State of Alaska Department of Revenue acquired a new stake in MGIC Investment Corp. (NYSE:MTG) during the first quarter, according to its most recent Form 13F filing with the SEC. The fund acquired 22,374 shares of the insurance provider’s stock, valued at approximately $295,000.
Other large investors have also made changes to their positions in the company. Bayview Asset Management LLC acquired a new position in shares of MGIC Investment in the 4th quarter valued at about $78,592,000. Legal & General Group Plc lifted its holdings in shares of MGIC Investment by 14.7% during the fourth quarter. Legal & General Group Plc now owns 257,178 shares of the insurance provider’s stock valued at $2,691,000 after purchasing an additional 32,968 shares during the last quarter. Teachers Advisors LLC lifted its holdings in shares of MGIC Investment by 62.5% during the third quarter. Teachers Advisors LLC now owns 1,641,484 shares of the insurance provider’s stock valued at $21,848,000 after purchasing an additional 631,143 shares during the last quarter. Public Employees Retirement System of Ohio lifted its holdings in shares of MGIC Investment by 72.7% during the fourth quarter. Public Employees Retirement System of Ohio now owns 76,063 shares of the insurance provider’s stock valued at $796,000 after purchasing an additional 32,007 shares during the last quarter. Finally, Jane Street Group LLC purchased a new stake in MGIC Investment during the 3rd quarter valued at $423,000. 94.10% of the stock is currently owned by institutional investors.
Shares of MTG stock opened at $14.29 on Friday. MGIC Investment Corp. has a 1 year low of $9.41 and a 1 year high of $14.43. The company has a quick ratio of 0.27, a current ratio of 0.27 and a debt-to-equity ratio of 0.23. The firm has a market cap of $4.97 billion, a PE ratio of 8.03, a price-to-earnings-growth ratio of 1.76 and a beta of 1.79.
MGIC Investment (NYSE:MTG) last issued its quarterly earnings data on Tuesday, April 23rd. The insurance provider reported $0.42 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.38 by $0.04. MGIC Investment had a net margin of 59.01% and a return on equity of 19.54%. The firm had revenue of $291.65 million during the quarter, compared to the consensus estimate of $286.01 million. During the same quarter in the previous year, the firm posted $0.38 EPS. The company’s revenue for the quarter was up 9.7% compared to the same quarter last year. On average, sell-side analysts forecast that MGIC Investment Corp. will post 1.59 earnings per share for the current fiscal year.
MGIC Investment announced that its Board of Directors has initiated a share repurchase plan on Wednesday, March 20th that allows the company to buyback $200.00 million in shares. This buyback authorization allows the insurance provider to reacquire up to 4.3% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s board of directors believes its stock is undervalued.
A number of equities research analysts have weighed in on MTG shares. ValuEngine upgraded shares of MGIC Investment from a “sell” rating to a “hold” rating in a research note on Tuesday, February 19th. Zacks Investment Research lowered shares of MGIC Investment from a “hold” rating to a “sell” rating in a research note on Wednesday, April 17th. Three investment analysts have rated the stock with a sell rating, two have assigned a hold rating and five have assigned a buy rating to the company. The company presently has an average rating of “Hold” and a consensus target price of $16.31.
MGIC Investment Company Profile
MGIC Investment Corporation, through its subsidiaries, provides private mortgage insurance, other mortgage credit risk management solutions, 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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