Assetmark Inc. Boosts Position in MGIC Investment Corporation $MTG

Key Points

• Assetmark Inc. increased its stake in MGIC by 21.8% to 2,038,558 shares (about 0.91% of the company) worth ~$59.6 million, while several other institutions (e.g., AQR, Caisse, UBS) also materially boosted positions, leaving hedge funds and institutions owning roughly 95.6% of the stock.
• Insider selling has been notable: the EVP and CEO sold sizable holdings (20,000 and 139,202 shares respectively), with insiders selling 200,133 shares totaling ~$5.34 million in the last 90 days; corporate insiders now own 1.34% of MGIC.
• MGIC trades at a P/E of 8.69

Assetmark Inc. grew its stake in shares of MGIC Investment Corporation (NYSE:MTG - Free Report) by 21.8% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 2,038,558 shares of the insurance provider's stock after buying an additional 364,406 shares during the period. Assetmark Inc. owned 0.91% of MGIC Investment worth $59,567,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. AQR Capital Management LLC lifted its stake in MGIC Investment by 92.4% in the 2nd quarter. AQR Capital Management LLC now owns 6,333,091 shares of the insurance provider's stock worth $176,313,000 after purchasing an additional 3,041,446 shares in the last quarter. Caisse de depot et placement du Quebec increased its holdings in shares of MGIC Investment by 20.4% in the third quarter. Caisse de depot et placement du Quebec now owns 3,943,965 shares of the insurance provider's stock worth $111,890,000 after purchasing an additional 667,876 shares during the period. UBS Group AG raised its position in shares of MGIC Investment by 53.3% in the third quarter. UBS Group AG now owns 1,711,453 shares of the insurance provider's stock worth $48,554,000 after buying an additional 594,980 shares in the last quarter. Qube Research & Technologies Ltd raised its position in shares of MGIC Investment by 65.3% in the second quarter. Qube Research & Technologies Ltd now owns 1,398,381 shares of the insurance provider's stock worth $38,931,000 after buying an additional 552,470 shares in the last quarter. Finally, Millennium Management LLC boosted its stake in MGIC Investment by 150.4% during the third quarter. Millennium Management LLC now owns 815,720 shares of the insurance provider's stock valued at $23,142,000 after buying an additional 489,929 shares during the period. 95.58% of the stock is owned by hedge funds and other institutional investors.

MGIC Investment Price Performance

MTG opened at $27.28 on Wednesday. The company has a current ratio of 1.52, a quick ratio of 1.52 and a debt-to-equity ratio of 0.13. The stock has a market capitalization of $5.86 billion, a P/E ratio of 8.69, a PEG ratio of 2.19 and a beta of 0.79. The stock has a 50-day moving average price of $26.55 and a 200-day moving average price of $27.43. MGIC Investment Corporation has a 12-month low of $23.24 and a 12-month high of $29.97.

MGIC Investment (NYSE:MTG - Get Free Report) last announced its quarterly earnings data on Monday, February 2nd. The insurance provider reported $0.75 earnings per share for the quarter, beating analysts' consensus estimates of $0.73 by $0.02. MGIC Investment had a return on equity of 14.33% and a net margin of 60.84%.The company's revenue was down .9% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.72 EPS. Equities analysts predict that MGIC Investment Corporation will post 2.71 earnings per share for the current fiscal year.

MGIC Investment Dividend Announcement

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

Insider Activity

In other news, EVP Paula C. Maggio sold 20,000 shares of MGIC Investment stock in a transaction dated Friday, February 6th. The stock was sold at an average price of $27.51, for a total value of $550,200.00. Following the transaction, the executive vice president owned 114,689 shares in the company, valued at approximately $3,155,094.39. The trade was a 14.85% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Timothy J. Mattke sold 139,202 shares of the business's stock in a transaction dated Thursday, April 2nd. The shares were sold at an average price of $26.49, for a total value of $3,687,460.98. Following the completion of the sale, the chief executive officer directly owned 1,118,005 shares of the company's stock, valued at approximately $29,615,952.45. This trade represents a 11.07% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders sold 200,133 shares of company stock valued at $5,342,700. Corporate insiders own 1.34% of the company's stock.

Analysts Set New Price Targets

A number of analysts have recently issued reports on MTG shares. Keefe, Bruyette & Woods lifted their price target on MGIC Investment from $28.00 to $29.00 and gave the company a "market perform" rating in a research report on Friday, April 10th. Weiss Ratings cut shares of MGIC Investment from a "buy (a-)" rating to a "buy (b+)" rating in a research report on Thursday, February 5th. UBS Group dropped their target price on shares of MGIC Investment from $29.50 to $28.00 and set a "neutral" rating for the company in a research report on Thursday, March 12th. Finally, Barclays boosted their price target on shares of MGIC Investment from $28.00 to $29.00 and gave the stock an "equal weight" rating in a research note on Monday, April 6th. One research analyst has rated the stock with a Buy rating and four have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and an average target price of $28.50.

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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