Vanguard Group Inc. Raises Stake in MGIC Investment Corporation (NYSE:MTG)

Vanguard Group Inc. raised its stake in shares of MGIC Investment Corporation (NYSE:MTG) by 8.3% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 31,633,445 shares of the insurance provider’s stock after buying an additional 2,419,831 shares during the period. Vanguard Group Inc. owned 9.26% of MGIC Investment Corporation worth $320,446,000 at the end of the most recent quarter.

A number of other hedge funds have also recently bought and sold shares of MTG. World Asset Management Inc raised its stake in MGIC Investment Corporation by 0.7% in the first quarter. World Asset Management Inc now owns 12,157 shares of the insurance provider’s stock worth $123,000 after buying an additional 81 shares during the period. Hillsdale Investment Management Inc. raised its stake in MGIC Investment Corporation by 0.9% in the first quarter. Hillsdale Investment Management Inc. now owns 112,580 shares of the insurance provider’s stock worth $1,141,000 after buying an additional 980 shares during the period. Quadrature Capital Ltd raised its position in shares of MGIC Investment Corporation by 2.5% in the fourth quarter. Quadrature Capital Ltd now owns 86,817 shares of the insurance provider’s stock valued at $885,000 after buying an additional 2,155 shares during the last quarter. CI Investments Inc. raised its position in shares of MGIC Investment Corporation by 15.0% in the first quarter. CI Investments Inc. now owns 23,000 shares of the insurance provider’s stock valued at $233,000 after buying an additional 3,000 shares during the last quarter. Finally, Nationwide Fund Advisors raised its position in shares of MGIC Investment Corporation by 0.8% in the first quarter. Nationwide Fund Advisors now owns 513,685 shares of the insurance provider’s stock valued at $5,204,000 after buying an additional 4,040 shares during the last quarter. 86.64% of the stock is owned by institutional investors.

Shares of MGIC Investment Corporation (NYSE:MTG) traded down 1.29% on Friday, hitting $11.45. The company’s stock had a trading volume of 1,812,315 shares. MGIC Investment Corporation has a 52 week low of $7.09 and a 52 week high of $12.25. The firm has a market cap of $4.24 billion, a price-to-earnings ratio of 11.79 and a beta of 2.07. The stock’s 50-day moving average price is $11.39 and its 200-day moving average price is $10.79.

MGIC Investment Corporation (NYSE:MTG) last announced its quarterly earnings results on Thursday, July 20th. The insurance provider reported $0.31 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.25 by $0.06. The company had revenue of $263.31 million during the quarter, compared to analysts’ expectations of $263.43 million. MGIC Investment Corporation had a return on equity of 17.20% and a net margin of 34.99%. The firm’s quarterly revenue was down .1% compared to the same quarter last year. During the same period in the previous year, the business earned $0.26 earnings per share. Equities analysts expect that MGIC Investment Corporation will post $1.13 earnings per share for the current fiscal year.

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MTG has been the topic of several analyst reports. Compass Point upgraded MGIC Investment Corporation from a “neutral” rating to a “buy” rating in a report on Wednesday, April 12th. BTIG Research restated a “buy” rating and issued a $12.00 price objective on shares of MGIC Investment Corporation in a research note on Wednesday, April 19th. Deutsche Bank AG restated a “buy” rating and issued a $13.00 price objective (up previously from $12.00) on shares of MGIC Investment Corporation in a research note on Sunday, April 23rd. MKM Partners restated a “buy” rating and issued a $13.00 price objective (up previously from $10.00) on shares of MGIC Investment Corporation in a research note on Tuesday, April 25th. Finally, Zacks Investment Research downgraded shares of MGIC Investment Corporation from a “buy” rating to a “hold” rating in a research note on Thursday, May 11th. Three equities research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company. The company currently has a consensus rating of “Buy” and an average target price of $11.80.

MGIC Investment Corporation Company 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.

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

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