Assetmark Inc. Decreases Stake in MGIC Investment Co. (NYSE:MTG)

Assetmark Inc. reduced its holdings in shares of MGIC Investment Co. (NYSE:MTG) by 4.3% during the third quarter, HoldingsChannel reports. The firm owned 972,432 shares of the insurance provider’s stock after selling 43,223 shares during the period. Assetmark Inc.’s holdings in MGIC Investment were worth $24,894,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors also recently modified their holdings of the company. Versant Capital Management Inc boosted its holdings in shares of MGIC Investment by 482.7% during the 2nd quarter. Versant Capital Management Inc now owns 1,142 shares of the insurance provider’s stock valued at $25,000 after acquiring an additional 946 shares during the last quarter. Hara Capital LLC bought a new position in MGIC Investment during the third quarter valued at approximately $25,000. V Square Quantitative Management LLC purchased a new stake in MGIC Investment in the third quarter worth approximately $33,000. GAMMA Investing LLC grew its position in MGIC Investment by 76.2% in the 2nd quarter. GAMMA Investing LLC now owns 3,071 shares of the insurance provider’s stock worth $66,000 after purchasing an additional 1,328 shares during the period. Finally, Daiwa Securities Group Inc. raised its stake in MGIC Investment by 600.0% during the 1st quarter. Daiwa Securities Group Inc. now owns 4,200 shares of the insurance provider’s stock valued at $94,000 after buying an additional 3,600 shares during the last quarter. 95.58% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on the company. Barclays raised their price target on MGIC Investment from $23.00 to $24.00 and gave the stock an “equal weight” rating in a research note on Tuesday, October 8th. Roth Mkm boosted their price target on MGIC Investment from $24.00 to $30.00 and gave the company a “buy” rating in a research note on Friday, August 2nd. BTIG Research upped their price target on shares of MGIC Investment from $22.00 to $25.00 and gave the company a “buy” rating in a research report on Monday, August 5th. Finally, 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 report on Wednesday. Three research analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $25.50.

MGIC Investment Stock Performance

NYSE:MTG opened at $24.46 on Friday. The stock has a 50-day simple moving average of $25.22 and a two-hundred day simple moving average of $23.22. The company has a debt-to-equity ratio of 0.12, a quick ratio of 1.11 and a current ratio of 1.25. MGIC Investment Co. has a 52-week low of $17.25 and a 52-week high of $26.52. The firm has a market capitalization of $6.20 billion, a PE ratio of 8.61, a P/E/G ratio of 1.39 and a beta of 1.28.

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

MGIC Investment Announces Dividend

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

MGIC Investment Profile

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.