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

Assetmark Inc. increased its holdings in shares of MGIC Investment Co. (NYSE:MTG - Free Report) by 5.7% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 1,027,491 shares of the insurance provider's stock after purchasing an additional 55,059 shares during the period. Assetmark Inc. owned approximately 0.41% of MGIC Investment worth $24,362,000 at the end of the most recent quarter.

Other large investors have also added to or reduced their stakes in the company. Hara Capital LLC acquired a new stake in MGIC Investment during the third quarter worth approximately $25,000. UMB Bank n.a. grew its stake in MGIC Investment by 131.9% during the fourth quarter. UMB Bank n.a. now owns 1,649 shares of the insurance provider's stock worth $39,000 after purchasing an additional 938 shares during the period. Venturi Wealth Management LLC grew its stake in MGIC Investment by 102.1% during the fourth quarter. Venturi Wealth Management LLC now owns 1,817 shares of the insurance provider's stock worth $43,000 after purchasing an additional 918 shares during the period. V Square Quantitative Management LLC grew its stake in MGIC Investment by 61.9% during the fourth quarter. V Square Quantitative Management LLC now owns 2,077 shares of the insurance provider's stock worth $49,000 after purchasing an additional 794 shares during the period. Finally, Brooklyn Investment Group acquired a new stake in MGIC Investment in the third quarter valued at approximately $69,000. Institutional investors and hedge funds own 95.58% of the company's stock.

MGIC Investment Stock Up 0.7 %

Shares of MTG stock traded up $0.18 during trading hours on Friday, reaching $23.80. The company had a trading volume of 2,018,574 shares, compared to its average volume of 1,722,454. MGIC Investment Co. has a 12 month low of $19.26 and a 12 month high of $26.56. The company has a debt-to-equity ratio of 0.12, a current ratio of 0.48 and a quick ratio of 1.25. The business has a fifty day simple moving average of $24.38 and a 200-day simple moving average of $24.82. The company has a market cap of $5.78 billion, a price-to-earnings ratio of 8.21 and a beta of 1.28.

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MGIC Investment (NYSE:MTG - Get Free Report) last issued its quarterly earnings results on Monday, February 3rd. The insurance provider reported $0.72 EPS for the quarter, topping analysts' consensus estimates of $0.65 by $0.07. MGIC Investment had a return on equity of 14.86% and a net margin of 63.18%. On average, research analysts expect that MGIC Investment Co. will post 2.71 earnings per share for the current fiscal year.

MGIC Investment Dividend Announcement

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

Insider Buying and Selling

In related news, CAO Julie K. Sperber sold 4,600 shares of MGIC Investment stock in a transaction on Friday, February 21st. The stock was sold at an average price of $24.55, for a total transaction of $112,930.00. Following the sale, the chief accounting officer now directly owns 75,070 shares in the company, valued at approximately $1,842,968.50. This trade represents a 5.77 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 1.05% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of brokerages have commented on MTG. Barclays raised their price objective on MGIC Investment from $25.00 to $26.00 and gave the company an "equal weight" rating in a research note on Wednesday, February 5th. Keefe, Bruyette & Woods reduced their price objective on MGIC Investment from $29.00 to $28.00 and set a "market perform" rating for the company in a research note on Wednesday, January 8th. UBS Group raised their price objective on MGIC Investment from $25.00 to $26.00 and gave the company a "neutral" rating in a research note on Wednesday, February 19th. Bank of America cut MGIC Investment from a "buy" rating to an "underperform" rating and reduced their price objective for the company from $26.00 to $25.00 in a research note on Monday, December 9th. Finally, Compass Point reissued 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 investment analyst has rated the stock with a sell rating, five have issued a hold rating and two have given a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of "Hold" and an average price target of $26.75.

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.