State Street Corp Buys 86,987 Shares of MGIC Investment Corporation (MTG)
State Street Corp raised its stake in MGIC Investment Corporation (NYSE:MTG) by 0.7% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 12,909,795 shares of the insurance provider’s stock after acquiring an additional 86,987 shares during the period. State Street Corp owned approximately 3.48% of MGIC Investment Corporation worth $144,591,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors also recently added to or reduced their stakes in MTG. Fox Run Management L.L.C. purchased a new stake in shares of MGIC Investment Corporation in the second quarter worth $116,000. Appleton Group LLC purchased a new stake in shares of MGIC Investment Corporation in the second quarter worth $119,000. Advisors Asset Management Inc. purchased a new stake in shares of MGIC Investment Corporation in the second quarter worth $121,000. Sawgrass Asset Management LLC purchased a new stake in shares of MGIC Investment Corporation in the second quarter worth $123,000. Finally, Eagle Global Advisors LLC purchased a new stake in shares of MGIC Investment Corporation in the second quarter worth $146,000. 89.43% of the stock is currently owned by hedge funds and other institutional investors.
MTG has been the topic of a number of recent research reports. Deutsche Bank AG increased their target price on MGIC Investment Corporation from $13.00 to $13.50 and gave the stock a “buy” rating in a research note on Friday, July 21st. BTIG Research reissued a “buy” rating and issued a $14.00 target price (up from $12.00) on shares of MGIC Investment Corporation in a research note on Saturday, July 22nd. Keefe, Bruyette & Woods reissued a “buy” rating and issued a $13.00 target price on shares of MGIC Investment Corporation in a research note on Thursday, August 31st. Zacks Investment Research raised MGIC Investment Corporation from a “hold” rating to a “buy” rating and set a $13.00 target price on the stock in a research note on Tuesday, August 22nd. Finally, BidaskClub cut MGIC Investment Corporation from a “buy” rating to a “hold” rating in a research note on Friday, June 23rd. Two equities research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company. The company presently has a consensus rating of “Buy” and a consensus price target of $13.88.
MGIC Investment Corporation (NYSE:MTG) opened at 13.77 on Friday. The company has a market capitalization of $5.10 billion, a P/E ratio of 14.18 and a beta of 2.16. The stock’s 50 day moving average price is $12.18 and its 200-day moving average price is $11.38. MGIC Investment Corporation has a one year low of $7.94 and a one year high of $14.02.
MGIC Investment Corporation (NYSE:MTG) last announced its 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. MGIC Investment Corporation had a return on equity of 17.01% and a net margin of 41.08%. The firm had revenue of $270.30 million for the quarter, compared to the consensus estimate of $267.85 million. During the same period in the previous year, the business earned $0.14 EPS. The firm’s revenue for the quarter was down 1.3% on a year-over-year basis. Equities analysts forecast that MGIC Investment Corporation will post $1.17 EPS for the current year.
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MGIC Investment Corporation Company 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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