Assetmark Inc. Boosts Stake in MGIC Investment Corporation $MTG

Assetmark Inc. increased its stake in shares of MGIC Investment Corporation (NYSE:MTG) by 1,208.1% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,674,152 shares of the insurance provider’s stock after buying an additional 1,546,173 shares during the quarter. Assetmark Inc. owned about 0.75% of MGIC Investment worth $47,496,000 as of its most recent SEC filing.

Several other hedge funds have also recently made changes to their positions in the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. acquired a new stake in MGIC Investment during the 1st quarter worth about $2,397,000. Goldman Sachs Group Inc. raised its stake in shares of MGIC Investment by 6.7% in the first quarter. Goldman Sachs Group Inc. now owns 3,103,366 shares of the insurance provider’s stock worth $76,901,000 after purchasing an additional 195,895 shares during the last quarter. Geneos Wealth Management Inc. lifted its holdings in shares of MGIC Investment by 88.0% during the first quarter. Geneos Wealth Management Inc. now owns 1,745 shares of the insurance provider’s stock worth $43,000 after purchasing an additional 817 shares during the period. Sivia Capital Partners LLC acquired a new stake in shares of MGIC Investment during the second quarter worth about $425,000. Finally, IFP Advisors Inc boosted its position in MGIC Investment by 398.6% in the second quarter. IFP Advisors Inc now owns 2,812 shares of the insurance provider’s stock valued at $78,000 after buying an additional 2,248 shares during the last quarter. 95.58% of the stock is owned by institutional investors and hedge funds.

Insider Activity at MGIC Investment

In other news, CEO Timothy J. Mattke sold 139,203 shares of the stock in a transaction on Tuesday, January 13th. The stock was sold at an average price of $26.51, for a total transaction of $3,690,271.53. Following the completion of the transaction, the chief executive officer directly owned 822,588 shares in the company, valued at approximately $21,806,807.88. This represents a 14.47% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Paula C. Maggio sold 20,000 shares of the business’s stock in a transaction dated Friday, February 6th. The shares were sold at an average price of $27.51, for a total transaction of $550,200.00. Following the completion of the sale, the executive vice president owned 114,689 shares in the company, valued at approximately $3,155,094.39. This trade represents a 14.85% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders have sold 189,203 shares of company stock worth $5,058,572. Insiders own 1.05% of the company’s stock.

MGIC Investment Stock Down 2.7%

NYSE MTG opened at $26.69 on Friday. The business’s fifty day simple moving average is $27.97 and its 200-day simple moving average is $27.79. The company has a quick ratio of 1.48, a current ratio of 0.78 and a debt-to-equity ratio of 0.13. The firm has a market cap of $5.97 billion, a PE ratio of 8.50, a P/E/G ratio of 2.17 and a beta of 0.83. MGIC Investment Corporation has a 52 week low of $21.94 and a 52 week high of $29.97.

MGIC Investment (NYSE:MTG) last released its quarterly earnings data on Monday, February 2nd. The insurance provider reported $0.75 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.73 by $0.02. MGIC Investment had a net margin of 60.84% and a return on equity of 14.33%. The firm had revenue of $298.65 million during the quarter, compared to analysts’ expectations of $308.19 million. During the same period last year, the business earned $0.72 earnings per share. MGIC Investment’s revenue was down .9% compared to the same quarter last year. As a group, equities analysts anticipate that MGIC Investment Corporation will post 2.71 earnings per share for the current year.

MGIC Investment Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 6th. Investors of record on Tuesday, February 17th will be issued a $0.15 dividend. The ex-dividend date is Tuesday, February 17th. This represents a $0.60 dividend on an annualized basis and a yield of 2.2%. MGIC Investment’s dividend payout ratio is currently 19.11%.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on MTG shares. Barclays cut their price objective on shares of MGIC Investment from $30.00 to $28.00 and set an “equal weight” rating on the stock in a research note on Wednesday, February 4th. Weiss Ratings cut shares of MGIC Investment from a “buy (a-)” rating to a “buy (b+)” rating in a research note on Thursday, February 5th. Finally, Keefe, Bruyette & Woods raised their target price on MGIC Investment from $27.00 to $28.00 and gave the company a “market perform” rating in a research report on Thursday, December 18th. One investment analyst has rated the stock with a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat, MGIC Investment currently has an average rating of “Hold” and a consensus price target of $27.50.

MGIC Investment Company Profile

MGIC Investment Corporation (NYSE: MTG) is a leading provider of private mortgage insurance in the United States. Established in 1957 as the nation’s first private mortgage insurer, MGIC helps lenders manage credit risk and facilitates homeownership by protecting mortgage loans against default. Headquartered in Milwaukee, Wisconsin, the company operates through its principal subsidiary, Mortgage Guaranty Insurance Corporation, and maintains relationships with a broad network of originators and servicers nationwide.

The company’s primary business activity involves issuing mortgage insurance policies that enable borrowers to purchase homes with down payments below traditional lending thresholds.