MGIC Investment Corp. (MTG) Position Cut by TD Asset Management Inc.
TD Asset Management Inc. lowered its position in shares of MGIC Investment Corp. (NYSE:MTG) by 4.5% during the second quarter, according to its most recent disclosure with the SEC. The firm owned 17,100 shares of the company’s stock after selling 800 shares during the period. TD Asset Management Inc.’s holdings in MGIC Investment Corp. were worth $102,000 at the end of the most recent quarter.
A number of other large investors have also added to or reduced their stakes in MTG. Legal & General Group Plc boosted its stake in MGIC Investment Corp. by 15.6% in the first quarter. Legal & General Group Plc now owns 74,989 shares of the company’s stock worth $573,000 after buying an additional 10,118 shares in the last quarter. Invictus RG boosted its stake in MGIC Investment Corp. by 116.2% in the first quarter. Invictus RG now owns 13,322 shares of the company’s stock worth $102,000 after buying an additional 7,160 shares in the last quarter. HBK Investments L P boosted its stake in MGIC Investment Corp. by 42.2% in the first quarter. HBK Investments L P now owns 221,400 shares of the company’s stock worth $1,698,000 after buying an additional 65,700 shares in the last quarter. Geode Capital Management LLC boosted its stake in MGIC Investment Corp. by 7.3% in the first quarter. Geode Capital Management LLC now owns 2,198,544 shares of the company’s stock worth $16,862,000 after buying an additional 149,955 shares in the last quarter. Finally, State Street Corp boosted its stake in MGIC Investment Corp. by 1.9% in the first quarter. State Street Corp now owns 12,555,928 shares of the company’s stock worth $96,303,000 after buying an additional 239,143 shares in the last quarter. 90.84% of the stock is owned by hedge funds and other institutional investors.
Shares of MGIC Investment Corp. (NYSE:MTG) traded up 0.63% during mid-day trading on Wednesday, reaching $8.02. The company had a trading volume of 3,318,189 shares. The stock has a 50 day moving average of $7.84 and a 200-day moving average of $7.13. MGIC Investment Corp. has a one year low of $5.36 and a one year high of $10.05. The firm has a market capitalization of $2.73 billion, a price-to-earnings ratio of 3.31 and a beta of 2.79.
MGIC Investment Corp. (NYSE:MTG) last issued its quarterly earnings results on Tuesday, July 19th. The company reported $0.26 EPS for the quarter, beating the Zacks’ consensus estimate of $0.20 by $0.06. The business had revenue of $263.50 million for the quarter, compared to analysts’ expectations of $255.01 million. MGIC Investment Corp. had a net margin of 105.16% and a return on equity of 18.40%. During the same quarter in the prior year, the firm posted $0.28 earnings per share. Equities analysts predict that MGIC Investment Corp. will post $0.84 EPS for the current year.
A number of research firms recently weighed in on MTG. Zacks Investment Research raised MGIC Investment Corp. from a “hold” rating to a “strong-buy” rating and set a $9.50 price target for the company in a report on Tuesday, September 13th. MKM Partners reiterated a “buy” rating on shares of MGIC Investment Corp. in a research report on Thursday, August 25th. Deutsche Bank AG reiterated a “hold” rating on shares of MGIC Investment Corp. in a research report on Saturday, August 6th. FBR & Co increased their price objective on MGIC Investment Corp. from $7.50 to $9.00 and gave the company an “outperform” rating in a research report on Wednesday, July 20th. Finally, Compass Point upgraded MGIC Investment Corp. from a “neutral” rating to a “buy” rating and increased their price objective for the company from $8.50 to $9.00 in a research report on Wednesday, July 20th. Four investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. The company presently has a consensus rating of “Buy” and a consensus price target of $10.09.
About MGIC Investment Corp.
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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