Assetmark Inc. Reduces Stake in MGIC Investment Co.

2 min read | November 10, 2024 07:27 AM PST | By Team Kalkine Media

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Assetmark Inc. Reduces Stake in MGIC Investment Co. — Image source: Shutterstock

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Assetmark Inc. reduces stake in MGIC Investment Co.

Hedge funds increase their positions in MGIC Investment.

Institutional ownership in MGIC Investment reaches a significant level.

Assetmark Inc. has reduced its stake in MGIC Investment Co. (NYSE:MTG) by lowering its holdings during the third quarter. According to the latest filing with the Securities and Exchange Commission (SEC), the fund sold a notable number of shares, bringing its total holdings to just under 1 million shares. At the close of the reporting period, Assetmark Inc. held a minor portion of MGIC Investment’s shares, equating to a valuation of several million dollars.

This reduction is part of a broader trend where other institutional investors have also adjusted their positions in MGIC Investment. Among them, the State of Alaska Department of Revenue slightly increased its holdings in the third quarter. Additionally, several financial groups such as Nations Financial Group Inc. IA ADV and Fortem Financial Group LLC have also raised their shares in MGIC Investment over recent quarters, further enhancing their stakes in the company.

MGIC Investment, a key player in the insurance industry, continues to attract attention from institutional investors, as demonstrated by the substantial increase in ownership among hedge funds and financial groups. Notably, Versant Capital Management Inc. made a significant leap in its investment, raising its stake by several hundred percent. Furthermore, Financial Strategies Group Inc. saw a steady increase in its position as well. These developments highlight ongoing interest from institutional investors in MGIC Investment, showcasing confidence in the company's performance and stability.

The overall institutional ownership in MGIC Investment is now significant, with institutional investors controlling a substantial majority of the company's shares. As a result, MGIC Investment has solidified its position within the insurance industry, with increased institutional backing indicating strong support for its future prospects.

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