TLP Group LLC raised its stake in MGIC Investment Corp. (NYSE:MTG) by 104.3% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 34,489 shares of the insurance provider’s stock after buying an additional 17,605 shares during the quarter. TLP Group LLC’s holdings in MGIC Investment were worth $448,000 at the end of the most recent quarter.
Other large investors also recently modified their holdings of the company. Element Capital Management LLC purchased a new stake in MGIC Investment in the 1st quarter valued at $155,000. Signition LP purchased a new stake in MGIC Investment in the 4th quarter valued at $156,000. BlueCrest Capital Management Ltd purchased a new stake in MGIC Investment in the 4th quarter valued at $164,000. Sciencast Management LP purchased a new stake in MGIC Investment in the 4th quarter valued at $171,000. Finally, Advisor Group Inc. grew its holdings in MGIC Investment by 54.3% in the 4th quarter. Advisor Group Inc. now owns 15,266 shares of the insurance provider’s stock valued at $215,000 after buying an additional 5,374 shares in the last quarter. Institutional investors own 91.32% of the company’s stock.
Several brokerages have issued reports on MTG. Wells Fargo & Co restated a “hold” rating on shares of MGIC Investment in a report on Friday, April 27th. ValuEngine cut MGIC Investment from a “buy” rating to a “hold” rating in a report on Friday, April 27th. Macquarie began coverage on MGIC Investment in a report on Wednesday, March 14th. They issued an “outperform” rating and a $17.00 target price for the company. Barclays dropped their target price on MGIC Investment from $18.00 to $16.00 and set a “buy” rating for the company in a report on Wednesday, April 11th. Finally, Bank of America cut MGIC Investment from a “neutral” rating to an “underperform” rating in a report on Wednesday. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and eleven have assigned a buy rating to the stock. MGIC Investment has a consensus rating of “Buy” and an average target price of $15.87.
Shares of NYSE MTG traded up $0.02 during mid-day trading on Thursday, reaching $11.09. 50,718 shares of the company’s stock were exchanged, compared to its average volume of 4,026,467. The stock has a market cap of $4.16 billion, a PE ratio of 8.18, a P/E/G ratio of 1.12 and a beta of 1.95. The company has a current ratio of 0.25, a quick ratio of 0.25 and a debt-to-equity ratio of 0.26. MGIC Investment Corp. has a 52-week low of $9.97 and a 52-week high of $16.21.
MGIC Investment (NYSE:MTG) last released its quarterly earnings results on Wednesday, April 18th. The insurance provider reported $0.38 earnings per share for the quarter, topping analysts’ consensus estimates of $0.35 by $0.03. The business had revenue of $265.80 million during the quarter, compared to analysts’ expectations of $273.94 million. MGIC Investment had a return on equity of 17.43% and a net margin of 38.25%. The company’s revenue was up 1.9% compared to the same quarter last year. During the same period in the prior year, the business posted $0.31 EPS. research analysts predict that MGIC Investment Corp. will post 1.42 EPS for the current year.
MGIC Investment declared that its board has authorized a share repurchase program on Thursday, April 26th that allows the company to buyback $200.00 million in shares. This buyback authorization allows the insurance provider to purchase up to 5.3% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s management believes its stock is undervalued.
About MGIC Investment
MGIC Investment Corporation, through its subsidiaries, provides private mortgage insurance 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.
Receive News & Ratings for MGIC Investment Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for MGIC Investment and related companies with MarketBeat.com's FREE daily email newsletter.