Convergence Investment Partners LLC lowered its stake in shares of MGIC Investment Corporation (NYSE:MTG) by 1.0% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 383,314 shares of the insurance provider’s stock after selling 4,036 shares during the period. MGIC Investment Corporation accounts for 0.6% of Convergence Investment Partners LLC’s holdings, making the stock its 24th largest position. Convergence Investment Partners LLC’s holdings in MGIC Investment Corporation were worth $4,293,000 at the end of the most recent quarter.

A number of other institutional investors also recently made changes to their positions in MTG. Fox Run Management L.L.C. bought a new position in shares of MGIC Investment Corporation during the second quarter valued at approximately $116,000. Appleton Group LLC bought a new position in shares of MGIC Investment Corporation during the second quarter valued at approximately $119,000. World Asset Management Inc increased its position in shares of 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 valued at $123,000 after buying an additional 81 shares during the period. Princeton Alpha Management LP bought a new position in shares of MGIC Investment Corporation during the first quarter valued at approximately $127,000. Finally, Eagle Global Advisors LLC bought a new position in shares of MGIC Investment Corporation during the second quarter valued at approximately $146,000. Institutional investors own 86.64% of the company’s stock.

MGIC Investment Corporation (NYSE MTG) opened at 11.33 on Friday. The company has a market capitalization of $4.20 billion, a PE ratio of 11.67 and a beta of 2.08. MGIC Investment Corporation has a one year low of $7.43 and a one year high of $12.25. The firm’s 50 day moving average price is $11.54 and its 200-day moving average price is $10.88.

MGIC Investment Corporation (NYSE:MTG) last released its earnings results on Thursday, July 20th. The insurance provider reported $0.31 earnings per share for the quarter, beating analysts’ consensus estimates of $0.25 by $0.06. The firm had revenue of $263.31 million during the quarter, compared to the consensus estimate of $263.43 million. MGIC Investment Corporation had a return on equity of 16.56% and a net margin of 34.99%. The company’s revenue was down .1% compared to the same quarter last year. During the same period in the prior year, the company posted $0.26 EPS. Equities analysts forecast that MGIC Investment Corporation will post $1.13 earnings per share for the current fiscal year.

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Several brokerages have commented on MTG. BidaskClub downgraded MGIC Investment Corporation from a “buy” rating to a “hold” rating in a report on Friday, July 28th. BTIG Research reissued a “buy” rating and issued a $14.00 price objective (up from $12.00) on shares of MGIC Investment Corporation in a research report on Saturday, July 22nd. Deutsche Bank AG increased their price objective on MGIC Investment Corporation from $13.00 to $13.50 and gave the company a “buy” rating in a research report on Friday, July 21st. ValuEngine raised MGIC Investment Corporation from a “buy” rating to a “strong-buy” rating in a research report on Friday, June 2nd. Finally, Zacks Investment Research cut MGIC Investment Corporation from a “buy” rating to a “hold” rating in a research report on Thursday, May 11th. Three investment analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company’s stock. The stock has an average rating of “Buy” and an average target price of $11.80.

About MGIC Investment Corporation

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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