Commonwealth Equity Services LLC lifted its stake in shares of MGIC Investment Corp. (NYSE:MTG) by 3.4% during the 2nd quarter, HoldingsChannel.com reports. The institutional investor owned 123,464 shares of the insurance provider’s stock after buying an additional 4,071 shares during the period. Commonwealth Equity Services LLC’s holdings in MGIC Investment were worth $1,324,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors also recently made changes to their positions in the stock. Aperio Group LLC raised its holdings in shares of MGIC Investment by 12.9% during the second quarter. Aperio Group LLC now owns 82,325 shares of the insurance provider’s stock valued at $883,000 after purchasing an additional 9,409 shares during the last quarter. Virtu Financial LLC purchased a new position in shares of MGIC Investment during the second quarter valued at approximately $115,000. Dupont Capital Management Corp raised its holdings in shares of MGIC Investment by 4.5% during the second quarter. Dupont Capital Management Corp now owns 343,987 shares of the insurance provider’s stock valued at $3,688,000 after purchasing an additional 14,911 shares during the last quarter. Vaughan Nelson Investment Management L.P. raised its holdings in shares of MGIC Investment by 68.6% during the second quarter. Vaughan Nelson Investment Management L.P. now owns 5,867,422 shares of the insurance provider’s stock valued at $62,899,000 after purchasing an additional 2,386,625 shares during the last quarter. Finally, Eqis Capital Management Inc. purchased a new position in shares of MGIC Investment during the second quarter valued at approximately $153,000. Institutional investors own 92.62% of the company’s stock.
MTG has been the subject of several research reports. Bank of America cut shares of MGIC Investment from a “neutral” rating to an “underperform” rating in a report on Wednesday, June 13th. Wells Fargo & Co reissued a “hold” rating on shares of MGIC Investment in a report on Friday, April 27th. ValuEngine raised shares of MGIC Investment from a “sell” rating to a “hold” rating in a report on Thursday, July 19th. Zacks Investment Research raised shares of MGIC Investment from a “strong sell” rating to a “hold” rating in a report on Tuesday, June 12th. Finally, B. Riley boosted their price objective on shares of MGIC Investment from $14.00 to $16.00 and gave the company a “buy” rating in a report on Tuesday, August 7th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and eleven have assigned a buy rating to the company’s stock. MGIC Investment presently has an average rating of “Buy” and an average target price of $16.33.
Shares of MTG stock opened at $12.50 on Tuesday. MGIC Investment Corp. has a 12 month low of $9.97 and a 12 month high of $16.21. The company has a market cap of $4.56 billion, a price-to-earnings ratio of 9.16, a price-to-earnings-growth ratio of 1.59 and a beta of 1.87. The company has a debt-to-equity ratio of 0.25, a current ratio of 0.28 and a quick ratio of 0.28.
MGIC Investment (NYSE:MTG) last announced its earnings results on Wednesday, July 18th. 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 net margin of 43.85% and a return on equity of 19.18%. The business had revenue of $282.00 million during the quarter, compared to analysts’ expectations of $269.97 million. During the same period in the prior year, the company earned $0.49 earnings per share. The firm’s revenue was up 7.1% on a year-over-year basis. research analysts predict that MGIC Investment Corp. will post 1.58 earnings per share for the current year.
MGIC Investment announced that its Board of Directors has approved a share buyback plan on Thursday, April 26th that allows the company to buyback $200.00 million in shares. This buyback authorization allows the insurance provider to purchase up to 5.3% of its shares through open market purchases. Shares buyback plans are typically an indication that the company’s management believes its shares are undervalued.
MGIC Investment 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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