USA Financial Portformulas Corp bought a new stake in MGIC Investment Corporation (NYSE:MTG) in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 50,722 shares of the insurance provider’s stock, valued at approximately $636,000.
A number of other hedge funds have also recently made changes to their positions in the stock. Vanguard Group Inc. raised its stake in MGIC Investment Corporation by 9.9% in the 2nd quarter. Vanguard Group Inc. now owns 34,753,956 shares of the insurance provider’s stock valued at $389,244,000 after purchasing an additional 3,120,511 shares during the last quarter. BlackRock Inc. grew its holdings in MGIC Investment Corporation by 1.6% in the 2nd quarter. BlackRock Inc. now owns 25,319,890 shares of the insurance provider’s stock valued at $283,585,000 after buying an additional 397,421 shares during the period. Bank of New York Mellon Corp grew its holdings in MGIC Investment Corporation by 29.6% in the 2nd quarter. Bank of New York Mellon Corp now owns 13,197,831 shares of the insurance provider’s stock valued at $147,815,000 after buying an additional 3,013,777 shares during the period. State Street Corp grew its holdings in MGIC Investment Corporation by 0.7% in the 2nd quarter. State Street Corp now owns 12,909,795 shares of the insurance provider’s stock valued at $144,591,000 after buying an additional 86,987 shares during the period. Finally, LSV Asset Management grew its holdings in shares of MGIC Investment Corporation by 4.1% during the 2nd quarter. LSV Asset Management now owns 12,560,022 shares of the insurance provider’s stock worth $140,672,000 after purchasing an additional 490,096 shares during the period. 91.72% of the stock is owned by hedge funds and other institutional investors.
MTG has been the subject of a number of research reports. Zacks Investment Research upgraded MGIC Investment Corporation from a “hold” rating to a “buy” rating and set a $13.00 target price for the company in a report on Tuesday, August 22nd. Compass Point reissued a “buy” rating and set a $15.25 price target (up from $13.00) on shares of MGIC Investment Corporation in a research report on Wednesday, October 11th. MKM Partners boosted their price target on MGIC Investment Corporation to $16.00 and gave the stock a “buy” rating in a research report on Thursday, October 19th. Bank of America Corporation boosted their price target on MGIC Investment Corporation from $13.00 to $16.00 and gave the stock a “buy” rating in a research report on Friday, October 20th. Finally, FBR & Co reaffirmed a “buy” rating on shares of MGIC Investment Corporation in a research report on Wednesday, October 18th. Two research analysts have rated the stock with a hold rating, ten have given a buy rating and one has given a strong buy rating to the company’s stock. The company presently has an average rating of “Buy” and an average price target of $14.08.
Shares of MGIC Investment Corporation (NYSE MTG) traded up $0.06 during mid-day trading on Friday, reaching $14.39. The company had a trading volume of 2,370,000 shares, compared to its average volume of 3,020,000. MGIC Investment Corporation has a fifty-two week low of $9.00 and a fifty-two week high of $14.69. The company has a market capitalization of $5,350.00, a PE ratio of 11.17, a P/E/G ratio of 2.26 and a beta of 2.28. The company has a debt-to-equity ratio of 0.27, a current ratio of 0.27 and a quick ratio of 0.27.
MGIC Investment Corporation (NYSE:MTG) last announced its earnings results on Wednesday, October 18th. The insurance provider reported $0.32 EPS for the quarter, beating the consensus estimate of $0.26 by $0.06. MGIC Investment Corporation had a return on equity of 16.41% and a net margin of 41.08%. The business had revenue of $270.30 million during the quarter, compared to the consensus estimate of $267.85 million. During the same period in the prior year, the business posted $0.14 earnings per share. MGIC Investment Corporation’s revenue was down 1.3% compared to the same quarter last year. sell-side analysts expect that MGIC Investment Corporation will post 1.21 EPS for the current year.
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MGIC Investment Corporation 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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