Jane Street Group LLC Sells 5,737 Shares of MGIC Investment Corp. (MTG)
Jane Street Group LLC lowered its stake in MGIC Investment Corp. (NYSE:MTG) by 17.9% in the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 26,232 shares of the insurance provider’s stock after selling 5,737 shares during the quarter. Jane Street Group LLC’s holdings in MGIC Investment were worth $329,000 at the end of the most recent quarter.
Other hedge funds also recently made changes to their positions in the company. Advisors Asset Management Inc. bought a new stake in MGIC Investment in the second quarter valued at approximately $121,000. Sawgrass Asset Management LLC purchased a new position in shares of MGIC Investment during the second quarter valued at approximately $123,000. Arrowstreet Capital Limited Partnership purchased a new position in shares of MGIC Investment during the second quarter valued at approximately $132,000. Zeke Capital Advisors LLC purchased a new position in shares of MGIC Investment during the third quarter valued at approximately $150,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank increased its stake in shares of MGIC Investment by 11.2% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 13,009 shares of the insurance provider’s stock valued at $146,000 after buying an additional 1,312 shares during the period. Hedge funds and other institutional investors own 91.11% of the company’s stock.
Several equities analysts have recently issued reports on MTG shares. Deutsche Bank cut MGIC Investment from a “buy” rating to a “hold” rating and set a $13.50 target price on the stock. in a research note on Friday, November 3rd. Wells Fargo & Company reissued an “outperform” rating and set a $17.00 target price on shares of MGIC Investment in a research note on Tuesday, November 28th. Zacks Investment Research raised MGIC Investment from a “hold” rating to a “buy” rating and set a $15.00 target price on the stock in a research note on Monday, October 23rd. BTIG Research reissued a “buy” rating and set a $14.00 target price on shares of MGIC Investment in a research note on Saturday, October 14th. Finally, Bank of America boosted their target price on MGIC Investment from $13.00 to $16.00 and gave the company a “buy” rating in a research note on Friday, October 20th. Two equities research analysts have rated the stock with a hold rating, twelve have given a buy rating and one has given a strong buy rating to the company’s stock. The stock presently has an average rating of “Buy” and a consensus target price of $14.71.
MGIC Investment (NYSE:MTG) last issued its quarterly earnings results on Wednesday, October 18th. The insurance provider reported $0.32 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.26 by $0.06. The company had revenue of $270.30 million for the quarter, compared to analysts’ expectations of $267.85 million. MGIC Investment had a return on equity of 16.41% and a net margin of 41.08%. The firm’s revenue for the quarter was down 1.3% on a year-over-year basis. During the same period in the prior year, the firm earned $0.14 earnings per share. analysts predict that MGIC Investment Corp. will post 1.21 EPS for the current year.
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About MGIC Investment
MGIC Investment Corporation is a holding company. The Company, through its subsidiaries, provides private mortgage insurance and ancillary services. The Company provides mortgage insurance to lenders throughout the United States and to government-sponsored entities to protect against loss from defaults on low down payment residential mortgage loans.
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