California Public Employees Retirement System Acquires 210,430 Shares of MGIC Investment Corp. (MTG)

California Public Employees Retirement System lifted its holdings in shares of MGIC Investment Corp. (NYSE:MTG) by 29.7% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 918,180 shares of the insurance provider’s stock after acquiring an additional 210,430 shares during the period. California Public Employees Retirement System owned approximately 0.25% of MGIC Investment worth $9,843,000 at the end of the most recent reporting period.

Other large investors have also bought and sold shares of the company. BlackRock Inc. increased its position in shares of MGIC Investment by 5.4% during the second quarter. BlackRock Inc. now owns 26,467,584 shares of the insurance provider’s stock worth $283,733,000 after acquiring an additional 1,345,014 shares in the last quarter. Allianz Asset Management GmbH increased its position in shares of MGIC Investment by 38.5% during the first quarter. Allianz Asset Management GmbH now owns 623,878 shares of the insurance provider’s stock worth $8,111,000 after acquiring an additional 173,561 shares in the last quarter. Bank of Montreal Can increased its position in shares of MGIC Investment by 6.0% during the second quarter. Bank of Montreal Can now owns 482,493 shares of the insurance provider’s stock worth $5,172,000 after acquiring an additional 27,512 shares in the last quarter. Algebris UK Ltd bought a new stake in shares of MGIC Investment during the second quarter worth about $12,513,000. Finally, Guggenheim Capital LLC increased its position in shares of MGIC Investment by 123.5% during the first quarter. Guggenheim Capital LLC now owns 181,434 shares of the insurance provider’s stock worth $2,358,000 after acquiring an additional 100,263 shares in the last quarter. 91.31% of the stock is owned by institutional investors.

Shares of MTG stock opened at $12.70 on Monday. MGIC Investment Corp. has a 52-week low of $9.97 and a 52-week high of $16.21. The company has a quick ratio of 0.28, a current ratio of 0.28 and a debt-to-equity ratio of 0.25. The stock has a market capitalization of $4.82 billion, a price-to-earnings ratio of 9.34, a PEG ratio of 1.68 and a beta of 1.87.

MGIC Investment (NYSE:MTG) last issued its quarterly earnings data on Wednesday, July 18th. The insurance provider reported $0.49 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.36 by $0.13. MGIC Investment had a net margin of 43.85% and a return on equity of 19.18%. The business had revenue of $282.00 million during the quarter, compared to the consensus estimate of $269.97 million. During the same period in the prior year, the firm posted $0.49 EPS. The firm’s quarterly revenue was up 7.1% compared to the same quarter last year. On average, equities analysts expect that MGIC Investment Corp. will post 1.59 EPS for the current year.

Several research firms have recently commented on MTG. B. Riley boosted their target price on shares of MGIC Investment from $14.00 to $16.00 and gave the stock a “buy” rating in a research report on Tuesday, August 7th. Bank of America upped their price objective on shares of MGIC Investment from $13.00 to $23.00 and gave the stock an “underperform” rating in a research report on Monday, August 13th. ValuEngine raised shares of MGIC Investment from a “sell” rating to a “hold” rating in a research report on Thursday, July 19th. Finally, Zacks Investment Research raised shares of MGIC Investment from a “hold” rating to a “buy” rating and set a $12.00 price objective for the company in a research report on Tuesday, June 19th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and eleven have issued a buy rating to the stock. The company has a consensus rating of “Buy” and a consensus price target of $16.33.

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

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