Swiss National Bank Acquires 13,900 Shares of MGIC Investment (MTG)

Swiss National Bank grew its holdings in MGIC Investment (NYSE:MTG) by 2.2% in the first quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 645,100 shares of the insurance provider’s stock after buying an additional 13,900 shares during the quarter. Swiss National Bank owned 0.17% of MGIC Investment worth $8,386,000 as of its most recent filing with the SEC.

Several other hedge funds have also made changes to their positions in the company. Victory Capital Management Inc. raised its stake in shares of MGIC Investment by 5.2% in the 1st quarter. Victory Capital Management Inc. now owns 4,749,938 shares of the insurance provider’s stock valued at $61,749,000 after buying an additional 233,387 shares in the last quarter. American Century Companies Inc. raised its stake in shares of MGIC Investment by 2.2% in the 1st quarter. American Century Companies Inc. now owns 307,219 shares of the insurance provider’s stock valued at $3,994,000 after buying an additional 6,745 shares in the last quarter. SG Americas Securities LLC raised its stake in shares of MGIC Investment by 951.5% in the 1st quarter. SG Americas Securities LLC now owns 693,093 shares of the insurance provider’s stock valued at $9,010,000 after buying an additional 627,176 shares in the last quarter. Monarch Partners Asset Management LLC raised its stake in shares of MGIC Investment by 33.8% in the 1st quarter. Monarch Partners Asset Management LLC now owns 800,760 shares of the insurance provider’s stock valued at $10,410,000 after buying an additional 202,425 shares in the last quarter. Finally, Wells Fargo & Company MN raised its stake in shares of MGIC Investment by 12.8% in the 1st quarter. Wells Fargo & Company MN now owns 1,915,214 shares of the insurance provider’s stock valued at $24,897,000 after buying an additional 216,970 shares in the last quarter. Institutional investors own 91.39% of the company’s stock.

Shares of MGIC Investment opened at $10.49 on Friday, Marketbeat Ratings reports. MGIC Investment has a 12-month low of $9.97 and a 12-month high of $16.21. The company has a quick ratio of 0.25, a current ratio of 0.25 and a debt-to-equity ratio of 0.26. The stock has a market cap of $3.94 billion, a P/E ratio of 7.37, a PEG ratio of 1.07 and a beta of 1.98.

MGIC Investment (NYSE:MTG) last issued its quarterly earnings data on Wednesday, April 18th. The insurance provider reported $0.38 EPS for the quarter, topping analysts’ consensus estimates of $0.35 by $0.03. MGIC Investment had a net margin of 38.25% and a return on equity of 17.43%. The firm had revenue of $265.80 million for the quarter, compared to analyst estimates of $273.94 million. During the same quarter in the prior year, the firm earned $0.31 EPS. The company’s revenue was up 1.9% on a year-over-year basis. equities research analysts forecast that MGIC Investment will post 1.42 EPS for the current fiscal year.

MGIC Investment announced that its Board of Directors has approved a share repurchase program on Thursday, April 26th that authorizes the company to buyback $200.00 million in outstanding shares. This buyback authorization authorizes the insurance provider to reacquire up to 5.3% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s leadership believes its shares are undervalued.

MTG has been the subject of a number of recent analyst reports. ValuEngine upgraded shares of MGIC Investment from a “buy” rating to a “strong-buy” rating in a research report on Friday, February 2nd. Wells Fargo & Co reiterated a “buy” rating on shares of MGIC Investment in a research report on Thursday, February 8th. Zacks Investment Research cut shares of MGIC Investment from a “buy” rating to a “hold” rating in a research report on Monday, March 12th. Macquarie initiated coverage on shares of MGIC Investment in a research report on Wednesday, March 14th. They set an “outperform” rating and a $17.00 target price for the company. Finally, Royal Bank of Canada cut shares of MGIC Investment from an “outperform” rating to a “sector perform” rating and increased their target price for the stock from $12.00 to $20.00 in a research report on Tuesday, April 10th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and eleven have issued a buy rating to the company. MGIC Investment currently has a consensus rating of “Buy” and an average price target of $15.87.

MGIC Investment 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.

Institutional Ownership by Quarter for MGIC Investment (NYSE:MTG)

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