Nationwide Fund Advisors Acquires 109,230 Shares of MGIC Investment Corporation (MTG)
Nationwide Fund Advisors boosted its holdings in MGIC Investment Corporation (NYSE:MTG) by 21.3% during the second quarter, according to the company in its most recent disclosure with the SEC. The firm owned 622,915 shares of the insurance provider’s stock after purchasing an additional 109,230 shares during the quarter. Nationwide Fund Advisors owned about 0.17% of MGIC Investment Corporation worth $6,977,000 at the end of the most recent quarter.
Other institutional investors and hedge funds have also made changes to their positions in the company. Fox Run Management L.L.C. purchased a new stake in MGIC Investment Corporation in the second quarter worth about $116,000. Appleton Group LLC purchased a new stake in MGIC Investment Corporation in the second quarter worth about $119,000. Advisors Asset Management Inc. purchased a new stake in MGIC Investment Corporation in the second quarter worth about $121,000. World Asset Management Inc grew its holdings in MGIC Investment Corporation by 0.7% in the first quarter. World Asset Management Inc now owns 12,157 shares of the insurance provider’s stock worth $123,000 after purchasing an additional 81 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in MGIC Investment Corporation by 11.2% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 13,009 shares of the insurance provider’s stock worth $146,000 after purchasing an additional 1,312 shares during the period. Institutional investors and hedge funds own 89.58% of the company’s stock.
MGIC Investment Corporation (NYSE MTG) opened at 12.53 on Friday. MGIC Investment Corporation has a 12 month low of $7.78 and a 12 month high of $12.65. The company’s 50-day moving average is $11.51 and its 200-day moving average is $11.01. The company has a market cap of $4.64 billion, a P/E ratio of 12.90 and a beta of 2.23.
MGIC Investment Corporation (NYSE:MTG) last issued its quarterly earnings data on Thursday, July 20th. The insurance provider reported $0.31 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.25 by $0.06. MGIC Investment Corporation had a net margin of 34.99% and a return on equity of 16.56%. The firm had revenue of $263.31 million for the quarter, compared to the consensus estimate of $263.43 million. During the same quarter in the previous year, the firm earned $0.26 EPS. The company’s quarterly revenue was down .1% compared to the same quarter last year. On average, equities research analysts expect that MGIC Investment Corporation will post $1.14 EPS for the current fiscal year.
A number of equities research analysts have recently commented on MTG shares. BidaskClub upgraded shares of MGIC Investment Corporation from a “hold” rating to a “buy” rating in a report on Friday, August 18th. Zacks Investment Research upgraded shares of MGIC Investment Corporation from a “hold” rating to a “buy” rating and set a $13.00 price target on the stock in a report on Tuesday, August 22nd. Keefe, Bruyette & Woods reiterated a “buy” rating and set a $13.00 price target on shares of MGIC Investment Corporation in a report on Thursday, August 31st. BTIG Research reiterated a “buy” rating and set a $14.00 price target (up previously from $12.00) on shares of MGIC Investment Corporation in a report on Saturday, July 22nd. Finally, Deutsche Bank AG increased their price target on shares of MGIC Investment Corporation from $13.00 to $13.50 and gave the company a “buy” rating in a report on Friday, July 21st. One equities research analyst has rated the stock with a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and an average target price of $12.25.
MGIC Investment Corporation Profile
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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