11,892 Shares in MGIC Investment Corp. (MTG) Acquired by Element Capital Management LLC

Element Capital Management LLC bought a new position in shares of MGIC Investment Corp. (NYSE:MTG) during the 1st quarter, according to its most recent 13F filing with the SEC. The fund bought 11,892 shares of the insurance provider’s stock, valued at approximately $155,000.

Several other hedge funds and other institutional investors also recently modified their holdings of MTG. California Public Employees Retirement System boosted its position in shares of MGIC Investment by 6.2% during the 4th quarter. California Public Employees Retirement System now owns 694,554 shares of the insurance provider’s stock worth $9,800,000 after purchasing an additional 40,650 shares in the last quarter. Sei Investments Co. boosted its position in shares of MGIC Investment by 100.1% during the 4th quarter. Sei Investments Co. now owns 283,134 shares of the insurance provider’s stock worth $3,995,000 after purchasing an additional 141,653 shares in the last quarter. Wells Fargo & Company MN boosted its position in shares of MGIC Investment by 6.8% during the 4th quarter. Wells Fargo & Company MN now owns 1,698,244 shares of the insurance provider’s stock worth $23,963,000 after purchasing an additional 108,811 shares in the last quarter. Raymond James Financial Services Advisors Inc. boosted its position in shares of MGIC Investment by 98.9% during the 4th quarter. Raymond James Financial Services Advisors Inc. now owns 44,944 shares of the insurance provider’s stock worth $634,000 after purchasing an additional 22,344 shares in the last quarter. Finally, BlackRock Inc. boosted its position in shares of MGIC Investment by 1.6% during the 4th quarter. BlackRock Inc. now owns 24,706,723 shares of the insurance provider’s stock worth $348,611,000 after purchasing an additional 397,372 shares in the last quarter. Institutional investors own 91.31% of the company’s stock.

MGIC Investment opened at $10.75 on Friday, Marketbeat.com reports. MGIC Investment Corp. has a 52 week low of $9.97 and a 52 week high of $16.21. The company has a debt-to-equity ratio of 0.26, a quick ratio of 0.25 and a current ratio of 0.25. The stock has a market capitalization of $4.09 billion, a P/E ratio of 7.90, a price-to-earnings-growth ratio of 1.57 and a beta of 1.95.

MGIC Investment (NYSE:MTG) last released its quarterly earnings data on Wednesday, April 18th. The insurance provider reported $0.38 EPS for the quarter, topping the consensus estimate of $0.35 by $0.03. MGIC Investment had a net margin of 38.25% and a return on equity of 17.43%. The business had revenue of $265.80 million for the quarter, compared to analyst estimates of $273.94 million. During the same period in the previous year, the firm earned $0.31 EPS. The business’s revenue for the quarter was up 1.9% compared to the same quarter last year. analysts forecast that MGIC Investment Corp. will post 1.4 EPS for the current fiscal year.

MGIC Investment announced that its board has approved a stock repurchase program on Thursday, April 26th that allows the company to repurchase $200.00 million in outstanding shares. This repurchase authorization allows the insurance provider to repurchase up to 5.3% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s leadership believes its shares are undervalued.

Several equities research analysts have commented on MTG shares. Wells Fargo & Co set a $18.00 target price on shares of MGIC Investment and gave the stock a “buy” rating in a research report on Monday, April 9th. Royal Bank of Canada lowered shares of MGIC Investment from an “outperform” rating to a “sector perform” rating and boosted their target price for the stock from $12.00 to $20.00 in a research report on Tuesday, April 10th. Macquarie started 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 on the stock. Barclays decreased their target price on shares of MGIC Investment from $18.00 to $16.00 and set a “buy” rating on the stock in a research report on Wednesday, April 11th. Finally, Bank of America lowered shares of MGIC Investment from a “buy” rating to a “neutral” rating and set a $12.00 target price on the stock. in a research report on Tuesday, April 10th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and twelve have assigned a buy rating to the company. The stock has a consensus rating of “Buy” and a consensus target price of $15.63.

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

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