Tibra Equities Europe Ltd bought a new stake in shares of MGIC Investment Corp. (NYSE:MTG) during the first quarter, according to its most recent 13F filing with the SEC. The institutional investor bought 20,400 shares of the insurance provider’s stock, valued at approximately $269,000.
A number of other institutional investors have also added to or reduced their stakes in the business. PNC Financial Services Group Inc. grew its stake in shares of MGIC Investment by 3,345.0% during the 4th quarter. PNC Financial Services Group Inc. now owns 3,445 shares of the insurance provider’s stock worth $36,000 after acquiring an additional 3,345 shares in the last quarter. FNY Investment Advisers LLC acquired a new stake in MGIC Investment during the 4th quarter valued at $37,000. Toronto Dominion Bank acquired a new stake in MGIC Investment during the 4th quarter valued at $77,000. Nisa Investment Advisors LLC lifted 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 valued at $80,000 after purchasing an additional 6,000 shares during the last quarter. Finally, Ffcm LLC lifted 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 valued at $98,000 after purchasing an additional 8,989 shares during the last quarter. Institutional investors own 94.09% of the company’s stock.
Several equities research analysts have issued reports on MTG shares. ValuEngine raised MGIC Investment from a “sell” rating to a “hold” rating in a report on Tuesday, February 19th. Zacks Investment Research downgraded MGIC Investment from a “hold” rating to a “sell” rating in a report on Wednesday, April 10th. Three equities research analysts have rated the stock with a sell rating, two have given a hold rating and six have assigned a buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus price target of $16.05.
MGIC Investment stock traded down $0.07 during midday trading on Wednesday, reaching $13.88. The company’s stock had a trading volume of 4,024 shares, compared to its average volume of 2,432,262. MGIC Investment Corp. has a 52 week low of $9.41 and a 52 week high of $14.14. The company has a quick ratio of 0.27, a current ratio of 0.27 and a debt-to-equity ratio of 0.23. The stock has a market cap of $4.96 billion, a PE ratio of 7.84, a P/E/G ratio of 1.75 and a beta of 1.79.
MGIC Investment (NYSE:MTG) last released its earnings results on Thursday, January 17th. The insurance provider reported $0.42 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.39 by $0.03. The firm had revenue of $285.60 million for the quarter, compared to analysts’ expectations of $286.42 million. MGIC Investment had a return on equity of 19.64% and a net margin of 59.63%. The business’s revenue for the quarter was up 5.2% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.43 earnings per share. As a group, analysts expect that MGIC Investment Corp. will post 1.58 earnings per share for the current year.
MGIC Investment announced that its Board of Directors has approved a stock buyback plan on Wednesday, March 20th that authorizes the company to repurchase $200.00 million in outstanding shares. This repurchase authorization authorizes the insurance provider to purchase up to 4.3% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s board of directors believes its stock is undervalued.
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MGIC Investment 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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