MGIC Investment Corporation $MTG Stock Holdings Increased by AQR Capital Management LLC

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

A number of other institutional investors have also recently modified their holdings of MTG. JPMorgan Chase & Co. grew its stake 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 valued at $400,499,000 after acquiring an additional 743,212 shares during the period. LSV Asset Management raised its stake in MGIC Investment by 2.9% during the first quarter. LSV Asset Management now owns 10,888,437 shares of the insurance provider's stock worth $269,815,000 after purchasing an additional 310,095 shares during the period. Caisse DE Depot ET Placement DU Quebec lifted its holdings in MGIC Investment by 25.3% in the first quarter. Caisse DE Depot ET Placement DU Quebec now owns 2,597,602 shares of the insurance provider's stock valued at $64,369,000 after acquiring an additional 524,973 shares during the last quarter. NewEdge Wealth LLC lifted its stake in shares of MGIC Investment by 4.0% in the 1st quarter. NewEdge Wealth LLC now owns 1,911,085 shares of the insurance provider's stock valued at $47,357,000 after purchasing an additional 73,264 shares during the last quarter. Finally, Wealth Enhancement Advisory Services LLC boosted its stake in MGIC Investment by 0.4% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 1,618,145 shares of the insurance provider's stock worth $38,366,000 after buying an additional 7,217 shares during the period. 95.58% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at MGIC Investment

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

Wall Street Analysts Forecast Growth

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

MGIC Investment Price Performance

Shares of MGIC Investment stock traded up $0.55 on Thursday, hitting $28.92. The company's stock had a trading volume of 1,751,511 shares, compared to its average volume of 1,410,784. The firm has a fifty day moving average price of $26.96 and a 200-day moving average price of $25.83. The company has a market capitalization of $6.67 billion, a P/E ratio of 9.48, a price-to-earnings-growth ratio of 2.05 and a beta of 0.89. MGIC Investment Corporation has a 52-week low of $21.94 and a 52-week high of $28.98. The company has a quick ratio of 1.46, a current ratio of 1.46 and a debt-to-equity ratio of 0.13.

MGIC Investment (NYSE:MTG - Get Free Report) last released 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. The company had revenue of $304.25 million for the quarter, compared to analyst estimates of $306.25 million. MGIC Investment had a net margin of 62.58% and a return on equity of 14.73%. The firm's quarterly revenue was down .3% on a year-over-year basis. During the same period in the prior year, the firm earned $0.77 EPS. On average, equities research analysts expect that MGIC Investment Corporation will post 2.71 earnings per share for the current fiscal year.

MGIC Investment Increases Dividend

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

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.