter, topping analysts’ consensus estimates of $0.26 by $0.06. The company had revenue of $270.30 million for the quarter, compared to analysts’ expectations of $267.85 million. MGIC Investment had a net margin of 41.08% and a return on equity of 16.41%. The firm’s revenue was down 1.3% compared to the same quarter last year. During the same quarter last year, the company earned $0.14 EPS. equities research analysts predict that MGIC Investment Corp. will post 1.21 EPS for the current fiscal year.

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About MGIC Investment

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

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