First Trust Advisors LP grew its holdings in MGIC Investment Corp. (NYSE:MTG) by 5.7% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 322,155 shares of the insurance provider’s stock after purchasing an additional 17,470 shares during the period. First Trust Advisors LP’s holdings in MGIC Investment were worth $4,249,000 as of its most recent SEC filing.

Several other institutional investors have also bought and sold shares of the business. Bayview Asset Management LLC bought a new stake in shares of MGIC Investment in the fourth quarter worth $78,592,000. Norges Bank bought a new stake in shares of MGIC Investment in the fourth quarter worth $42,196,000. Shoals Capital Management LP bought a new stake in shares of MGIC Investment in the fourth quarter worth $12,029,000. Boston Partners grew its holdings in shares of MGIC Investment by 248.1% in the fourth quarter. Boston Partners now owns 1,411,530 shares of the insurance provider’s stock worth $14,765,000 after acquiring an additional 1,006,070 shares during the period. Finally, Prudential Financial Inc. grew its holdings in shares of MGIC Investment by 35.0% in the fourth quarter. Prudential Financial Inc. now owns 3,290,203 shares of the insurance provider’s stock worth $34,416,000 after acquiring an additional 853,549 shares during the period. 92.02% of the stock is owned by institutional investors and hedge funds.

Several analysts recently commented on the company. Zacks Investment Research raised MGIC Investment from a “hold” rating to a “buy” rating and set a $16.00 price objective for the company in a report on Friday, April 26th. ValuEngine lowered MGIC Investment from a “hold” rating to a “sell” rating in a report on Thursday, March 7th. Two research analysts have rated the stock with a sell rating, one has issued a hold rating and six have issued a buy rating to the stock. The company has a consensus rating of “Hold” and a consensus target price of $16.81.

NYSE MTG opened at $13.84 on Thursday. The firm has a market cap of $5.02 billion, a P/E ratio of 7.78, a P/E/G ratio of 1.71 and a beta of 1.77. The company has a current ratio of 0.37, a quick ratio of 0.37 and a debt-to-equity ratio of 0.22. MGIC Investment Corp. has a fifty-two week low of $9.41 and a fifty-two week high of $14.97.

MGIC Investment (NYSE:MTG) last released its earnings results on Tuesday, April 23rd. The insurance provider reported $0.42 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.38 by $0.04. The company had revenue of $291.65 million for the quarter, compared to the consensus estimate of $286.01 million. MGIC Investment had a return on equity of 19.06% and a net margin of 59.01%. MGIC Investment’s quarterly revenue was up 9.7% compared to the same quarter last year. During the same period in the previous year, the business earned $0.38 earnings per share. On average, equities research analysts anticipate that MGIC Investment Corp. will post 1.66 EPS for the current year.

MGIC Investment declared that its board has authorized a stock buyback plan on Wednesday, March 20th that authorizes the company to buyback $200.00 million in outstanding shares. This buyback authorization authorizes the insurance provider to repurchase up to 4.3% of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s board believes its shares are undervalued.

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About MGIC Investment

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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Institutional Ownership by Quarter for MGIC Investment (NYSE:MTG)

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