Assetmark Inc. Reduces Stock Position in MGIC Investment Co. (NYSE:MTG)

Assetmark Inc. decreased its position in MGIC Investment Co. (NYSE:MTG) by 4.3% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 972,432 shares of the insurance provider’s stock after selling 43,223 shares during the quarter. Assetmark Inc. owned approximately 0.38% of MGIC Investment worth $24,894,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. BNP Paribas Financial Markets raised its position in MGIC Investment by 54.9% during the 1st quarter. BNP Paribas Financial Markets now owns 179,179 shares of the insurance provider’s stock valued at $4,006,000 after purchasing an additional 63,530 shares during the last quarter. Janney Montgomery Scott LLC lifted its stake in MGIC Investment by 110.9% in the first quarter. Janney Montgomery Scott LLC now owns 61,539 shares of the insurance provider’s stock worth $1,376,000 after acquiring an additional 32,358 shares during the period. Daiwa Securities Group Inc. boosted its holdings in MGIC Investment by 600.0% in the first quarter. Daiwa Securities Group Inc. now owns 4,200 shares of the insurance provider’s stock valued at $94,000 after acquiring an additional 3,600 shares in the last quarter. Sei Investments Co. boosted its holdings in MGIC Investment by 31.7% in the first quarter. Sei Investments Co. now owns 496,778 shares of the insurance provider’s stock valued at $11,108,000 after acquiring an additional 119,476 shares in the last quarter. Finally, BNP PARIBAS ASSET MANAGEMENT Holding S.A. purchased a new position in MGIC Investment during the 1st quarter valued at $298,000. 95.58% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of brokerages have recently weighed in on MTG. BTIG Research lifted their target price on shares of MGIC Investment from $22.00 to $25.00 and gave the company a “buy” rating in a research note on Monday, August 5th. Barclays lifted their price objective on MGIC Investment from $23.00 to $24.00 and gave the company an “equal weight” rating in a research report on Tuesday, October 8th. Roth Mkm increased their target price on MGIC Investment from $24.00 to $30.00 and gave the stock a “buy” rating in a research report on Friday, August 2nd. Finally, Royal Bank of Canada dropped their price target on MGIC Investment from $28.00 to $27.00 and set a “sector perform” rating on the stock in a research report on Wednesday. Three equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $25.50.

MGIC Investment Stock Performance

Shares of MTG opened at $24.46 on Friday. MGIC Investment Co. has a 52 week low of $17.25 and a 52 week high of $26.52. The company has a quick ratio of 1.11, a current ratio of 1.25 and a debt-to-equity ratio of 0.12. The stock has a market cap of $6.20 billion, a P/E ratio of 8.61, a P/E/G ratio of 1.39 and a beta of 1.28. The business’s 50 day moving average price is $25.22 and its 200-day moving average price is $23.22.

MGIC Investment (NYSE:MTG) last released its earnings results on Monday, November 4th. The insurance provider reported $0.77 EPS for the quarter, topping the consensus estimate of $0.66 by $0.11. MGIC Investment had a return on equity of 14.99% and a net margin of 64.09%. The business had revenue of $306.65 million for the quarter, compared to the consensus estimate of $306.03 million. During the same period in the previous year, the company posted $0.64 earnings per share. The company’s revenue for the quarter was up 3.4% compared to the same quarter last year. Equities research analysts anticipate that MGIC Investment Co. will post 2.81 earnings per share for the current fiscal year.

MGIC Investment Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, November 21st. Shareholders of record on Thursday, November 7th will be paid a dividend of $0.13 per share. The ex-dividend date of this dividend is Thursday, November 7th. This represents a $0.52 dividend on an annualized basis and a yield of 2.13%. MGIC Investment’s dividend payout ratio is currently 18.31%.

About MGIC Investment

MGIC Investment Corporation, through its subsidiaries, provides private mortgage insurance, other mortgage credit risk management solutions, and ancillary services to lenders and government sponsored entities in the United States, the District of Columbia, Puerto Rico, and Guam. The company offers primary mortgage insurance that provides mortgage default protection on individual loans, as well as covers unpaid loan principal, delinquent interest, and various expenses associated with the default and subsequent foreclosure.