MGIC Investment Sees Unusually High Options Volume (MTG)
MGIC Investment Corp. (NYSE:MTG) saw some unusual options trading on Wednesday. Investors acquired 10,372 call options on the stock. This represents an increase of 1,045% compared to the typical volume of 906 call options.
Large investors have recently bought and sold shares of the stock. Bank of New York Mellon Corp boosted its stake in MGIC Investment by 0.9% during the third 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 buying an additional 114,080 shares during the period. First Midwest Bank Trust Division boosted its stake in MGIC Investment by 60.7% during the third quarter. First Midwest Bank Trust Division now owns 87,474 shares of the insurance provider’s stock valued at $1,096,000 after buying an additional 33,026 shares during the period. Copper Rock Capital Partners LLC boosted its stake in MGIC Investment by 3.6% during the fourth quarter. Copper Rock Capital Partners LLC now owns 2,927,105 shares of the insurance provider’s stock valued at $42,180,000 after buying an additional 101,603 shares during the period. Royal Bank of Canada boosted its stake in MGIC Investment by 92.3% during the second quarter. Royal Bank of Canada now owns 40,756 shares of the insurance provider’s stock valued at $457,000 after buying an additional 19,567 shares during the period. Finally, Investec Asset Management LTD bought a new stake in MGIC Investment during the third quarter valued at $12,706,000. 91.29% of the stock is owned by institutional investors.
MTG has been the subject of several recent research reports. Compass Point reiterated a “buy” rating and issued a $15.25 price target (up from $13.00) on shares of MGIC Investment in a research report on Wednesday, October 11th. BTIG Research reiterated a “buy” rating and issued a $14.00 price target on shares of MGIC Investment in a research report on Saturday, October 14th. FBR & Co reiterated a “buy” rating on shares of MGIC Investment in a research report on Wednesday, October 18th. Barclays lifted their price target on MGIC Investment from $13.00 to $15.00 and gave the company an “overweight” rating in a research report on Thursday, October 19th. Finally, MKM Partners lifted their price target on MGIC Investment to $16.00 and gave the company a “buy” rating in a research report on Thursday, October 19th. One analyst has rated the stock with a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and a consensus price target of $15.63.
MGIC Investment (NYSE:MTG) last posted its quarterly earnings data on Thursday, January 18th. The insurance provider reported $0.43 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.27 by $0.16. The company had revenue of $271.50 million during the quarter, compared to analyst estimates of $273.66 million. MGIC Investment had a return on equity of 17.70% and a net margin of 33.37%. The firm’s quarterly revenue was up 1.9% on a year-over-year basis. During the same quarter last year, the company earned $0.28 earnings per share. equities analysts expect that MGIC Investment will post 1.44 EPS for the current fiscal year.
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About MGIC Investment
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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