MGIC Investment Corporation (MTG) Shares Bought by Northern Trust Corp
Northern Trust Corp lifted its position in MGIC Investment Corporation (NYSE:MTG) by 6.8% during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 6,971,104 shares of the insurance provider’s stock after purchasing an additional 444,902 shares during the quarter. Northern Trust Corp owned about 1.88% of MGIC Investment Corporation worth $78,076,000 at the end of the most recent quarter.
Other institutional investors have also recently added to or reduced their stakes in the company. James Investment Research Inc. raised its position in shares of MGIC Investment Corporation by 304.4% in the second quarter. James Investment Research Inc. now owns 164,289 shares of the insurance provider’s stock worth $1,840,000 after buying an additional 123,667 shares in the last quarter. Evanston Investments Inc. dba Evanston Advisors boosted its stake in MGIC Investment Corporation by 3.4% during the second quarter. Evanston Investments Inc. dba Evanston Advisors now owns 285,807 shares of the insurance provider’s stock valued at $3,201,000 after buying an additional 9,521 shares during the period. CI Investments Inc. boosted its stake in MGIC Investment Corporation by 375.2% during the second quarter. CI Investments Inc. now owns 109,300 shares of the insurance provider’s stock valued at $1,224,000 after buying an additional 86,300 shares during the period. BlackRock Inc. boosted its stake in MGIC Investment Corporation by 26,215.6% during the first quarter. BlackRock Inc. now owns 24,922,469 shares of the insurance provider’s stock valued at $252,464,000 after buying an additional 24,827,763 shares during the period. Finally, Prudential Financial Inc. boosted its stake in MGIC Investment Corporation by 40.9% during the second quarter. Prudential Financial Inc. now owns 2,426,760 shares of the insurance provider’s stock valued at $27,180,000 after buying an additional 704,210 shares during the period. 89.58% of the stock is currently owned by hedge funds and other institutional investors.
MGIC Investment Corporation (MTG) opened at 12.53 on Monday. MGIC Investment Corporation has a one year low of $7.78 and a one year high of $12.65. The stock has a market capitalization of $4.64 billion, a PE ratio of 12.90 and a beta of 2.16. The company’s 50 day moving average price is $11.51 and its 200-day moving average price is $11.01.
MGIC Investment Corporation (NYSE:MTG) last posted its earnings results on Thursday, July 20th. The insurance provider reported $0.31 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.25 by $0.06. The company had revenue of $263.31 million during the quarter, compared to analysts’ expectations of $263.43 million. MGIC Investment Corporation had a net margin of 34.99% and a return on equity of 16.56%. MGIC Investment Corporation’s quarterly revenue was down .1% on a year-over-year basis. During the same period last year, the company posted $0.26 earnings per share. Analysts expect that MGIC Investment Corporation will post $1.14 earnings per share for the current year.
A number of equities analysts have weighed in on MTG shares. BidaskClub lowered MGIC Investment Corporation from a “buy” rating to a “hold” rating in a research note on Friday, June 23rd. Deutsche Bank AG raised their price target on MGIC Investment Corporation from $13.00 to $13.50 and gave the company a “buy” rating in a report on Friday, July 21st. Keefe, Bruyette & Woods reiterated a “buy” rating and set a $13.00 price target on shares of MGIC Investment Corporation in a research report on Thursday, August 31st. Zacks Investment Research upgraded MGIC Investment Corporation from a “hold” rating to a “buy” rating and set a $13.00 price target for the company in a research report on Tuesday, August 22nd. Finally, BTIG Research reissued a “buy” rating and set a $14.00 price objective (up previously from $12.00) on shares of MGIC Investment Corporation in a report on Saturday, July 22nd. One research analyst has rated the stock with a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the stock. The stock has an average rating of “Buy” and a consensus price target of $12.25.
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About MGIC Investment Corporation
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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