Bank of New York Mellon Corp Purchases 114,080 Shares of MGIC Investment Corporation (MTG)

Bank of New York Mellon Corp lifted its stake in shares of MGIC Investment Corporation (NYSE:MTG) by 0.9% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 13,311,911 shares of the insurance provider’s stock after buying an additional 114,080 shares during the quarter. Bank of New York Mellon Corp owned approximately 3.59% of MGIC Investment worth $166,798,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently added to or reduced their stakes in MTG. Teacher Retirement System of Texas boosted its holdings in MGIC Investment by 1.5% in the second quarter. Teacher Retirement System of Texas now owns 27,369 shares of the insurance provider’s stock worth $307,000 after purchasing an additional 407 shares during the period. Fiera Capital Corp boosted its holdings in shares of MGIC Investment by 3.6% during the second quarter. Fiera Capital Corp now owns 23,955 shares of the insurance provider’s stock valued at $268,000 after acquiring an additional 825 shares during the period. Comerica Bank boosted its holdings in shares of MGIC Investment by 8.8% during the second quarter. Comerica Bank now owns 13,806 shares of the insurance provider’s stock valued at $163,000 after acquiring an additional 1,111 shares during the period. World Asset Management Inc raised its stake in shares of MGIC Investment by 10.0% during the second quarter. World Asset Management Inc now owns 13,375 shares of the insurance provider’s stock valued at $150,000 after purchasing an additional 1,218 shares in the last quarter. Finally, First Midwest Bank Trust Division raised its stake in shares of MGIC Investment by 2.4% during the second quarter. First Midwest Bank Trust Division now owns 54,448 shares of the insurance provider’s stock valued at $610,000 after purchasing an additional 1,256 shares in the last quarter. 91.31% of the stock is owned by institutional investors and hedge funds.

MTG has been the topic of a number of recent analyst reports. Zacks Investment Research upgraded shares of MGIC Investment from a “hold” rating to a “buy” rating and set a $15.00 price objective on the stock in a research note on Monday, October 23rd. Bank of America boosted their price target on shares of MGIC Investment from $13.00 to $16.00 and gave the stock a “buy” rating in a research report on Friday, October 20th. MKM Partners boosted their price target on shares of MGIC Investment to $16.00 and gave the stock a “buy” rating in a research report on Thursday, October 19th. FBR & Co reiterated a “buy” rating on shares of MGIC Investment in a research report on Wednesday, October 18th. Finally, BTIG Research restated a “buy” rating and set a $14.00 price objective on shares of MGIC Investment in a report on Saturday, October 14th. Two analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the company’s stock. MGIC Investment has an average rating of “Buy” and an average price target of $14.34.

Shares of MGIC Investment Corporation (MTG) traded up $0.05 during midday trading on Wednesday, hitting $15.45. The company had a trading volume of 2,536,450 shares, compared to its average volume of 3,371,133. The company has a market cap of $5,730.00, a PE ratio of 12.58, a price-to-earnings-growth ratio of 1.49 and a beta of 2.25. MGIC Investment Corporation has a 1-year low of $9.40 and a 1-year high of $15.53. 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 posted its earnings results on Wednesday, October 18th. The insurance provider reported $0.32 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.26 by $0.06. MGIC Investment had a return on equity of 16.41% and a net margin of 41.08%. The firm had revenue of $270.30 million during the quarter, compared to analyst estimates of $267.85 million. During the same period in the previous year, the company earned $0.14 EPS. The company’s revenue for the quarter was down 1.3% on a year-over-year basis. analysts predict that MGIC Investment Corporation 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.

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

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