Schwab Charles Investment Management Inc. Acquires 35,978 Shares of MGIC Investment Corporation (MTG)

Schwab Charles Investment Management Inc. grew its holdings in MGIC Investment Corporation (NYSE:MTG) by 1.6% in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 2,307,408 shares of the insurance provider’s stock after acquiring an additional 35,978 shares during the period. Schwab Charles Investment Management Inc. owned 0.62% of MGIC Investment Corporation worth $25,843,000 as of its most recent SEC filing.

A number of other hedge funds have also bought and sold shares of the business. Canada Pension Plan Investment Board grew its position in MGIC Investment Corporation by 162.7% in the second quarter. Canada Pension Plan Investment Board now owns 77,500 shares of the insurance provider’s stock worth $868,000 after acquiring an additional 48,000 shares in the last quarter. Palisade Capital Management LLC NJ bought a new stake in MGIC Investment Corporation in the second quarter worth approximately $1,275,000. Sei Investments Co. grew its position in MGIC Investment Corporation by 67.6% in the second quarter. Sei Investments Co. now owns 132,198 shares of the insurance provider’s stock worth $1,480,000 after acquiring an additional 53,313 shares in the last quarter. World Asset Management Inc grew its position in MGIC Investment Corporation by 10.0% in the second quarter. World Asset Management Inc now owns 13,375 shares of the insurance provider’s stock worth $150,000 after acquiring an additional 1,218 shares in the last quarter. Finally, Investment Counselors of Maryland LLC grew its position in MGIC Investment Corporation by 2.6% in the second quarter. Investment Counselors of Maryland LLC now owns 2,017,910 shares of the insurance provider’s stock worth $22,601,000 after acquiring an additional 51,500 shares in the last quarter. 89.85% of the stock is owned by institutional investors.

Shares of MGIC Investment Corporation (MTG) opened at 11.70 on Friday. MGIC Investment Corporation has a 12-month low of $7.78 and a 12-month high of $12.25. The company’s 50 day moving average is $11.49 and its 200 day moving average is $10.99. The company has a market capitalization of $4.34 billion, a P/E ratio of 12.05 and a beta of 2.23.

MGIC Investment Corporation (NYSE:MTG) last released its quarterly earnings data on Thursday, July 20th. The insurance provider reported $0.31 EPS for the quarter, topping the Zacks’ consensus estimate of $0.25 by $0.06. MGIC Investment Corporation had a net margin of 34.99% and a return on equity of 16.56%. The firm had revenue of $263.31 million during the quarter, compared to analysts’ expectations of $263.43 million. During the same period in the previous year, the business posted $0.26 earnings per share. The company’s revenue for the quarter was down .1% compared to the same quarter last year. Analysts expect that MGIC Investment Corporation will post $1.14 earnings per share for the current fiscal year.

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Several analysts have commented on the stock. BTIG Research reissued a “buy” rating and issued a $14.00 target price (up from $12.00) on shares of MGIC Investment Corporation in a research report on Saturday, July 22nd. ValuEngine raised shares of MGIC Investment Corporation from a “buy” rating to a “strong-buy” rating in a research report on Friday, June 2nd. BidaskClub raised shares of MGIC Investment Corporation from a “hold” rating to a “buy” rating in a research report on Friday, August 18th. Zacks Investment Research raised shares of MGIC Investment Corporation from a “hold” rating to a “buy” rating and set a $13.00 target price for the company in a research report on Tuesday, August 22nd. Finally, Deutsche Bank AG boosted their target price on shares of MGIC Investment Corporation from $13.00 to $13.50 and gave the stock a “buy” rating in a research report on Friday, July 21st. One investment analyst has rated the stock with a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the company’s stock. MGIC Investment Corporation has an average rating of “Buy” and a consensus price target of $12.25.

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.

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

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