Assetmark Inc. Lowers Stock Position in MGIC Investment Corporation $MTG

Assetmark Inc. lessened its holdings in shares of MGIC Investment Corporation (NYSE:MTG) by 5.5% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,925,861 shares of the insurance provider’s stock after selling 112,697 shares during the period. Assetmark Inc.’s holdings in MGIC Investment were worth $50,554,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of MTG. Newbridge Financial Services Group Inc. bought a new position in shares of MGIC Investment in the 3rd quarter worth about $28,000. V Square Quantitative Management LLC bought a new stake in MGIC Investment during the fourth quarter worth about $36,000. SBI Securities Co. Ltd. grew its holdings in MGIC Investment by 40.3% in the fourth quarter. SBI Securities Co. Ltd. now owns 1,461 shares of the insurance provider’s stock worth $43,000 after purchasing an additional 420 shares during the period. Geneos Wealth Management Inc. increased its stake 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 valued at $43,000 after purchasing an additional 817 shares in the last quarter. Finally, Root Financial Partners LLC increased its stake in shares of MGIC Investment by 100.7% during the first quarter. Root Financial Partners LLC now owns 3,022 shares of the insurance provider’s stock valued at $79,000 after purchasing an additional 1,516 shares in the last quarter. 95.58% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, EVP Paula C. Maggio sold 20,937 shares of the stock in a transaction on Friday, May 29th. The stock was sold at an average price of $25.55, for a total transaction of $534,940.35. Following the sale, the executive vice president directly owned 169,620 shares of the company’s stock, valued at $4,333,791. This trade represents a 10.99% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, COO Salvatore A. Miosi sold 30,000 shares of the stock in a transaction on Monday, June 8th. The shares were sold at an average price of $25.38, for a total value of $761,400.00. Following the sale, the chief operating officer directly owned 560,951 shares in the company, valued at $14,236,936.38. This trade represents a 5.08% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 1.34% of the company’s stock.

MGIC Investment Price Performance

Shares of MTG opened at $29.46 on Friday. MGIC Investment Corporation has a twelve month low of $24.69 and a twelve month high of $29.97. The company has a market capitalization of $6.23 billion, a P/E ratio of 9.35, a price-to-earnings-growth ratio of 2.02 and a beta of 0.67. The firm has a 50 day moving average of $26.68 and a 200 day moving average of $26.92. The company has a quick ratio of 1.14, a current ratio of 1.14 and a debt-to-equity ratio of 0.13.

MGIC Investment (NYSE:MTG) last released its quarterly earnings data on Wednesday, April 29th. The insurance provider reported $0.76 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.73 by $0.03. MGIC Investment had a return on equity of 14.01% and a net margin of 59.63%.The business had revenue of $297.08 million for the quarter, compared to analysts’ expectations of $303.12 million. During the same period in the prior year, the firm posted $0.75 EPS. The firm’s quarterly revenue was down 3.0% on a year-over-year basis. As a group, equities research analysts anticipate that MGIC Investment Corporation will post 3.05 earnings per share for the current fiscal year.

MGIC Investment announced that its Board of Directors has initiated a stock buyback program on Thursday, April 23rd that authorizes the company to repurchase $750.00 million in outstanding shares. This repurchase authorization authorizes the insurance provider to buy up to 12.4% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s management believes its stock is undervalued.

MGIC Investment Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, May 21st. Stockholders of record on Wednesday, May 6th were issued a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a dividend yield of 2.0%. The ex-dividend date of this dividend was Wednesday, May 6th. MGIC Investment’s dividend payout ratio is presently 19.05%.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on MTG shares. Royal Bank Of Canada began coverage on shares of MGIC Investment in a report on Friday, May 22nd. They set a “sector perform” rating and a $28.00 target price for the company. Weiss Ratings raised MGIC Investment from a “buy (b)” rating to a “buy (b+)” rating in a research report on Tuesday, July 7th. Keefe, Bruyette & Woods lifted their price objective on MGIC Investment from $28.00 to $29.00 and gave the company a “market perform” rating in a research note on Friday, April 10th. Finally, Barclays dropped their target price on MGIC Investment from $29.00 to $28.00 and set an “equal weight” rating on the stock in a report on Friday, May 1st. One analyst has rated the stock with a Buy rating and four have given a Hold rating to the company’s stock. According to data from MarketBeat.com, MGIC Investment currently has a consensus rating of “Hold” and a consensus price target of $28.25.

About MGIC Investment

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.