December 1, 2016 - By Adrian Mccoy · 0 Comments
Mgic Investment Corp (NYSE:MTG) institutional sentiment decreased to 1.15 in 2016 Q2. Its down -0.03, from 1.18 in 2016Q1. The ratio is negative, as 126 hedge funds increased or opened new equity positions, while 107 cut down and sold their positions in Mgic Investment Corp. The hedge funds in our partner’s database now own: 306.43 million shares, down from 322.83 million shares in 2016Q1. Also, the number of hedge funds holding Mgic Investment Corp in their top 10 equity positions increased from 8 to 9 for an increase of 1. Sold All: 35 Reduced: 72 Increased: 83 New Position: 43.
MGIC Investment Corporation is a holding company. The company has a market cap of $3.08 billion. The Company, through its subsidiaries, provides private mortgage insurance and ancillary services. It has a 11.39 P/E ratio. The Firm 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.
The stock decreased 1.20% or $0.11 during the last trading session, hitting $9.07. MGIC Investment Corp. (NYSE:MTG) has risen 24.25% since April 28, 2016 and is uptrending. It has outperformed by 18.32% the S&P500.
Analysts await MGIC Investment Corp. (NYSE:MTG) to report earnings on January, 19. They expect $0.22 EPS, down 15.38% or $0.04 from last year’s $0.26 per share. MTG’s profit will be $74.71 million for 10.31 P/E if the $0.22 EPS becomes a reality. After $0.25 actual EPS reported by MGIC Investment Corp. for the previous quarter, Wall Street now forecasts -12.00% negative EPS growth.
According to Zacks Investment Research, “MGIC Investment Corporation is a holding company which, through its wholly owned subsidiary, Mortgage Guaranty Insurance Corporation, is the leading provider of private mortgage insurance coverage in the United States to the home mortgage lending industry. Private mortgage insurance covers residential first mortgage loans and expands home ownership opportunities by enabling people to purchase homes with less than 20% down payments. If the home owner defaults, private mortgage insurance reduces and, in some instances, eliminates the loss to the insured institution.”
Capital Returns Management Llc holds 9.57% of its portfolio in MGIC Investment Corp. for 2.88 million shares. Parus Finance (Uk) Ltd owns 6.28 million shares or 7.18% of their US portfolio. Moreover, Limestone Value Partners Llc has 6.2% invested in the company for 732,430 shares. The New York-based Three Corner Global Investors Lp has invested 4.88% in the stock. Archer Capital Management L.P., a New York-based fund reported 3.87 million shares.#img1#
Ratings analysis reveals 71% of MGIC Investment Corp.’s analysts are positive. Out of 7 Wall Street analysts rating MGIC Investment Corp., 5 give it “Buy”, 0 “Sell” rating, while 2 recommend “Hold”. The lowest target is $7 while the high is $13. The stock’s average target of $9.93 is 9.48% above today’s ($9.07) share price. MTG was included in 15 notes of analysts from August 12, 2015. Compass Point maintained MGIC Investment Corp. (NYSE:MTG) on Tuesday, May 10 with “Neutral” rating. The firm has “Neutral” rating given on Monday, May 2 by Credit Suisse. As per Thursday, January 21, the company rating was maintained by M Partners. The firm has “Outperform” rating given on Thursday, June 30 by FBR Capital. Keefe Bruyette & Woods upgraded MGIC Investment Corp. (NYSE:MTG) on Monday, October 12 to “Outperform” rating. The stock of MGIC Investment Corp. (NYSE:MTG) has “Buy” rating given on Wednesday, August 12 by Compass Point. FBR Capital maintained it with “Mkt Perform” rating and $7 target price in Friday, January 22 report. The rating was maintained by M Partners with “Buy” on Tuesday, August 25. The stock has “Outperform” rating given by FBR Capital on Wednesday, July 20. As per Monday, October 17, the company rating was initiated by Bank of America.
MGIC Investment Corporation, incorporated on June 21, 1984, is a holding company. The Company, through its subsidiaries, provides private mortgage insurance and ancillary services. The Company’s subsidiaries include Mortgage Guaranty Insurance Corporation (MGIC) and MGIC Indemnity Corporation (MIC). The Firm 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. The Company’s principal product is primary mortgage insurance. Primary insurance provides mortgage default protection on individual loans and covers unpaid loan principal, delinquent interest and certain expenses associated with the default and subsequent foreclosure or sale approved by the Company. Through certain other non-insurance subsidiaries, the Company also provides various services for the mortgage finance industry, such as contract underwriting, analysis of loan originations and portfolios, and mortgage lead generation.
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By Adrian Mccoy