TLP Group LLC increased its position in shares of MGIC Investment Corp. (NYSE:MTG) by 104.3% during the 1st quarter, HoldingsChannel reports. The fund owned 34,489 shares of the insurance provider’s stock after acquiring an additional 17,605 shares during the period. TLP Group LLC’s holdings in MGIC Investment were worth $448,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds have also recently bought and sold shares of the stock. Verition Fund Management LLC lifted its stake in MGIC Investment by 104.4% during the 1st quarter. Verition Fund Management LLC now owns 48,587 shares of the insurance provider’s stock worth $632,000 after acquiring an additional 24,820 shares in the last quarter. Point72 Asset Management L.P. acquired a new stake in MGIC Investment in the 1st quarter valued at about $64,928,000. Guggenheim Capital LLC raised its position in MGIC Investment by 123.5% in the 1st quarter. Guggenheim Capital LLC now owns 181,434 shares of the insurance provider’s stock valued at $2,358,000 after purchasing an additional 100,263 shares in the last quarter. Ladenburg Thalmann Financial Services Inc. raised its position in MGIC Investment by 29.9% in the 1st quarter. Ladenburg Thalmann Financial Services Inc. now owns 50,187 shares of the insurance provider’s stock valued at $654,000 after purchasing an additional 11,560 shares in the last quarter. Finally, Element Capital Management LLC acquired a new stake in MGIC Investment in the 1st quarter valued at about $155,000. 91.32% of the stock is currently owned by hedge funds and other institutional investors.
A number of equities research analysts have issued reports on the company. Deutsche Bank reduced their price target on MGIC Investment from $18.00 to $15.00 and set a “buy” rating on the stock in a research report on Tuesday, April 10th. Keefe, Bruyette & Woods reaffirmed a “buy” rating and issued a $16.00 price target on shares of MGIC Investment in a research report on Tuesday, April 10th. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $20.00 price target (up previously from $12.00) on shares of MGIC Investment in a research report on Tuesday, April 10th. Wells Fargo & Co reaffirmed a “hold” rating on shares of MGIC Investment in a research report on Tuesday, May 8th. Finally, B. Riley reduced their price target on MGIC Investment from $19.00 to $18.00 and set a “buy” rating on the stock in a research report on Tuesday, April 10th. One analyst has rated the stock with a sell rating, four have issued a hold rating and eleven have assigned a buy rating to the stock. The company currently has an average rating of “Buy” and a consensus price target of $15.87.
MGIC Investment (NYSE:MTG) last released its quarterly earnings data on Wednesday, April 18th. The insurance provider reported $0.38 EPS for the quarter, beating analysts’ consensus estimates of $0.35 by $0.03. MGIC Investment had a return on equity of 17.43% and a net margin of 38.25%. The business had revenue of $265.80 million for the quarter, compared to the consensus estimate of $273.94 million. During the same quarter in the prior year, the business posted $0.31 EPS. The business’s revenue for the quarter was up 1.9% on a year-over-year basis. analysts predict that MGIC Investment Corp. will post 1.42 earnings per share for the current fiscal year.
MGIC Investment declared that its board has approved a share repurchase plan on Thursday, April 26th that allows the company to repurchase $200.00 million in outstanding shares. This repurchase authorization allows the insurance provider to reacquire up to 5.3% of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s board believes its stock is undervalued.
MGIC Investment Company Profile
MGIC Investment Corporation, through its subsidiaries, provides private mortgage insurance and ancillary services to lenders and government sponsored entities in the United States. The company offers primary mortgage insurance that provides mortgage default protection on individual loans, as well as covers unpaid loan principal, delinquent interest, and various expenses associated with the default and subsequent foreclosure.
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