MGIC Investment Corporation (MTG) Shares Bought by Broadview Advisors LLC
Broadview Advisors LLC lifted its stake in MGIC Investment Corporation (NYSE:MTG) by 10.2% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 3,753,575 shares of the insurance provider’s stock after buying an additional 348,300 shares during the quarter. MGIC Investment Corporation makes up 6.2% of Broadview Advisors LLC’s holdings, making the stock its largest position. Broadview Advisors LLC owned about 1.01% of MGIC Investment Corporation worth $42,040,000 as of its most recent filing with the Securities & Exchange Commission.
Several other institutional investors and hedge funds also recently modified their holdings of the company. BlackRock Inc. grew its holdings in MGIC Investment Corporation by 26,215.6% during the first quarter. BlackRock Inc. now owns 24,922,469 shares of the insurance provider’s stock worth $252,464,000 after acquiring an additional 24,827,763 shares during the period. MARSHALL WACE ASIA Ltd purchased a new position in MGIC Investment Corporation during the first quarter valued at approximately $52,793,000. AJO LP purchased a new position in MGIC Investment Corporation during the second quarter valued at approximately $54,935,000. Vanguard Group Inc. raised its position in MGIC Investment Corporation by 9.9% during the second quarter. Vanguard Group Inc. now owns 34,753,956 shares of the insurance provider’s stock valued at $389,244,000 after acquiring an additional 3,120,511 shares in the last quarter. Finally, Macquarie Group Ltd. raised its position in MGIC Investment Corporation by 2,892.3% during the first quarter. Macquarie Group Ltd. now owns 3,207,711 shares of the insurance provider’s stock valued at $32,494,000 after acquiring an additional 3,100,511 shares in the last quarter. Hedge funds and other institutional investors own 89.58% of the company’s stock.
Shares of MGIC Investment Corporation (NYSE:MTG) traded down 0.40% on Tuesday, hitting $12.45. The stock had a trading volume of 994,563 shares. The firm has a 50 day moving average of $11.64 and a 200 day moving average of $11.11. MGIC Investment Corporation has a 12 month low of $7.78 and a 12 month high of $12.65. The stock has a market cap of $4.61 billion, a P/E ratio of 12.82 and a beta of 2.16.
MGIC Investment Corporation (NYSE:MTG) last announced its quarterly earnings data on Thursday, July 20th. The insurance provider reported $0.31 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.25 by $0.06. MGIC Investment Corporation had a return on equity of 16.56% and a net margin of 34.99%. The company had revenue of $263.31 million for the quarter, compared to analyst estimates of $263.43 million. During the same quarter in the previous year, the company earned $0.26 EPS. The firm’s revenue for the quarter was down .1% compared to the same quarter last year. On average, equities analysts forecast that MGIC Investment Corporation will post $1.14 earnings per share for the current fiscal year.
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MTG has been the topic of several recent research reports. BTIG Research restated a “buy” rating and issued a $14.00 price objective (up previously from $12.00) on shares of MGIC Investment Corporation in a research report on Saturday, July 22nd. BidaskClub raised shares of MGIC Investment Corporation from a “hold” rating to a “buy” rating in a research note on Friday, August 18th. Zacks Investment Research raised shares of MGIC Investment Corporation from a “hold” rating to a “buy” rating and set a $13.00 target price for the company in a report on Tuesday, August 22nd. Keefe, Bruyette & Woods reaffirmed a “buy” rating and set a $13.00 target price on shares of MGIC Investment Corporation in a report on Thursday, August 31st. Finally, Deutsche Bank AG boosted their target price on shares of MGIC Investment Corporation from $13.00 to $13.50 and gave the company a “buy” rating in a research note on Friday, July 21st. One research analyst has rated the stock with a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the stock. The stock currently has an average rating of “Buy” and an average target price of $12.25.
MGIC Investment Corporation 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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