Assenagon Asset Management S.A. Has $12.10 Million Stake in MGIC Investment Corporation $MTG

Key Points

• Assenagon Asset Management increased its stake in MGIC Investment by 239.1% in the first quarter, owning 460,844 shares worth about $12.1 million at the end of the period.
• MGIC Investment reported better-than-expected quarterly earnings of $0.76 per share, though revenue of $297.08 million came in below estimates and fell 3% year over year.
• The company authorized a $750 million share buyback and continues to pay a quarterly dividend of $0.15 per share, which annualizes to a 2.2% yield.

Assenagon Asset Management S.A. lifted its stake in shares of MGIC Investment Corporation (NYSE:MTG - Free Report) by 239.1% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 460,844 shares of the insurance provider's stock after acquiring an additional 324,930 shares during the period. Assenagon Asset Management S.A. owned 0.21% of MGIC Investment worth $12,097,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. AQR Capital Management LLC lifted its position in MGIC Investment by 31.3% in the 4th quarter. AQR Capital Management LLC now owns 11,616,282 shares of the insurance provider's stock valued at $339,428,000 after acquiring an additional 2,771,533 shares in the last quarter. Geode Capital Management LLC increased its holdings in MGIC Investment by 2.8% during the 4th quarter. Geode Capital Management LLC now owns 5,371,470 shares of the insurance provider's stock worth $163,368,000 after purchasing an additional 146,589 shares in the last quarter. Allianz Asset Management GmbH increased its holdings in MGIC Investment by 1.0% during the 4th quarter. Allianz Asset Management GmbH now owns 5,010,157 shares of the insurance provider's stock worth $146,397,000 after purchasing an additional 48,064 shares in the last quarter. First Trust Advisors LP raised its stake in shares of MGIC Investment by 1.7% in the fourth quarter. First Trust Advisors LP now owns 4,609,318 shares of the insurance provider's stock worth $134,684,000 after purchasing an additional 76,306 shares during the last quarter. Finally, Northern Trust Corp raised its stake in shares of MGIC Investment by 10.7% in the third quarter. Northern Trust Corp now owns 4,561,398 shares of the insurance provider's stock worth $129,407,000 after purchasing an additional 441,809 shares during the last quarter. 95.58% of the stock is owned by institutional investors.

Insider Buying and Selling at MGIC Investment

In other MGIC Investment 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 value of $534,940.35. Following the completion of the transaction, the executive vice president owned 169,620 shares in the company, valued at approximately $4,333,791. This represents a 10.99% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, COO Salvatore A. Miosi sold 30,000 shares of MGIC Investment stock in a transaction dated Monday, June 8th. The shares were sold at an average price of $25.38, for a total transaction of $761,400.00. Following the transaction, the chief operating officer directly owned 560,951 shares of the company's stock, valued at approximately $14,236,936.38. This trade represents a 5.08% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders have sold 201,070 shares of company stock valued at $5,270,740. 1.34% of the stock is currently owned by company insiders.

MGIC Investment Price Performance

Shares of NYSE MTG opened at $27.88 on Friday. The firm has a market capitalization of $5.90 billion, a P/E ratio of 8.85, a P/E/G ratio of 1.92 and a beta of 0.68. The company has a quick ratio of 1.14, a current ratio of 1.14 and a debt-to-equity ratio of 0.13. The stock's 50-day simple moving average is $26.50 and its two-hundred day simple moving average is $27.01. MGIC Investment Corporation has a twelve month low of $24.69 and a twelve month high of $29.97.

MGIC Investment (NYSE:MTG - Get Free Report) last issued its earnings results on Wednesday, April 29th. The insurance provider reported $0.76 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.73 by $0.03. The business had revenue of $297.08 million during the quarter, compared to analyst estimates of $303.12 million. MGIC Investment had a return on equity of 14.01% and a net margin of 59.63%.MGIC Investment's revenue for the quarter was down 3.0% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.75 earnings per share. As a group, equities analysts anticipate that MGIC Investment Corporation will post 3.05 EPS for the current fiscal year.

MGIC Investment announced that its Board of Directors has authorized a stock buyback plan on Thursday, April 23rd that permits the company to buyback $750.00 million in shares. This buyback authorization permits the insurance provider to reacquire up to 12.4% of its shares through open market purchases. Shares buyback plans are usually a sign that the company's leadership believes its shares are undervalued.

MGIC Investment Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, May 21st. Investors of record on Wednesday, May 6th were issued a $0.15 dividend. The ex-dividend date was Wednesday, May 6th. This represents a $0.60 annualized dividend and a yield of 2.2%. MGIC Investment's payout ratio is 19.05%.

Wall Street Analysts Forecast Growth

MTG has been the topic of a number of research analyst reports. Royal Bank Of Canada initiated coverage on MGIC Investment in a research note on Friday, May 22nd. They issued a "sector perform" rating and a $28.00 target price on the stock. Weiss Ratings reaffirmed a "buy (b)" rating on shares of MGIC Investment in a research report on Monday, June 15th. Keefe, Bruyette & Woods lifted their price target on MGIC Investment from $28.00 to $29.00 and gave the stock a "market perform" rating in a report on Friday, April 10th. UBS Group cut their price objective on MGIC Investment from $29.50 to $28.00 and set a "neutral" rating on the stock in a research report on Thursday, March 12th. Finally, Barclays cut their price objective on MGIC Investment from $29.00 to $28.00 and set an "equal weight" rating on the stock in a research report on Friday, May 1st. One research analyst has rated the stock with a Buy rating and four have issued a Hold rating to the company's stock. According to MarketBeat, MGIC Investment has a consensus rating of "Hold" and an average target price of $28.25.

MGIC Investment 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.

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