MGIC Investment Co. (NYSE:MTG) Shares Acquired by Assetmark Inc.

Assetmark Inc. boosted its holdings in shares of MGIC Investment Co. (NYSE:MTG) by 5.7% in the 4th quarter, Holdings Channel reports. The firm owned 1,027,491 shares of the insurance provider’s stock after buying an additional 55,059 shares during the period. Assetmark Inc.’s holdings in MGIC Investment were worth $24,362,000 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 business. Creative Planning lifted its position in shares of MGIC Investment by 17.9% in the 3rd quarter. Creative Planning now owns 21,128 shares of the insurance provider’s stock valued at $541,000 after acquiring an additional 3,204 shares in the last quarter. Private Advisor Group LLC purchased a new stake in shares of MGIC Investment in the 3rd quarter valued at approximately $253,000. Janney Montgomery Scott LLC lifted its position in shares of MGIC Investment by 190.8% in the 3rd quarter. Janney Montgomery Scott LLC now owns 30,268 shares of the insurance provider’s stock valued at $775,000 after acquiring an additional 19,861 shares in the last quarter. Van ECK Associates Corp lifted its position in shares of MGIC Investment by 40.0% in the 3rd quarter. Van ECK Associates Corp now owns 161,376 shares of the insurance provider’s stock valued at $4,099,000 after acquiring an additional 46,112 shares in the last quarter. Finally, Foster & Motley Inc. lifted its position in shares of MGIC Investment by 2.1% in the 3rd quarter. Foster & Motley Inc. now owns 220,805 shares of the insurance provider’s stock valued at $5,653,000 after acquiring an additional 4,516 shares in the last quarter. 95.58% of the stock is owned by institutional investors and hedge funds.

MGIC Investment Stock Performance

Shares of MTG opened at $23.77 on Thursday. The company’s fifty day moving average is $24.38 and its 200-day moving average is $24.82. MGIC Investment Co. has a 12 month low of $19.26 and a 12 month high of $26.56. The firm has a market cap of $5.77 billion, a price-to-earnings ratio of 8.19 and a beta of 1.29. The company has a quick ratio of 1.25, a current ratio of 0.48 and a debt-to-equity ratio of 0.12.

MGIC Investment (NYSE:MTG) last announced its quarterly earnings results on Monday, February 3rd. The insurance provider reported $0.72 EPS for the quarter, topping the consensus estimate of $0.65 by $0.07. MGIC Investment had a net margin of 63.18% and a return on equity of 14.86%. Equities analysts expect that MGIC Investment Co. will post 2.71 EPS for the current fiscal year.

MGIC Investment Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, March 5th. Stockholders of record on Tuesday, February 18th were paid a dividend of $0.13 per share. The ex-dividend date was Tuesday, February 18th. This represents a $0.52 annualized dividend and a dividend yield of 2.19%. MGIC Investment’s dividend payout ratio (DPR) is 17.93%.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on MTG shares. Keefe, Bruyette & Woods reduced their price target on shares of MGIC Investment from $29.00 to $28.00 and set a “market perform” rating for the company in a research report on Wednesday, January 8th. Barclays upped their price objective on shares of MGIC Investment from $25.00 to $26.00 and gave the company an “equal weight” rating in a research note on Wednesday, February 5th. Royal Bank of Canada dropped their price objective on shares of MGIC Investment from $28.00 to $27.00 and set a “sector perform” rating on the stock in a research note on Wednesday, November 6th. Bank of America lowered shares of MGIC Investment from a “buy” rating to an “underperform” rating and dropped their price objective for the company from $26.00 to $25.00 in a research note on Monday, December 9th. Finally, Compass Point reiterated a “neutral” rating and issued a $27.00 price objective (up previously from $24.00) on shares of MGIC Investment in a research note on Wednesday, February 5th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and two have given a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $26.75.

Insider Transactions at MGIC Investment

In related news, CAO Julie K. Sperber sold 4,600 shares of the company’s stock in a transaction on Friday, February 21st. The shares were sold at an average price of $24.55, for a total transaction of $112,930.00. Following the completion of the sale, the chief accounting officer now directly owns 75,070 shares of the company’s stock, valued at approximately $1,842,968.50. This represents a 5.77 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 1.05% of the stock is currently owned by company insiders.

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.