Rhumbline Advisers Reduces Position in MGIC Investment Corp. (MTG)

Rhumbline Advisers reduced its stake in MGIC Investment Corp. (NYSE:MTG) by 0.6% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 568,073 shares of the insurance provider’s stock after selling 3,690 shares during the quarter. Rhumbline Advisers’ holdings in MGIC Investment were worth $7,493,000 at the end of the most recent quarter.

Other large investors also recently modified their holdings of the company. PNC Financial Services Group Inc. grew its holdings in MGIC Investment by 3,345.0% in the 4th quarter. PNC Financial Services Group Inc. now owns 3,445 shares of the insurance provider’s stock valued at $36,000 after buying an additional 3,345 shares in the last quarter. FNY Investment Advisers LLC purchased a new stake in MGIC Investment in the 4th quarter valued at $37,000. Toronto Dominion Bank purchased a new stake in MGIC Investment in the 4th quarter valued at $77,000. Nisa Investment Advisors LLC grew its holdings in MGIC Investment by 371.5% in the 4th quarter. Nisa Investment Advisors LLC now owns 7,615 shares of the insurance provider’s stock valued at $80,000 after buying an additional 6,000 shares in the last quarter. Finally, Ffcm LLC grew its holdings in MGIC Investment by 2,241.6% in the 4th quarter. Ffcm LLC now owns 9,390 shares of the insurance provider’s stock valued at $98,000 after buying an additional 8,989 shares in the last quarter. Institutional investors own 95.81% of the company’s stock.

MTG opened at $13.92 on Thursday. MGIC Investment Corp. has a 12-month low of $9.41 and a 12-month high of $14.97. The company has a current ratio of 0.37, a quick ratio of 0.37 and a debt-to-equity ratio of 0.22. The stock has a market cap of $4.96 billion, a P/E ratio of 7.69, a PEG ratio of 1.68 and a beta of 1.81.



MGIC Investment (NYSE:MTG) last posted its earnings results on Tuesday, April 23rd. The insurance provider reported $0.42 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ 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 firm had revenue of $291.65 million for the quarter, compared to analyst estimates of $286.01 million. During the same quarter in the prior year, the company earned $0.38 EPS. MGIC Investment’s revenue was up 9.7% on a year-over-year basis. Equities analysts forecast that MGIC Investment Corp. will post 1.66 earnings per share for the current year.

MGIC Investment declared that its board has initiated a stock buyback program on Wednesday, March 20th that permits the company to buyback $200.00 million in outstanding shares. This buyback authorization permits the insurance provider to reacquire up to 4.3% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s management believes its shares are undervalued.

A number of research firms have recently weighed in on MTG. Zacks Investment Research cut MGIC Investment from a “hold” rating to a “sell” rating in a report on Wednesday, April 17th. ValuEngine cut MGIC Investment from a “hold” rating to a “sell” rating in a report on Thursday, March 7th. Two research analysts have rated the stock with a sell rating, one has given a hold rating and six have assigned a buy rating to the company. The company presently has an average rating of “Hold” and a consensus target price of $16.81.

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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.

Read More: Fundamental Analysis

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

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