MGIC Investment Corp. (MTG) Shares Bought by New York State Common Retirement Fund
New York State Common Retirement Fund grew its holdings in shares of MGIC Investment Corp. (NYSE:MTG) by 14.0% during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The firm owned 1,074,621 shares of the insurance provider’s stock after buying an additional 132,342 shares during the period. New York State Common Retirement Fund owned 0.29% of MGIC Investment worth $13,465,000 as of its most recent SEC filing.
A number of other hedge funds have also recently modified their holdings of MTG. Aperio Group LLC grew its stake in MGIC Investment by 19.4% in the second quarter. Aperio Group LLC now owns 50,848 shares of the insurance provider’s stock worth $569,000 after purchasing an additional 8,278 shares during the period. World Asset Management Inc grew its stake in MGIC Investment by 10.0% in the second quarter. World Asset Management Inc now owns 13,375 shares of the insurance provider’s stock worth $150,000 after purchasing an additional 1,218 shares during the period. Sei Investments Co. grew its stake in MGIC Investment by 67.6% in the second quarter. Sei Investments Co. now owns 132,198 shares of the insurance provider’s stock worth $1,480,000 after purchasing an additional 53,313 shares during the period. Canada Pension Plan Investment Board grew its stake in MGIC Investment by 162.7% in the second quarter. Canada Pension Plan Investment Board now owns 77,500 shares of the insurance provider’s stock worth $868,000 after purchasing an additional 48,000 shares during the period. Finally, Schwab Charles Investment Management Inc. grew its stake in MGIC Investment by 1.6% in the second quarter. Schwab Charles Investment Management Inc. now owns 2,307,408 shares of the insurance provider’s stock worth $25,843,000 after purchasing an additional 35,978 shares during the period. 91.31% of the stock is currently owned by institutional investors.
Several equities research analysts have commented on the company. Wells Fargo & Company reissued an “outperform” rating and issued a $17.00 target price on shares of MGIC Investment in a report on Tuesday, November 28th. Barclays boosted their target price on MGIC Investment from $13.00 to $15.00 and gave the stock an “overweight” rating in a report on Thursday, October 19th. 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 report on Monday, October 23rd. FBR & Co reissued a “buy” rating on shares of MGIC Investment in a report on Wednesday, October 18th. Finally, Compass Point reissued a “buy” rating and issued a $15.25 target price (up from $13.00) on shares of MGIC Investment in a report on Wednesday, October 11th. Two analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the company. The company currently has a consensus rating of “Buy” and an average price target of $14.34.
MGIC Investment (NYSE:MTG) last announced its quarterly earnings results on Wednesday, October 18th. The insurance provider reported $0.32 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.26 by $0.06. The firm had revenue of $270.30 million for the quarter, compared to the consensus estimate of $267.85 million. MGIC Investment had a return on equity of 16.41% and a net margin of 41.08%. The company’s quarterly revenue was down 1.3% on a year-over-year basis. During the same period in the prior year, the company posted $0.14 earnings per share. sell-side analysts anticipate that MGIC Investment Corp. will post 1.21 EPS for the current fiscal 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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