Janus Henderson Group PLC increased its stake in shares of MGIC Investment Corp. (NYSE:MTG) by 4.9% during the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 3,791,663 shares of the insurance provider’s stock after buying an additional 175,584 shares during the quarter. Janus Henderson Group PLC owned about 1.05% of MGIC Investment worth $50,467,000 at the end of the most recent reporting period.
A number of other institutional investors also recently made changes to their positions in MTG. Virtu Financial LLC purchased a new position in MGIC Investment during the second quarter worth approximately $115,000. Pillar Pacific Capital Management LLC purchased a new position in MGIC Investment during the second quarter worth approximately $116,000. Point72 Hong Kong Ltd purchased a new position in MGIC Investment during the second quarter worth approximately $149,000. Eqis Capital Management Inc. purchased a new position in MGIC Investment during the second quarter worth approximately $153,000. Finally, Gideon Capital Advisors Inc. purchased a new position in MGIC Investment during the second quarter worth approximately $164,000. Hedge funds and other institutional investors own 91.05% of the company’s stock.
In other MGIC Investment news, Director Michael E. Lehman bought 7,000 shares of MGIC Investment stock in a transaction on Friday, October 26th. The shares were bought at an average price of $11.70 per share, for a total transaction of $81,900.00. Following the completion of the transaction, the director now directly owns 29,989 shares of the company’s stock, valued at $350,871.30. The purchase was disclosed in a document filed with the SEC, which is available at the SEC website. 1.01% of the stock is owned by insiders.
MGIC Investment (NYSE:MTG) last posted its earnings results on Wednesday, October 17th. The insurance provider reported $0.49 EPS for the quarter, beating the Zacks’ consensus estimate of $0.36 by $0.13. MGIC Investment had a return on equity of 20.48% and a net margin of 48.63%. The company had revenue of $290.50 million for the quarter, compared to the consensus estimate of $274.36 million. During the same quarter in the previous year, the business earned $0.32 earnings per share. The company’s revenue for the quarter was up 7.5% on a year-over-year basis. On average, research analysts predict that MGIC Investment Corp. will post 1.74 EPS for the current fiscal year.
A number of brokerages recently commented on MTG. B. Riley lifted their price objective on MGIC Investment from $14.00 to $16.00 and gave the stock a “buy” rating in a research report on Tuesday, August 7th. Susquehanna Bancshares set a $17.00 price objective on MGIC Investment and gave the stock a “buy” rating in a research report on Thursday, October 18th. Bank of America lifted their price objective on MGIC Investment from $13.00 to $23.00 and gave the stock an “underperform” rating in a research report on Monday, August 13th. ValuEngine upgraded MGIC Investment from a “sell” rating to a “hold” rating in a research report on Thursday, November 1st. Finally, Compass Point lifted their price objective on MGIC Investment from $14.50 to $16.50 and gave the stock a “buy” rating in a research report on Monday, October 22nd. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and nine have given a buy rating to the company. The stock currently has a consensus rating of “Buy” and an average price target of $16.04.
MGIC Investment Company Profile
MGIC Investment Corporation, through its subsidiaries, provides private mortgage insurance and ancillary services to lenders and government sponsored entities in the United States. 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.
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