Victory Capital Management Inc. Boosts Position in MGIC Investment Corporation (MTG)
Victory Capital Management Inc. boosted its position in shares of MGIC Investment Corporation (NYSE:MTG) by 0.8% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 4,341,060 shares of the insurance provider’s stock after buying an additional 35,990 shares during the period. Victory Capital Management Inc. owned 1.17% of MGIC Investment Corporation worth $48,620,000 as of its most recent SEC filing.
Other large investors have also recently added to or reduced their stakes in the company. BlackRock Inc. increased its stake in MGIC Investment Corporation by 26,215.6% in the first quarter. BlackRock Inc. now owns 24,922,469 shares of the insurance provider’s stock worth $252,464,000 after buying an additional 24,827,763 shares during the last quarter. MARSHALL WACE ASIA Ltd purchased a new stake in MGIC Investment Corporation during the first quarter worth $52,793,000. Macquarie Group Ltd. increased its stake in MGIC Investment Corporation by 2,892.3% in the first quarter. Macquarie Group Ltd. now owns 3,207,711 shares of the insurance provider’s stock worth $32,494,000 after buying an additional 3,100,511 shares during the last quarter. Bank of New York Mellon Corp increased its stake in MGIC Investment Corporation by 29.6% in the second quarter. Bank of New York Mellon Corp now owns 13,197,831 shares of the insurance provider’s stock worth $147,815,000 after buying an additional 3,013,777 shares during the last quarter. Finally, Vanguard Group Inc. increased its stake in MGIC Investment Corporation by 8.3% in the first quarter. Vanguard Group Inc. now owns 31,633,445 shares of the insurance provider’s stock worth $320,446,000 after buying an additional 2,419,831 shares during the last quarter. Institutional investors and hedge funds own 89.86% of the company’s stock.
Shares of MGIC Investment Corporation (MTG) opened at 11.41 on Tuesday. MGIC Investment Corporation has a 1-year low of $7.78 and a 1-year high of $12.25. The company has a 50 day moving average price of $11.64 and a 200 day moving average price of $10.95. The company has a market capitalization of $4.23 billion, a PE ratio of 11.75 and a beta of 2.08.
MGIC Investment Corporation (NYSE:MTG) last issued its earnings results on Thursday, July 20th. The insurance provider reported $0.31 EPS for the quarter, topping analysts’ consensus estimates of $0.25 by $0.06. MGIC Investment Corporation had a net margin of 34.99% and a return on equity of 16.56%. The company had revenue of $263.31 million for the quarter, compared to the consensus estimate of $263.43 million. During the same period in the previous year, the firm earned $0.26 earnings per share. MGIC Investment Corporation’s quarterly revenue was down .1% compared to the same quarter last year. Equities analysts predict that MGIC Investment Corporation will post $1.13 EPS for the current fiscal year.
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A number of research analysts have recently issued reports on MTG shares. ValuEngine raised MGIC Investment Corporation from a “buy” rating to a “strong-buy” rating in a research note on Friday, June 2nd. Zacks Investment Research cut MGIC Investment Corporation from a “buy” rating to a “hold” rating in a research note on Thursday, May 11th. Deutsche Bank AG raised their price objective on MGIC Investment Corporation from $13.00 to $13.50 and gave the company a “buy” rating in a research note on Friday, July 21st. BTIG Research reaffirmed a “buy” rating and set a $14.00 price objective (up from $12.00) on shares of MGIC Investment Corporation in a research note on Saturday, July 22nd. Finally, BidaskClub raised MGIC Investment Corporation from a “hold” rating to a “buy” rating in a research note on Wednesday, June 14th. One research analyst has rated the stock with a hold rating, ten have given a buy rating and one has issued a strong buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and a consensus price target of $11.90.
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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