First Mercantile Trust Co. reduced its position in MGIC Investment (NYSE:MTG) by 81.3% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 11,090 shares of the insurance provider’s stock after selling 48,113 shares during the period. First Mercantile Trust Co.’s holdings in MGIC Investment were worth $144,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Nisa Investment Advisors LLC raised its holdings in MGIC Investment by 125.4% in the 4th quarter. Nisa Investment Advisors LLC now owns 7,190 shares of the insurance provider’s stock worth $101,000 after acquiring an additional 4,000 shares during the last quarter. Eqis Capital Management Inc. purchased a new position in MGIC Investment in the 4th quarter worth approximately $144,000. Signition LP purchased a new position in MGIC Investment in the 4th quarter worth approximately $156,000. BlueCrest Capital Management Ltd purchased a new position in MGIC Investment in the 4th quarter worth approximately $164,000. Finally, Sciencast Management LP purchased a new position in MGIC Investment in the 4th quarter worth approximately $171,000. Institutional investors own 91.39% of the company’s stock.
A number of equities analysts recently weighed in on MTG shares. Wells Fargo lowered shares of MGIC Investment from an “outperform” rating to a “market perform” rating and boosted their price objective for the stock from $10.50 to $12.00 in a report on Thursday, April 19th. Keefe, Bruyette & Woods restated a “buy” rating and issued a $16.00 price objective on shares of MGIC Investment in a report on Tuesday, April 10th. BTIG Research restated a “buy” rating and issued a $18.00 price objective on shares of MGIC Investment in a report on Sunday, April 22nd. B. Riley decreased their price objective on shares of MGIC Investment from $19.00 to $18.00 and set a “buy” rating for the company in a report on Tuesday, April 10th. Finally, Royal Bank of Canada restated a “sector perform” rating and issued a $20.00 price objective (up from $12.00) on shares of MGIC Investment in a report on Tuesday, April 10th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and eleven have given a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and an average target price of $15.87.
MGIC Investment (NYSE:MTG) last announced its earnings results on Wednesday, April 18th. The insurance provider reported $0.38 earnings per share for the quarter, beating analysts’ consensus estimates of $0.35 by $0.03. The business had revenue of $265.80 million during the quarter, compared to analyst estimates of $273.94 million. MGIC Investment had a net margin of 38.25% and a return on equity of 17.43%. The company’s quarterly revenue was up 1.9% compared to the same quarter last year. During the same period in the previous year, the business earned $0.31 EPS. sell-side analysts expect that MGIC Investment will post 1.42 earnings per share for the current year.
MGIC Investment announced that its Board of Directors has authorized a share repurchase plan on Thursday, April 26th that authorizes the company to buyback $200.00 million in shares. This buyback authorization authorizes the insurance provider to purchase up to 5.3% of its stock through open market purchases. Stock buyback plans are often an indication that the company’s management believes its shares are undervalued.
About MGIC Investment
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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