Assenagon Asset Management S.A. Boosts Position in MGIC Investment Corporation $MTG

Assenagon Asset Management S.A. increased its holdings in MGIC Investment Corporation (NYSE:MTG) by 239.1% during the first quarter, HoldingsChannel.com reports. The institutional investor owned 460,844 shares of the insurance provider’s stock after acquiring an additional 324,930 shares during the quarter. Assenagon Asset Management S.A.’s holdings in MGIC Investment were worth $12,097,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors also recently added to or reduced their stakes in the business. Hsbc Holdings PLC boosted its position in shares of MGIC Investment by 24.5% in the fourth quarter. Hsbc Holdings PLC now owns 207,412 shares of the insurance provider’s stock worth $6,089,000 after purchasing an additional 40,751 shares during the period. Corient Private Wealth LLC increased its stake in MGIC Investment by 21.7% in the 4th quarter. Corient Private Wealth LLC now owns 219,460 shares of the insurance provider’s stock worth $6,413,000 after buying an additional 39,072 shares in the last quarter. Caitong International Asset Management Co. Ltd raised its holdings in MGIC Investment by 957.6% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 3,046 shares of the insurance provider’s stock valued at $89,000 after acquiring an additional 2,758 shares during the period. DGS Capital Management LLC lifted its position in shares of MGIC Investment by 4.2% in the fourth quarter. DGS Capital Management LLC now owns 93,900 shares of the insurance provider’s stock valued at $2,744,000 after acquiring an additional 3,748 shares in the last quarter. Finally, Kera Capital Partners Inc. lifted its position in shares of MGIC Investment by 58.6% in the fourth quarter. Kera Capital Partners Inc. now owns 24,309 shares of the insurance provider’s stock valued at $654,000 after acquiring an additional 8,977 shares in the last quarter. 95.58% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on the company. Barclays dropped their price target on MGIC Investment from $29.00 to $28.00 and set an “equal weight” rating for the company in a research note on Friday, May 1st. Royal Bank Of Canada started coverage on shares of MGIC Investment in a research report on Friday, May 22nd. They set a “sector perform” rating and a $28.00 price objective on the stock. UBS Group lowered their target price on shares of MGIC Investment from $29.50 to $28.00 and set a “neutral” rating on the stock in a report on Thursday, March 12th. Weiss Ratings restated a “buy (b)” rating on shares of MGIC Investment in a research report on Monday, June 15th. Finally, Keefe, Bruyette & Woods raised their target price on shares of MGIC Investment from $28.00 to $29.00 and gave the company a “market perform” rating in a research note on Friday, April 10th. One analyst has rated the stock with a Buy rating and four have given a Hold rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $28.25.

Insider Transactions at MGIC Investment

In other news, COO Salvatore A. Miosi sold 30,000 shares of the stock in a transaction dated Monday, June 8th. The stock was sold at an average price of $25.38, for a total value of $761,400.00. Following the transaction, the chief operating officer directly owned 560,951 shares of the company’s stock, valued at approximately $14,236,936.38. This represents a 5.08% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Paula C. Maggio sold 20,937 shares of the firm’s stock in a transaction that occurred on Friday, May 29th. The stock was sold at an average price of $25.55, for a total transaction of $534,940.35. Following the transaction, the executive vice president directly owned 169,620 shares of the company’s stock, valued at $4,333,791. This represents a 10.99% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders have sold 201,070 shares of company stock valued at $5,270,740. Corporate insiders own 1.34% of the company’s stock.

MGIC Investment Stock Up 1.9%

NYSE MTG opened at $27.88 on Friday. The company has a quick ratio of 1.14, a current ratio of 1.14 and a debt-to-equity ratio of 0.13. MGIC Investment Corporation has a 52 week low of $24.69 and a 52 week high of $29.97. The firm has a market capitalization of $5.90 billion, a price-to-earnings ratio of 8.85, a PEG ratio of 1.92 and a beta of 0.68. The company has a fifty day moving average of $26.50 and a two-hundred day moving average of $27.01.

MGIC Investment (NYSE:MTG) last announced its earnings results on Wednesday, April 29th. The insurance provider reported $0.76 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.73 by $0.03. MGIC Investment had a return on equity of 14.01% and a net margin of 59.63%.The business had revenue of $297.08 million during the quarter, compared to analyst estimates of $303.12 million. During the same quarter in the previous year, the business earned $0.75 earnings per share. The company’s revenue for the quarter was down 3.0% compared to the same quarter last year. On average, analysts predict that MGIC Investment Corporation will post 3.05 earnings per share for the current year.

MGIC Investment Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, May 21st. Shareholders of record on Wednesday, May 6th were issued a $0.15 dividend. This represents a $0.60 annualized dividend and a yield of 2.2%. The ex-dividend date of this dividend was Wednesday, May 6th. MGIC Investment’s payout ratio is currently 19.05%.

MGIC Investment announced that its board has initiated a stock repurchase program on Thursday, April 23rd that permits the company to buyback $750.00 million in outstanding shares. This buyback authorization permits the insurance provider to purchase up to 12.4% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s leadership believes its stock is undervalued.

MGIC Investment Company Profile

MGIC Investment Corporation (NYSE: MTG) is a leading provider of private mortgage insurance in the United States. Established in 1957 as the nation’s first private mortgage insurer, MGIC helps lenders manage credit risk and facilitates homeownership by protecting mortgage loans against default. Headquartered in Milwaukee, Wisconsin, the company operates through its principal subsidiary, Mortgage Guaranty Insurance Corporation, and maintains relationships with a broad network of originators and servicers nationwide.

The company’s primary business activity involves issuing mortgage insurance policies that enable borrowers to purchase homes with down payments below traditional lending thresholds.