Zurcher Kantonalbank Zurich Cantonalbank Grows Stake in MGIC Investment Co. (NYSE:MTG)

Zurcher Kantonalbank Zurich Cantonalbank boosted its position in MGIC Investment Co. (NYSE:MTG) by 47.9% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 100,258 shares of the insurance provider’s stock after purchasing an additional 32,450 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in MGIC Investment were worth $1,934,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also bought and sold shares of the company. DGS Capital Management LLC lifted its stake in MGIC Investment by 2.2% in the 4th quarter. DGS Capital Management LLC now owns 64,895 shares of the insurance provider’s stock worth $1,252,000 after purchasing an additional 1,417 shares in the last quarter. Mackenzie Financial Corp lifted its stake in MGIC Investment by 5.1% in the 4th quarter. Mackenzie Financial Corp now owns 908,046 shares of the insurance provider’s stock worth $17,516,000 after purchasing an additional 44,259 shares in the last quarter. Louisiana State Employees Retirement System purchased a new stake in MGIC Investment in the 4th quarter worth approximately $1,503,000. NewEdge Wealth LLC raised its position in shares of MGIC Investment by 8.8% during the 4th quarter. NewEdge Wealth LLC now owns 1,444,931 shares of the insurance provider’s stock valued at $27,873,000 after buying an additional 117,301 shares in the last quarter. Finally, Janiczek Wealth Management LLC raised its position in shares of MGIC Investment by 29.5% during the 4th quarter. Janiczek Wealth Management LLC now owns 5,572 shares of the insurance provider’s stock valued at $107,000 after buying an additional 1,269 shares in the last quarter. 95.58% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on MTG. Keefe, Bruyette & Woods restated a “market perform” rating and set a $24.00 price objective (up previously from $23.50) on shares of MGIC Investment in a research report on Thursday, April 4th. Royal Bank of Canada raised their price objective on shares of MGIC Investment from $18.00 to $21.00 and gave the company a “sector perform” rating in a research report on Friday, February 2nd. Finally, Roth Mkm raised their price objective on shares of MGIC Investment from $21.00 to $24.00 and gave the company a “buy” rating in a research report on Friday, February 2nd. Five analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $21.08.

MGIC Investment Price Performance

MTG stock opened at $20.35 on Thursday. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.98 and a current ratio of 0.98. MGIC Investment Co. has a 52 week low of $13.97 and a 52 week high of $22.43. The firm’s fifty day moving average is $20.41 and its 200 day moving average is $19.10. The firm has a market cap of $5.49 billion, a P/E ratio of 8.17, a P/E/G ratio of 1.65 and a beta of 1.24.

MGIC Investment (NYSE:MTG) last released its earnings results on Wednesday, January 31st. The insurance provider reported $0.67 EPS for the quarter, beating the consensus estimate of $0.57 by $0.10. The company had revenue of $284.72 million for the quarter, compared to analyst estimates of $302.96 million. MGIC Investment had a net margin of 61.72% and a return on equity of 14.82%. Research analysts predict that MGIC Investment Co. will post 2.43 earnings per share for the current year.

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 District of Columbia, Puerto Rico, and Guam. 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.