QS Investors LLC decreased its stake in MGIC Investment Corp. (NYSE:MTG) by 3.2% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 719,384 shares of the insurance provider’s stock after selling 23,654 shares during the period. QS Investors LLC owned 0.19% of MGIC Investment worth $10,151,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors also recently made changes to their positions in the company. Bank of New York Mellon Corp raised its stake in MGIC Investment by 0.9% during the 3rd quarter. Bank of New York Mellon Corp now owns 13,311,911 shares of the insurance provider’s stock valued at $166,798,000 after acquiring an additional 114,080 shares in the last quarter. APG Asset Management N.V. raised its stake in MGIC Investment by 221.9% during the 4th quarter. APG Asset Management N.V. now owns 3,991,500 shares of the insurance provider’s stock valued at $46,902,000 after acquiring an additional 2,751,600 shares in the last quarter. Copper Rock Capital Partners LLC raised its stake in MGIC Investment by 3.6% during the 4th quarter. Copper Rock Capital Partners LLC now owns 2,927,105 shares of the insurance provider’s stock valued at $42,180,000 after acquiring an additional 101,603 shares in the last quarter. Royal Bank of Canada raised its stake in MGIC Investment by 92.3% during the 2nd quarter. Royal Bank of Canada now owns 40,756 shares of the insurance provider’s stock valued at $457,000 after acquiring an additional 19,567 shares in the last quarter. Finally, Investec Asset Management LTD bought a new stake in MGIC Investment during the 3rd quarter valued at $12,706,000. 92.90% of the stock is currently owned by institutional investors and hedge funds.
Several brokerages have weighed in on MTG. BTIG Research lifted their target price on MGIC Investment from $16.00 to $18.00 and gave the company a “buy” rating in a research note on Wednesday, December 20th. Deutsche Bank raised MGIC Investment from a “hold” rating to a “buy” rating and lifted their target price for the company from $15.00 to $18.00 in a research note on Monday, January 8th. ValuEngine downgraded MGIC Investment from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, January 10th. Wells Fargo & Co reaffirmed a “buy” rating on shares of MGIC Investment in a research note on Thursday. Finally, Royal Bank of Canada began coverage on MGIC Investment in a research note on Wednesday, December 20th. They set an “outperform” rating and a $18.00 target price on the stock. Thirteen analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. MGIC Investment presently has a consensus rating of “Buy” and a consensus price target of $16.39.
MGIC Investment (NYSE:MTG) last issued its quarterly earnings results on Thursday, January 18th. The insurance provider reported $0.43 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.27 by $0.16. MGIC Investment had a return on equity of 17.36% and a net margin of 33.37%. The company had revenue of $271.50 million for the quarter, compared to analysts’ expectations of $273.66 million. During the same period last year, the firm earned $0.28 EPS. The firm’s revenue for the quarter was up 1.9% on a year-over-year basis. sell-side analysts predict that MGIC Investment Corp. will post 1.43 earnings per share for the current year.
MGIC Investment 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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