Verition Fund Management LLC Takes $335,000 Position in MGIC Investment Corp. (MTG)

Verition Fund Management LLC purchased a new stake in shares of MGIC Investment Corp. (NYSE:MTG) during the 4th quarter, HoldingsChannel reports. The firm purchased 23,767 shares of the insurance provider’s stock, valued at approximately $335,000.

Several other institutional investors and hedge funds also recently made changes to their positions in MTG. Nisa Investment Advisors LLC increased its position in shares of MGIC Investment by 125.4% during the fourth quarter. Nisa Investment Advisors LLC now owns 7,190 shares of the insurance provider’s stock valued at $101,000 after buying an additional 4,000 shares during the period. Wealthcare Advisory Partners LLC bought a new stake in shares of MGIC Investment during the third quarter valued at about $107,000. Eqis Capital Management Inc. bought a new stake in shares of MGIC Investment during the fourth quarter valued at about $144,000. Zeke Capital Advisors LLC bought a new stake in shares of MGIC Investment during the third quarter valued at about $150,000. Finally, Signition LP bought a new stake in shares of MGIC Investment during the fourth quarter valued at about $156,000. Hedge funds and other institutional investors own 92.75% of the company’s stock.

MGIC Investment Corp. (NYSE:MTG) opened at $12.25 on Monday. MGIC Investment Corp. has a twelve month low of $9.68 and a twelve month high of $16.21. The company has a current ratio of 0.18, a quick ratio of 0.18 and a debt-to-equity ratio of 0.26. The company has a market capitalization of $4,543.06, a PE ratio of 8.94, a PEG ratio of 1.22 and a beta of 2.27.

MGIC Investment (NYSE:MTG) last issued its quarterly earnings data on Thursday, January 18th. The insurance provider reported $0.43 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.27 by $0.16. MGIC Investment had a return on equity of 17.36% and a net margin of 33.37%. The company had revenue of $271.50 million during the quarter, compared to analyst estimates of $273.66 million. During the same quarter in the previous year, the firm earned $0.28 earnings per share. MGIC Investment’s revenue was up 1.9% on a year-over-year basis. research analysts forecast that MGIC Investment Corp. will post 1.43 EPS for the current fiscal year.

Several equities research analysts have recently weighed in on MTG shares. BTIG Research upped their price target on MGIC Investment from $16.00 to $18.00 and gave the company a “buy” rating in a research report on Wednesday, December 20th. Wells Fargo reiterated a “buy” rating on shares of MGIC Investment in a research report on Friday, December 8th. Royal Bank of Canada started coverage on MGIC Investment in a research report on Wednesday, December 20th. They set an “outperform” rating and a $18.00 price target on the stock. ValuEngine upgraded MGIC Investment from a “buy” rating to a “strong-buy” rating in a research report on Friday, February 2nd. Finally, B. Riley reiterated a “buy” rating and set a $19.00 price target on shares of MGIC Investment in a research report on Thursday, January 18th. One investment analyst has rated the stock with a sell rating, thirteen have issued a buy rating and one has given a strong buy rating to the company. MGIC Investment presently has an average rating of “Buy” and an average price target of $16.44.

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About MGIC Investment

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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