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

Posted by on Aug 11th, 2023

Assetmark Inc. grew its stake in shares of MGIC Investment Co. (NYSE:MTG – Free Report) by 3.5% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 69,119 shares of the insurance provider’s stock after buying an additional 2,311 shares during the period. Assetmark Inc.’s holdings in MGIC Investment were worth $928,000 as of its most recent SEC filing.

Several other institutional investors also recently made changes to their positions in the stock. Larson Financial Group LLC boosted its position in MGIC Investment by 0.8% during the 1st quarter. Larson Financial Group LLC now owns 103,632 shares of the insurance provider’s stock worth $1,391,000 after purchasing an additional 799 shares during the period. Van ECK Associates Corp boosted its position in MGIC Investment by 9.7% during the 4th quarter. Van ECK Associates Corp now owns 9,797 shares of the insurance provider’s stock worth $127,000 after purchasing an additional 867 shares during the period. Janney Montgomery Scott LLC boosted its position in MGIC Investment by 3.6% during the 4th quarter. Janney Montgomery Scott LLC now owns 27,117 shares of the insurance provider’s stock worth $353,000 after purchasing an additional 943 shares during the period. Captrust Financial Advisors boosted its position in MGIC Investment by 6.6% during the 3rd quarter. Captrust Financial Advisors now owns 17,046 shares of the insurance provider’s stock worth $219,000 after purchasing an additional 1,060 shares during the period. Finally, IFP Advisors Inc boosted its position in MGIC Investment by 39.2% during the 4th quarter. IFP Advisors Inc now owns 3,786 shares of the insurance provider’s stock worth $41,000 after purchasing an additional 1,067 shares during the period. 95.24% of the stock is owned by hedge funds and other institutional investors.

MGIC Investment Stock Performance

Shares of MGIC Investment stock opened at $17.81 on Friday. The firm has a market cap of $5.03 billion, a PE ratio of 6.75, a price-to-earnings-growth ratio of 1.53 and a beta of 1.31. The firm’s 50-day simple moving average is $16.12 and its 200-day simple moving average is $14.73. The company has a debt-to-equity ratio of 0.14, a quick ratio of 0.66 and a current ratio of 0.66. MGIC Investment Co. has a 1 year low of $12.13 and a 1 year high of $18.25.

MGIC Investment (NYSE:MTG – Get Free Report) last issued its earnings results on Wednesday, August 2nd. The insurance provider reported $0.68 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.55 by $0.13. MGIC Investment had a net margin of 67.83% and a return on equity of 17.26%. The business had revenue of $290.70 million for the quarter, compared to analyst estimates of $292.51 million. During the same quarter in the prior year, the business posted $0.81 EPS. The company’s revenue for the quarter was down .8% on a year-over-year basis. Equities analysts forecast that MGIC Investment Co. will post 2.37 earnings per share for the current fiscal year.

MGIC Investment Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, August 24th. Investors of record on Thursday, August 10th will be given a dividend of $0.115 per share. This represents a $0.46 dividend on an annualized basis and a dividend yield of 2.58%. The ex-dividend date is Wednesday, August 9th. This is an increase from MGIC Investment’s previous quarterly dividend of $0.10. MGIC Investment’s dividend payout ratio is currently 15.15%.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on the stock. Royal Bank of Canada upped their price target on shares of MGIC Investment from $17.00 to $18.00 and gave the stock a “sector perform” rating in a research report on Friday, August 4th. Compass Point boosted their price objective on shares of MGIC Investment from $18.00 to $20.00 in a report on Thursday, August 3rd. Finally, StockNews.com began coverage on shares of MGIC Investment in a report on Thursday, May 18th. They issued a “hold” rating on the stock. Three equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $17.00.

View Our Latest Stock Report on MTG

About MGIC Investment

(Free Report)

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.

Further Reading

Institutional Ownership by Quarter for MGIC Investment (NYSE:MTG)

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