AQR Capital Management LLC Has $80.48 Million Stake in MGIC Investment Corporation $MTG

Key Points

• AQR Capital Management increased its stake in MGIC Investment Corporation by 22.5%, owning approximately 1.39% of the company with a value of $80.5 million after purchasing an additional 605,342 shares.
• MGIC Investment announced a quarterly dividend of $0.15 per share, representing an increase from its previous dividend of $0.13, with a dividend yield of 2.1%.
• Financial analysts have raised their price targets for MGIC Investment stock, with estimates now ranging from $26.00 to $28.00, indicating a generally positive outlook on the company's performance.

AQR Capital Management LLC increased its stake in MGIC Investment Corporation (NYSE:MTG - Free Report) by 22.5% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,291,645 shares of the insurance provider's stock after acquiring an additional 605,342 shares during the period. AQR Capital Management LLC owned approximately 1.39% of MGIC Investment worth $80,481,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also made changes to their positions in the company. Jane Street Group LLC lifted its position in MGIC Investment by 5,891.9% in the 1st quarter. Jane Street Group LLC now owns 1,373,050 shares of the insurance provider's stock worth $34,024,000 after buying an additional 1,350,135 shares in the last quarter. BNP Paribas Financial Markets lifted its position in MGIC Investment by 259.4% in the 4th quarter. BNP Paribas Financial Markets now owns 1,105,399 shares of the insurance provider's stock worth $26,209,000 after buying an additional 797,852 shares in the last quarter. JPMorgan Chase & Co. lifted its position in MGIC Investment by 4.8% in the 1st quarter. JPMorgan Chase & Co. now owns 16,162,180 shares of the insurance provider's stock worth $400,499,000 after buying an additional 743,212 shares in the last quarter. Citigroup Inc. lifted its position in MGIC Investment by 259.1% in the 1st quarter. Citigroup Inc. now owns 902,982 shares of the insurance provider's stock worth $22,376,000 after buying an additional 651,549 shares in the last quarter. Finally, Nuveen LLC purchased a new stake in MGIC Investment in the 1st quarter worth approximately $13,266,000. 95.58% of the stock is currently owned by institutional investors.

MGIC Investment Stock Performance

NYSE:MTG traded up $0.36 during midday trading on Thursday, reaching $28.73. The stock had a trading volume of 322,640 shares, compared to its average volume of 2,107,666. MGIC Investment Corporation has a 1-year low of $21.94 and a 1-year high of $28.94. The firm's fifty day simple moving average is $26.95 and its 200-day simple moving average is $25.80. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.46 and a quick ratio of 1.46. The stock has a market capitalization of $6.62 billion, a P/E ratio of 9.42, a PEG ratio of 2.04 and a beta of 0.89.

MGIC Investment (NYSE:MTG - Get Free Report) last posted its earnings results on Wednesday, July 30th. The insurance provider reported $0.82 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.70 by $0.12. MGIC Investment had a net margin of 62.58% and a return on equity of 14.73%. The business had revenue of $304.25 million for the quarter, compared to analyst estimates of $306.25 million. During the same period last year, the business posted $0.77 EPS. MGIC Investment's revenue was down .3% compared to the same quarter last year. On average, equities research analysts forecast that MGIC Investment Corporation will post 2.71 EPS for the current fiscal year.

MGIC Investment Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, August 21st. Investors of record on Thursday, August 7th were issued a dividend of $0.15 per share. The ex-dividend date of this dividend was Thursday, August 7th. This represents a $0.60 annualized dividend and a yield of 2.1%. This is an increase from MGIC Investment's previous quarterly dividend of $0.13. MGIC Investment's payout ratio is 19.67%.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on MTG shares. Keefe, Bruyette & Woods increased their target price on shares of MGIC Investment from $26.00 to $27.00 and gave the stock a "market perform" rating in a research report on Monday, July 7th. Compass Point reiterated a "neutral" rating and issued a $28.00 target price (up previously from $27.00) on shares of MGIC Investment in a research report on Friday, May 23rd. Finally, Barclays increased their price target on shares of MGIC Investment from $26.00 to $27.00 and gave the stock an "equal weight" rating in a research note on Tuesday, July 8th. Five analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Reduce" and an average target price of $26.67.

Insider Activity

In other MGIC Investment news, COO Salvatore A. Miosi sold 30,000 shares of the firm's stock in a transaction dated Friday, August 1st. The shares were sold at an average price of $26.22, for a total value of $786,600.00. Following the completion of the sale, the chief operating officer owned 249,401 shares in the company, valued at approximately $6,539,294.22. This trade represents a 10.74% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Timothy J. Mattke sold 139,203 shares of the firm's stock in a transaction dated Thursday, August 7th. The shares were sold at an average price of $26.54, for a total transaction of $3,694,447.62. Following the completion of the sale, the chief executive officer owned 1,100,994 shares of the company's stock, valued at $29,220,380.76. The trade was a 11.22% decrease in their position. The disclosure for this sale can be found here. Company insiders own 1.05% of the company's stock.

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.