Rhumbline Advisers trimmed its position in shares of MGIC Investment Corp. (NYSE:MTG) by 0.6% during the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 568,073 shares of the insurance provider’s stock after selling 3,690 shares during the period. Rhumbline Advisers owned about 0.16% of MGIC Investment worth $7,493,000 at the end of the most recent reporting period.
Other hedge funds have also recently bought and sold shares of the company. PNC Financial Services Group Inc. lifted its stake in shares of MGIC Investment by 3,345.0% in the 4th quarter. PNC Financial Services Group Inc. now owns 3,445 shares of the insurance provider’s stock valued at $36,000 after purchasing an additional 3,345 shares in the last quarter. FNY Investment Advisers LLC purchased a new stake in MGIC Investment during the 4th quarter worth approximately $37,000. Toronto Dominion Bank purchased a new stake in MGIC Investment during the 4th quarter worth approximately $77,000. Nisa Investment Advisors LLC increased its holdings in MGIC Investment by 371.5% during the 4th 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 last quarter. Finally, Ffcm LLC increased its holdings in MGIC Investment by 2,241.6% during the 4th 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 last quarter. 92.02% of the stock is owned by institutional investors and hedge funds.
A number of equities research analysts have recently weighed in on the company. Zacks Investment Research downgraded MGIC Investment from a “hold” rating to a “sell” rating in a report on Wednesday, April 17th. ValuEngine downgraded MGIC Investment from a “hold” rating to a “sell” rating in a research note on Thursday, March 7th. Two analysts have rated the stock with a sell rating, one has given a hold rating and six have assigned a buy rating to the stock. The stock has a consensus rating of “Hold” and an average target price of $16.81.
Shares of MGIC Investment stock traded down $0.02 on Friday, reaching $13.83. 2,552,764 shares of the company were exchanged, compared to its average volume of 2,635,303. The firm has a market capitalization of $4.93 billion, a PE ratio of 7.77, a price-to-earnings-growth ratio of 1.67 and a beta of 1.78. MGIC Investment Corp. has a fifty-two week low of $9.41 and a fifty-two week high of $14.97. The company has a quick ratio of 0.37, a current ratio of 0.37 and a debt-to-equity ratio of 0.22.
MGIC Investment (NYSE:MTG) last posted its quarterly earnings results on Tuesday, April 23rd. The insurance provider reported $0.42 earnings per share for the quarter, beating the consensus estimate of $0.38 by $0.04. The firm had revenue of $291.65 million for the quarter, compared to analyst estimates 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% on a year-over-year basis. During the same period in the previous year, the firm earned $0.38 earnings per share. Analysts expect that MGIC Investment Corp. will post 1.66 EPS for the current year.
MGIC Investment announced that its Board of Directors has authorized a stock repurchase plan on Wednesday, March 20th that allows the company to buyback $200.00 million in shares. This buyback authorization allows the insurance provider to reacquire up to 4.3% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s leadership 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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