Today: The Tealwood Asset Management Inc. Boosts Stake in MGIC Investment Corp. (MTG)

The Tealwood Asset Management Inc. Boosts Stake in MGIC Investment Corp. (MTG)

Tealwood Asset Management Inc. increased its position in shares of MGIC Investment Corp. (NYSE:MTG) by 4.9% during the second quarter, Holdings Channel reports. The institutional investor owned 342,891 shares of the company’s stock after buying an additional 16,125 shares during the period. Tealwood Asset Management Inc.’s holdings in MGIC Investment Corp. were worth $2,040,000 at the end of the most recent quarter.

Several other large investors also recently made changes to their positions in MTG. Invictus RG boosted its stake in shares of MGIC Investment Corp. by 116.2% in the first quarter. Invictus RG now owns 13,322 shares of the company’s stock worth $102,000 after buying an additional 7,160 shares in the last quarter. Boothbay Fund Management LLC raised its position in MGIC Investment Corp. by 2.0% in the first quarter. Boothbay Fund Management LLC now owns 16,808 shares of the company’s stock valued at $129,000 after buying an additional 333 shares during the last quarter. Deprince Race & Zollo Inc. acquired a new position in MGIC Investment Corp. during the second quarter valued at approximately $179,000. Strs Ohio raised its position in MGIC Investment Corp. by 8.5% in the second quarter. Strs Ohio now owns 43,600 shares of the company’s stock valued at $259,000 after buying an additional 3,400 shares during the last quarter. Finally, Virginia Retirement System acquired a new position in MGIC Investment Corp. during the first quarter valued at approximately $294,000. Institutional investors and hedge funds own 90.85% of the company’s stock.

MGIC Investment Corp. (NYSE:MTG) traded up 0.50% during mid-day trading on Monday, reaching $8.03. 5,975,393 shares of the company’s stock were exchanged. The company has a market capitalization of $2.74 billion, a P/E ratio of 3.31 and a beta of 2.68. The company’s 50 day moving average price is $8.03 and its 200-day moving average price is $7.19. MGIC Investment Corp. has a 52 week low of $5.36 and a 52 week high of $9.90.

MGIC Investment Corp. (NYSE:MTG) last posted its earnings results on Tuesday, July 19th. The company reported $0.26 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.20 by $0.06. The firm earned $263.50 million during the quarter, compared to the consensus estimate of $255.01 million. MGIC Investment Corp. had a net margin of 105.16% and a return on equity of 18.40%. During the same quarter in the prior year, the company earned $0.28 EPS. On average, equities research analysts expect that MGIC Investment Corp. will post $0.83 earnings per share for the current fiscal year.

Several research analysts have recently commented on MTG shares. Zacks Investment Research lowered shares of MGIC Investment Corp. from a “hold” rating to a “sell” rating in a research note on Tuesday, June 21st. FBR & Co raised shares of MGIC Investment Corp. from a “market perform” rating to an “outperform” rating and set a $7.50 price objective for the company in a research note on Thursday, June 30th. BTIG Research reissued a “buy” rating and issued a $12.00 price objective on shares of MGIC Investment Corp. in a research note on Tuesday, July 19th. Compass Point raised shares of MGIC Investment Corp. from a “neutral” rating to a “buy” rating and raised their price objective for the company from $8.50 to $9.00 in a research note on Wednesday, July 20th. Finally, Deutsche Bank AG reissued a “hold” rating on shares of MGIC Investment Corp. in a research note on Saturday, August 6th. Three analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. MGIC Investment Corp. presently has a consensus rating of “Buy” and a consensus target price of $9.78.

MGIC Investment Corp. Company Profile

MGIC Investment Corporation is a holding company. The Company, through its subsidiaries, provides private mortgage insurance and ancillary services. The Company provides mortgage insurance to lenders throughout the United States and to government sponsored entities to protect against loss from defaults on low down payment residential mortgage loans.

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