Rockefeller Capital Management L.P. lessened its stake in shares of MGIC Investment Corp. (NYSE:MTG) by 15.3% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 144,207 shares of the insurance provider’s stock after selling 26,099 shares during the quarter. Rockefeller Capital Management L.P.’s holdings in MGIC Investment were worth $1,919,000 at the end of the most recent quarter.
Other institutional investors and hedge funds also recently modified their holdings of the company. BlackRock Inc. increased its position in shares of MGIC Investment by 5.4% during the second quarter. BlackRock Inc. now owns 26,467,584 shares of the insurance provider’s stock worth $283,733,000 after acquiring an additional 1,345,014 shares during the last quarter. Advisors Capital Management LLC increased its position in shares of MGIC Investment by 3.5% during the third quarter. Advisors Capital Management LLC now owns 270,894 shares of the insurance provider’s stock worth $3,606,000 after acquiring an additional 9,083 shares during the last quarter. Algebris UK Ltd purchased a new stake in shares of MGIC Investment during the second quarter worth about $12,513,000. Bank of Montreal Can increased its position in shares of MGIC Investment by 6.0% during the second quarter. Bank of Montreal Can now owns 482,493 shares of the insurance provider’s stock worth $5,172,000 after acquiring an additional 27,512 shares during the last quarter. Finally, Allianz Asset Management GmbH increased its position in shares of MGIC Investment by 38.5% during the first quarter. Allianz Asset Management GmbH now owns 623,878 shares of the insurance provider’s stock worth $8,111,000 after acquiring an additional 173,561 shares during the last quarter. Institutional investors own 92.21% of the company’s stock.
A number of brokerages have recently issued reports on MTG. ValuEngine raised MGIC Investment from a “sell” rating to a “hold” rating in a research report on Thursday, November 1st. Royal Bank of Canada reaffirmed a “hold” rating and set a $14.00 target price on shares of MGIC Investment in a research report on Sunday, October 21st. Susquehanna Bancshares set a $17.00 target price on MGIC Investment and gave the stock a “buy” rating in a research report on Thursday, October 18th. Bank of America lifted their target price on MGIC Investment from $13.00 to $23.00 and gave the stock an “underperform” rating in a research report on Monday, August 13th. Finally, B. Riley lifted their target price on MGIC Investment from $14.00 to $16.00 and gave the stock a “buy” rating in a research report on Tuesday, August 7th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and nine have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and a consensus price target of $16.04.
Shares of MGIC Investment stock opened at $12.53 on Wednesday. The company has a debt-to-equity ratio of 0.25, a current ratio of 0.28 and a quick ratio of 0.28. The stock has a market capitalization of $4.44 billion, a P/E ratio of 9.21, a PEG ratio of 1.42 and a beta of 1.76. MGIC Investment Corp. has a fifty-two week low of $9.97 and a fifty-two week high of $16.21.
MGIC Investment (NYSE:MTG) last announced its quarterly earnings data on Wednesday, October 17th. The insurance provider reported $0.49 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.36 by $0.13. The firm had revenue of $290.50 million during the quarter, compared to analyst estimates of $274.36 million. MGIC Investment had a return on equity of 20.89% and a net margin of 48.63%. MGIC Investment’s quarterly revenue was up 7.5% on a year-over-year basis. During the same period in the previous year, the company earned $0.32 earnings per share. Equities research analysts anticipate that MGIC Investment Corp. will post 1.73 earnings per share for the current fiscal year.
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MGIC Investment Company Profile
MGIC Investment Corporation, through its subsidiaries, provides private mortgage insurance and ancillary services to lenders and government sponsored entities in the United States. The company offers primary mortgage insurance that provides mortgage default protection on individual loans, as well as covers unpaid loan principal, delinquent interest, and various expenses associated with the default and subsequent foreclosure.
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