Monarch Partners Asset Management LLC bought a new stake in shares of MGIC Investment Corp. (NYSE:MTG) during the 1st quarter, HoldingsChannel.com reports. The firm bought 874,120 shares of the insurance provider’s stock, valued at approximately $11,530,000. MGIC Investment accounts for about 1.7% of Monarch Partners Asset Management LLC’s portfolio, making the stock its 8th biggest position.
A number of other institutional investors and hedge funds have also modified their holdings of the business. BlackRock Inc. boosted its stake in shares of MGIC Investment by 2.4% in the 4th quarter. BlackRock Inc. now owns 26,172,069 shares of the insurance provider’s stock worth $273,759,000 after buying an additional 602,849 shares during the last quarter. LSV Asset Management boosted its stake in shares of MGIC Investment by 1.3% in the 4th quarter. LSV Asset Management now owns 14,086,481 shares of the insurance provider’s stock worth $147,344,000 after buying an additional 183,720 shares during the last quarter. Bayview Asset Management LLC boosted its stake in shares of MGIC Investment by 4.0% in the 1st quarter. Bayview Asset Management LLC now owns 7,813,534 shares of the insurance provider’s stock worth $103,061,000 after buying an additional 300,000 shares during the last quarter. APG Asset Management N.V. boosted its stake in shares of MGIC Investment by 2.4% in the 4th quarter. APG Asset Management N.V. now owns 7,646,600 shares of the insurance provider’s stock worth $69,968,000 after buying an additional 177,700 shares during the last quarter. Finally, Macquarie Group Ltd. boosted its stake in shares of MGIC Investment by 3.7% in the 4th quarter. Macquarie Group Ltd. now owns 6,961,011 shares of the insurance provider’s stock worth $72,813,000 after buying an additional 247,232 shares during the last quarter. Institutional investors and hedge funds own 95.81% of the company’s stock.
A number of equities analysts have recently issued reports on the company. Zacks Investment Research upgraded MGIC Investment from a “hold” rating to a “buy” rating and set a $16.00 price target on the stock in a research note on Friday, April 26th. ValuEngine downgraded MGIC Investment from a “hold” rating to a “sell” rating in a research note on Thursday, March 7th. Two investment analysts have rated the stock with a sell rating, one has given a hold rating and six have assigned a buy rating to the stock. The stock has an average rating of “Hold” and an average price target of $16.81.
MGIC Investment stock traded up $0.14 during trading on Friday, reaching $13.77. The company had a trading volume of 12,132 shares, compared to its average volume of 2,557,398. MGIC Investment Corp. has a 52 week low of $9.41 and a 52 week high of $14.97. The stock has a market cap of $4.96 billion, a P/E ratio of 7.72, a P/E/G ratio of 1.68 and a beta of 1.81. The company has a debt-to-equity ratio of 0.22, a quick ratio of 0.37 and a current ratio of 0.37.
MGIC Investment (NYSE:MTG) last announced its earnings results on Tuesday, April 23rd. The insurance provider reported $0.42 EPS for the quarter, topping the Zacks’ consensus estimate of $0.38 by $0.04. MGIC Investment had a return on equity of 19.06% and a net margin of 59.01%. The company had revenue of $291.65 million for the quarter, compared to analysts’ expectations of $286.01 million. During the same period last year, the firm earned $0.38 EPS. MGIC Investment’s revenue for the quarter was up 9.7% compared to the same quarter last year. Analysts predict that MGIC Investment Corp. will post 1.66 EPS for the current year.
MGIC Investment declared that its Board of Directors has approved a share buyback program on Wednesday, March 20th that authorizes the company to repurchase $200.00 million in outstanding shares. This repurchase authorization authorizes the insurance provider to repurchase up to 4.3% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s board believes its shares are undervalued.
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MGIC Investment Profile
MGIC Investment Corporation, through its subsidiaries, provides private mortgage insurance, other mortgage credit risk management solutions, 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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