Assetmark Inc. Has $50.55 Million Holdings in MGIC Investment Corporation $MTG

Key Points

• Assetmark Inc. trimmed its stake in MGIC Investment by 5.5% in the first quarter, but still held 1.93 million shares valued at about $50.6 million. Institutional investors continue to own the vast majority of the stock, at 95.58%.
• Wall Street is mostly neutral on MGIC Investment: the stock has one Buy and four Hold ratings, with an average target price of $28.25. Recent analyst moves included Barclays cutting its target to $28 and RBC initiating coverage with a Sector Perform rating.
• MGIC Investment reported better-than-expected quarterly earnings of $0.76 per share, though revenue came in slightly below estimates and was down 3% year over year. The company also authorized a $750 million share buyback and continues to pay a quarterly dividend of $0.15 per share.

Assetmark Inc. reduced its holdings in shares of MGIC Investment Corporation (NYSE:MTG - Free Report) by 5.5% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 1,925,861 shares of the insurance provider's stock after selling 112,697 shares during the quarter. Assetmark Inc. owned 0.91% of MGIC Investment worth $50,554,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the stock. Newbridge Financial Services Group Inc. acquired a new stake in MGIC Investment during the 3rd quarter worth approximately $28,000. V Square Quantitative Management LLC bought a new stake in shares of MGIC Investment in the 4th quarter valued at about $36,000. SBI Securities Co. Ltd. increased its stake in shares of MGIC Investment by 40.3% in the fourth quarter. SBI Securities Co. Ltd. now owns 1,461 shares of the insurance provider's stock valued at $43,000 after buying an additional 420 shares during the period. Geneos Wealth Management Inc. increased its stake in shares of MGIC Investment by 88.0% in the first quarter. Geneos Wealth Management Inc. now owns 1,745 shares of the insurance provider's stock valued at $43,000 after buying an additional 817 shares during the period. Finally, Root Financial Partners LLC lifted its position in shares of MGIC Investment by 100.7% in the 1st quarter. Root Financial Partners LLC now owns 3,022 shares of the insurance provider's stock worth $79,000 after purchasing an additional 1,516 shares during the period. Institutional investors own 95.58% of the company's stock.

Analyst Ratings Changes

Several research firms have recently weighed in on MTG. Barclays lowered their price objective on shares of MGIC Investment from $29.00 to $28.00 and set an "equal weight" rating for the company in a research note on Friday, May 1st. Weiss Ratings upgraded shares of MGIC Investment from a "buy (b)" rating to a "buy (b+)" rating in a research note on Tuesday, July 7th. Royal Bank Of Canada assumed coverage on shares of MGIC Investment in a research report on Friday, May 22nd. They set a "sector perform" rating and a $28.00 target price on the stock. Finally, Keefe, Bruyette & Woods upped their target price on MGIC Investment from $28.00 to $29.00 and gave the company a "market perform" rating in a report on Friday, April 10th. One investment analyst has rated the stock with a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and an average price target of $28.25.

MGIC Investment Stock Up 0.7%

MTG opened at $29.46 on Friday. The business's fifty day simple moving average is $26.68 and its 200 day simple moving average is $26.92. MGIC Investment Corporation has a 52 week low of $24.69 and a 52 week high of $29.97. 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 has a market cap of $6.23 billion, a PE ratio of 9.35, a P/E/G ratio of 2.02 and a beta of 0.67.

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

MGIC Investment Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, May 21st. Stockholders 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 dividend yield of 2.0%. MGIC Investment's dividend payout ratio (DPR) is currently 19.05%.

MGIC Investment announced that its board has approved a stock buyback program on Thursday, April 23rd that authorizes the company to repurchase $750.00 million in shares. This repurchase authorization authorizes the insurance provider to purchase up to 12.4% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company's management believes its stock is undervalued.

Insider Activity at MGIC Investment

In related news, EVP Paula C. Maggio sold 20,937 shares of MGIC Investment stock in a transaction on Friday, May 29th. The shares were sold at an average price of $25.55, for a total value of $534,940.35. Following the transaction, the executive vice president directly owned 169,620 shares of the company's stock, valued at $4,333,791. The trade was a 10.99% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available 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 the stock in a transaction dated Monday, June 8th. The stock was sold at an average price of $25.38, for a total transaction of $761,400.00. Following the sale, the chief operating officer owned 560,951 shares of the company's stock, valued at approximately $14,236,936.38. This 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. 1.34% of the stock is currently owned by company insiders.

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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