Blue Trust Inc. Acquires 9,184 Shares of MGIC Investment Co. (NYSE:MTG)

Blue Trust Inc. boosted its holdings in shares of MGIC Investment Co. (NYSE:MTG) by 184.2% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 14,169 shares of the insurance provider’s stock after acquiring an additional 9,184 shares during the quarter. Blue Trust Inc.’s holdings in MGIC Investment were worth $363,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in MTG. Dimensional Fund Advisors LP grew its stake in shares of MGIC Investment by 3.8% in the second quarter. Dimensional Fund Advisors LP now owns 15,145,206 shares of the insurance provider’s stock worth $326,375,000 after purchasing an additional 556,859 shares during the last quarter. LSV Asset Management grew its position in shares of MGIC Investment by 1.6% in the 1st quarter. LSV Asset Management now owns 10,983,325 shares of the insurance provider’s stock valued at $245,587,000 after buying an additional 174,609 shares during the last quarter. Clearbridge Investments LLC increased its stake in shares of MGIC Investment by 2.4% in the first quarter. Clearbridge Investments LLC now owns 6,008,042 shares of the insurance provider’s stock valued at $134,340,000 after buying an additional 139,562 shares during the period. American Century Companies Inc. raised its position in shares of MGIC Investment by 1.5% during the second quarter. American Century Companies Inc. now owns 3,395,208 shares of the insurance provider’s stock worth $73,167,000 after acquiring an additional 50,307 shares during the last quarter. Finally, Jupiter Asset Management Ltd. lifted its stake in shares of MGIC Investment by 134.8% in the first quarter. Jupiter Asset Management Ltd. now owns 1,537,972 shares of the insurance provider’s stock worth $34,389,000 after acquiring an additional 882,984 shares during the period. 95.58% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

MTG has been the subject of a number of recent analyst reports. Barclays increased their target price on shares of MGIC Investment from $23.00 to $24.00 and gave the company an “equal weight” rating in a research report on Tuesday, October 8th. Roth Mkm increased their price objective on shares of MGIC Investment from $24.00 to $30.00 and gave the stock a “buy” rating in a research report on Friday, August 2nd. Finally, BTIG Research boosted their target price on shares of MGIC Investment from $22.00 to $25.00 and gave the company a “buy” rating in a report on Monday, August 5th. Three equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat, MGIC Investment presently has a consensus rating of “Moderate Buy” and a consensus target price of $24.50.

MGIC Investment Stock Performance

Shares of MTG stock opened at $25.41 on Thursday. The firm has a 50 day moving average of $25.20 and a 200-day moving average of $22.84. The company has a market cap of $6.77 billion, a price-to-earnings ratio of 9.77, a price-to-earnings-growth ratio of 1.35 and a beta of 1.28. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.13. MGIC Investment Co. has a 52 week low of $16.32 and a 52 week high of $26.52.

MGIC Investment (NYSE:MTG) last issued its earnings results on Wednesday, July 31st. The insurance provider reported $0.77 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.62 by $0.15. MGIC Investment had a net margin of 63.19% and a return on equity of 14.97%. The business had revenue of $305.28 million for the quarter, compared to analyst estimates of $301.02 million. During the same period in the prior year, the firm earned $0.68 earnings per share. MGIC Investment’s revenue was up 5.0% on a year-over-year basis. On average, equities analysts forecast that MGIC Investment Co. will post 2.76 earnings per share for the current year.

MGIC Investment Company 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.