MGIC Investment Corporation $MTG Stock Sold by Assenagon Asset Management S.A.

Key Points

• Assenagon Asset Management cut its MGIC Investment stake by 48.7% in the third quarter, selling 117,748 shares and retaining 123,800 shares valued at approximately $3.2 million. Institutional investors and hedge funds collectively own 95.58% of MTG.
• MGIC executives also sold shares under pre-arranged Rule 10b5-1 plans: the CEO sold 137,114 shares and an executive vice president sold 20,000 shares. Insiders sold $5.9 million worth of stock during the last quarter.
• MTG shares opened at $27.31, down 3.1%, while analysts maintain a consensus “Hold” rating and an average price target of $30.80. The company recently beat quarterly EPS estimates, reporting $0.87 versus the $0.76 consensus.

Assenagon Asset Management S.A. cut its holdings in shares of MGIC Investment Corporation (NYSE:MTG - Free Report) by 48.7% during the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 123,800 shares of the insurance provider's stock after selling 117,748 shares during the period. Assenagon Asset Management S.A. owned 0.06% of MGIC Investment worth $3,199,000 as of its most recent SEC filing.

A number of other large investors have also made changes to their positions in MTG. Baird Financial Group Inc. lifted its position in MGIC Investment by 3.1% during the second quarter. Baird Financial Group Inc. now owns 13,092 shares of the insurance provider's stock valued at $369,000 after purchasing an additional 392 shares during the period. Compound Planning Inc. raised its position in MGIC Investment by 4.3% during the first quarter. Compound Planning Inc. now owns 10,392 shares of the insurance provider's stock worth $273,000 after acquiring an additional 433 shares during the period. Oregon Public Employees Retirement Fund lifted its stake in MGIC Investment by 1.1% in the 1st quarter. Oregon Public Employees Retirement Fund now owns 44,972 shares of the insurance provider's stock valued at $1,181,000 after buying an additional 481 shares in the last quarter. Versant Capital Management Inc lifted its position in shares of MGIC Investment by 9.4% in the third quarter. Versant Capital Management Inc now owns 5,917 shares of the insurance provider's stock valued at $153,000 after acquiring an additional 508 shares in the last quarter. Finally, Lido Advisors LLC grew its holdings in shares of MGIC Investment by 2.4% during the first quarter. Lido Advisors LLC now owns 24,373 shares of the insurance provider's stock worth $640,000 after buying an additional 574 shares in the last quarter. 95.58% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at MGIC Investment

In other news, EVP Paula Maggio sold 20,000 shares of the business's stock in a transaction on Friday, August 7th. The shares were sold at an average price of $30.30, for a total transaction of $606,000.00. Following the completion of the sale, the executive vice president directly owned 149,620 shares of the company's stock, valued at $4,533,486. The trade was a 11.79% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Timothy Mattke sold 137,114 shares of the business's stock in a transaction dated Thursday, October 1st. The shares were sold at an average price of $26.23, for a total value of $3,596,500.22. Following the sale, the chief executive officer directly owned 843,778 shares of the company's stock, valued at approximately $22,132,296.94. This trade represents a 13.98% 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. Insiders have sold a total of 217,114 shares of company stock worth $5,906,200 in the last quarter. 1.34% of the stock is owned by insiders.

MGIC Investment Stock Down 3.1%

Shares of NYSE:MTG opened at $27.31 on Thursday. MGIC Investment Corporation has a 52-week low of $24.69 and a 52-week high of $31.89. The company has a market capitalization of $5.60 billion, a P/E ratio of 8.53, a P/E/G ratio of 1.00 and a beta of 0.67. The stock's fifty day simple moving average is $29.38 and its 200-day simple moving average is $28.22. The company has a quick ratio of 1.19, a current ratio of 1.19 and a debt-to-equity ratio of 0.13.

MGIC Investment (NYSE:MTG - Get Free Report) last announced its quarterly earnings data on Wednesday, July 29th. The insurance provider reported $0.87 EPS for the quarter, beating analysts' consensus estimates of $0.76 by $0.11. The business had revenue of $295.39 million during the quarter, compared to the consensus estimate of $297.54 million. MGIC Investment had a return on equity of 13.90% and a net margin of 59.20%. The business's revenue for the quarter was down 2.9% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.82 earnings per share. As a group, equities research analysts forecast that MGIC Investment Corporation will post 3.22 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several research firms have recently weighed in on MTG. Barclays increased their price target on shares of MGIC Investment from $28.00 to $29.00 and gave the company an "equal weight" rating in a research note on Monday, October 5th. Zacks Research cut shares of MGIC Investment from a "strong-buy" rating to a "hold" rating in a research report on Monday. Keefe, Bruyette & Woods lifted their price target on shares of MGIC Investment from $29.00 to $30.00 and gave the stock a "market perform" rating in a research note on Friday, July 31st. BTIG Research started coverage on MGIC Investment in a report on Tuesday, September 22nd. They issued a "hold" rating on the stock. Finally, Weiss Ratings raised MGIC Investment from a "buy (b+)" rating to a "buy (a-)" rating in a report on Wednesday, August 19th. One equities research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and six have assigned a Hold rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Hold" and a consensus price target of $30.80.

MGIC Investment Profile

MGIC Investment Corporation NYSE: MTG is a holding company whose principal subsidiary is Mortgage Guaranty Insurance Corporation (MGIC), a provider of private mortgage insurance in the United States. MGIC's insurance helps protect mortgage lenders and investors against losses when borrowers default, enabling qualified homebuyers to obtain mortgages with smaller down payments.

MGIC primarily offers primary mortgage insurance for residential loans, working with mortgage lenders, banks and other housing-finance institutions.

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