Royal Bank of Canada Sells Majority Stake in MGIC Investment Corporation

Royal Bank of Canada has reduced its stake in MGIC Investment Corporation by 77.5% during the first quarter, according to a recent 13F filing with the Securities & Exchange Commission.

The institutional investor owned 27,938 shares of the insurance provider's stock after selling 96,065 shares during the period.

MGIC Investment's revenue was down 2.9% compared to the same quarter last year, but the company still reported $0.87 earnings per share, beating analysts' expectations of $0.76.