Zurcher Kantonalbank Zurich Cantonalbank Buys 32,450 Shares of MGIC Investment Co. (NYSE:MTG)

Zurcher Kantonalbank Zurich Cantonalbank raised its stake in MGIC Investment Co. (NYSE:MTG) by 47.9% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 100,258 shares of the insurance provider’s stock after acquiring an additional 32,450 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in MGIC Investment were worth $1,934,000 at the end of the most recent reporting period.

Several other large investors have also recently bought and sold shares of the stock. Invesco Ltd. increased its holdings in shares of MGIC Investment by 47.3% during the third quarter. Invesco Ltd. now owns 3,174,560 shares of the insurance provider’s stock worth $52,983,000 after purchasing an additional 1,019,759 shares during the period. AQR Capital Management LLC increased its holdings in shares of MGIC Investment by 30.3% during the third quarter. AQR Capital Management LLC now owns 4,233,477 shares of the insurance provider’s stock worth $70,657,000 after purchasing an additional 985,512 shares during the period. LSV Asset Management increased its holdings in shares of MGIC Investment by 8.5% during the third quarter. LSV Asset Management now owns 10,427,565 shares of the insurance provider’s stock worth $174,036,000 after purchasing an additional 820,182 shares during the period. FMR LLC increased its holdings in shares of MGIC Investment by 26.7% during the third quarter. FMR LLC now owns 3,829,710 shares of the insurance provider’s stock worth $63,918,000 after purchasing an additional 807,637 shares during the period. Finally, Acadian Asset Management LLC increased its holdings in shares of MGIC Investment by 302.3% during the third quarter. Acadian Asset Management LLC now owns 661,778 shares of the insurance provider’s stock worth $11,034,000 after purchasing an additional 497,261 shares during the period. 95.58% of the stock is owned by institutional investors.

MGIC Investment Stock Performance

NYSE MTG opened at $20.35 on Thursday. The company has a current ratio of 0.98, a quick ratio of 0.98 and a debt-to-equity ratio of 0.13. The firm has a market capitalization of $5.49 billion, a price-to-earnings ratio of 8.17, a P/E/G ratio of 1.65 and a beta of 1.24. The firm’s 50 day simple moving average is $20.41 and its 200 day simple moving average is $19.10. MGIC Investment Co. has a 1 year low of $13.97 and a 1 year high of $22.43.

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

Analysts Set New Price Targets

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

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.