Great Lakes Advisors LLC lessened its holdings in MGIC Investment Corp. (NYSE:MTG) by 9.8% during the first quarter, HoldingsChannel.com reports. The firm owned 20,294 shares of the insurance provider’s stock after selling 2,208 shares during the quarter. Great Lakes Advisors LLC’s holdings in MGIC Investment were worth $268,000 as of its most recent SEC filing.
Other institutional investors and hedge funds have also made changes to their positions in the company. PNC Financial Services Group Inc. grew its holdings in MGIC Investment by 3,345.0% in the fourth quarter. PNC Financial Services Group Inc. now owns 3,445 shares of the insurance provider’s stock worth $36,000 after purchasing an additional 3,345 shares during the period. Toronto Dominion Bank purchased a new stake in MGIC Investment in the fourth quarter worth about $77,000. Nisa Investment Advisors LLC grew its holdings in MGIC Investment by 371.5% in the fourth quarter. Nisa Investment Advisors LLC now owns 7,615 shares of the insurance provider’s stock worth $80,000 after purchasing an additional 6,000 shares during the period. Ffcm LLC grew its holdings in MGIC Investment by 2,241.6% in the fourth quarter. Ffcm LLC now owns 9,390 shares of the insurance provider’s stock worth $98,000 after purchasing an additional 8,989 shares during the period. Finally, Advisor Group Inc. grew its holdings in MGIC Investment by 16.5% in the fourth quarter. Advisor Group Inc. now owns 10,777 shares of the insurance provider’s stock worth $111,000 after purchasing an additional 1,526 shares during the period. Institutional investors and hedge funds own 95.81% of the company’s stock.
A number of research firms have recently commented on MTG. Zacks Investment Research cut shares of MGIC Investment from a “hold” rating to a “sell” rating in a report on Wednesday, April 10th. ValuEngine cut shares of MGIC Investment from a “hold” rating to a “sell” rating in a report on Thursday, March 7th. Two equities research analysts have rated the stock with a sell rating, one has given a hold rating and six have issued a buy rating to the company’s stock. MGIC Investment currently has a consensus rating of “Hold” and an average target price of $16.81.
NYSE:MTG opened at $13.73 on Friday. The company has a market cap of $4.89 billion, a PE ratio of 7.71, a PEG ratio of 1.68 and a beta of 1.81. MGIC Investment Corp. has a 52 week low of $9.41 and a 52 week high of $14.97. The company has a debt-to-equity ratio of 0.22, a quick ratio of 0.37 and a current ratio of 0.37.
MGIC Investment (NYSE:MTG) last issued its quarterly earnings data on Tuesday, April 23rd. The insurance provider reported $0.42 earnings per share for the quarter, beating the Zacks’ 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 net margin of 59.01% and a return on equity of 19.06%. The firm’s revenue for the quarter was up 9.7% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.38 earnings per share. As a group, equities analysts predict that MGIC Investment Corp. will post 1.66 earnings per share for the current fiscal year.
MGIC Investment declared that its Board of Directors has authorized a share 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 buy up to 4.3% of its stock through open market purchases. Stock buyback plans are usually an indication that the company’s leadership believes its shares are undervalued.
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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