Chartwell Investment Partners buys $95.6 Million stake in MGIC Investment Corp. (MTG)

MGIC Investment Corp. (MTG) : Chartwell Investment Partners scooped up 4,866,035 additional shares in MGIC Investment Corp. during the most recent quarter end , the firm said in a disclosure report filed with the SEC on May 11, 2016. The investment management firm now holds a total of 14,778,861 shares of MGIC Investment Corp. which is valued at $95.6 Million.MGIC Investment Corp. makes up approximately 1.87% of Chartwell Investment Partners’s portfolio.

Other Hedge Funds, Including , Teacher Retirement System Of Texas boosted its stake in MTG in the latest quarter, The investment management firm added 51,669 additional shares and now holds a total of 82,891 shares of MGIC Investment Corp. which is valued at $536,305. Nine Chapters Capital Management added MTG to its portfolio by purchasing 163,400 company shares during the most recent quarter which is valued at $1.1 Million. MGIC Investment Corp. makes up approx 0.09% of Nine Chapters Capital Management’s portfolio.Profund Advisors reduced its stake in MTG by selling 2,655 shares or 18.64% in the most recent quarter. The Hedge Fund company now holds 11,587 shares of MTG which is valued at $77,517.Public Employees Retirement Association Of Colorado reduced its stake in MTG by selling 6,291 shares or 7.03% in the most recent quarter. The Hedge Fund company now holds 83,153 shares of MTG which is valued at $601,196.

MGIC Investment Corp. closed down -0.03 points or -0.46% at $6.44 with 43,95,478 shares getting traded on Monday. Post opening the session at $6.48, the shares hit an intraday low of $6.43 and an intraday high of $6.575 and the price fluctuated in this range throughout the day.Shares ended Monday session in Red.

On the company’s financial health, MGIC Investment Corp. reported $0.17 EPS for the quarter, missing the analyst consensus estimate by $ -0.05 based on the information available during the earnings call on Apr 19, 2016. Analyst had a consensus of $0.22. The company had revenue of $258.60 million for the quarter, compared to analysts expectations of $258.57 million. The company’s revenue was down -4.3 % compared to the same quarter last year.During the same quarter in the previous year, the company posted $0.32 EPS.

Many Wall Street Analysts have commented on MGIC Investment Corp.. Shares were Reiterated by Compass Point on May 10, 2016 to “Neutral” and Lowered the Price Target to $ 8.50 from a previous price target of $9 .Shares were Downgraded by Compass Point on Apr 20, 2016 to ” Neutral” and Lowered the Price Target to $ 9 from a previous price target of $10 .Deutsche Bank Initiated MGIC Investment Corp. on Apr 5, 2016 to “Hold”, Price Target of the shares are set at $9.

MGIC Investment Corporation is a holding company. Through its wholly owned subsidiaries the Company provides private mortgage insurance and ancillary services. The Company’s subsidiaries include Mortgage Guaranty Insurance Corporation (MGIC) and MGIC Indemnity Corporation (MIC). 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. Its 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 it also provides various services for the mortgage finance industry such as contract underwriting and portfolio analysis and retention.

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