Jane Street Group LLC Raises Position in MGIC Investment Corporation $MTG

Key Points

• Jane Street Group LLC significantly increased its stake in MGIC Investment Corporation by 5,891.9%, owning 1,373,050 shares worth approximately $34 million at the end of the reporting period.
• Several analysts have raised their price targets for MGIC Investment, with the consensus target now at $26.67, reflecting a generally cautious outlook on the stock.
• MGIC Investment declared a quarterly dividend of $0.15 per share, which is an increase from the previous $0.13, demonstrating a commitment to returning value to shareholders.

Jane Street Group LLC grew its holdings in shares of MGIC Investment Corporation (NYSE:MTG - Free Report) by 5,891.9% in the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 1,373,050 shares of the insurance provider's stock after purchasing an additional 1,350,135 shares during the period. Jane Street Group LLC owned approximately 0.58% of MGIC Investment worth $34,024,000 as of its most recent SEC filing.

Other large investors have also recently made changes to their positions in the company. Cullen Frost Bankers Inc. purchased a new position in shares of MGIC Investment during the first quarter valued at approximately $33,000. Golden State Wealth Management LLC lifted its holdings in shares of MGIC Investment by 7,837.0% during the first quarter. Golden State Wealth Management LLC now owns 2,143 shares of the insurance provider's stock valued at $53,000 after purchasing an additional 2,116 shares during the last quarter. Headlands Technologies LLC lifted its holdings in shares of MGIC Investment by 619.2% during the first quarter. Headlands Technologies LLC now owns 2,280 shares of the insurance provider's stock valued at $56,000 after purchasing an additional 1,963 shares during the last quarter. UMB Bank n.a. lifted its holdings in shares of MGIC Investment by 61.3% during the first quarter. UMB Bank n.a. now owns 2,660 shares of the insurance provider's stock valued at $66,000 after purchasing an additional 1,011 shares during the last quarter. Finally, Fifth Third Bancorp lifted its holdings in shares of MGIC Investment by 20.1% during the first quarter. Fifth Third Bancorp now owns 2,749 shares of the insurance provider's stock valued at $68,000 after purchasing an additional 461 shares during the last quarter. 95.58% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

MTG has been the subject of several recent research reports. Barclays lifted their target price on shares of MGIC Investment from $26.00 to $27.00 and gave the company an "equal weight" rating in a report on Tuesday, July 8th. Compass Point reissued a "neutral" rating and set a $28.00 price target (up previously from $27.00) on shares of MGIC Investment in a research report on Friday, May 23rd. Finally, Keefe, Bruyette & Woods raised their price target on shares of MGIC Investment from $26.00 to $27.00 and gave the company a "market perform" rating in a research report on Monday, July 7th. Five equities research analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, MGIC Investment presently has a consensus rating of "Reduce" and a consensus target price of $26.67.

Insider Buying and Selling at MGIC Investment

In other news, COO Salvatore A. Miosi sold 30,000 shares of MGIC Investment 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 transaction, the chief operating officer owned 249,401 shares in the company, valued at $6,539,294.22. This trade represents a 10.74% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Timothy J. Mattke sold 139,203 shares of MGIC Investment stock in a transaction on Thursday, August 7th. The stock was sold at an average price of $26.54, for a total transaction of $3,694,447.62. Following the transaction, the chief executive officer owned 1,100,994 shares in the company, valued at $29,220,380.76. This represents a 11.22% decrease in their position. The disclosure for this sale can be found here. Company insiders own 1.41% of the company's stock.

MGIC Investment Stock Performance

NYSE:MTG traded up $0.13 during trading hours on Monday, reaching $27.81. The company had a trading volume of 1,578,097 shares, compared to its average volume of 1,787,920. The company has a current ratio of 1.46, a quick ratio of 1.46 and a debt-to-equity ratio of 0.13. MGIC Investment Corporation has a 52 week low of $21.94 and a 52 week high of $28.67. The firm has a market cap of $6.41 billion, a price-to-earnings ratio of 9.12, a PEG ratio of 2.01 and a beta of 0.89. The firm's 50 day moving average price is $26.89 and its 200-day moving average price is $25.61.

MGIC Investment (NYSE:MTG - Get Free Report) last posted its earnings results on Wednesday, July 30th. The insurance provider reported $0.82 EPS for the quarter, topping 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 during the quarter, compared to the consensus estimate of $306.25 million. During the same quarter in the previous year, the firm posted $0.77 EPS. The firm's revenue was down .3% on a year-over-year basis. On average, analysts forecast that MGIC Investment Corporation will post 2.71 EPS for the current year.

MGIC Investment Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, August 21st. Shareholders of record on Thursday, August 7th were given a $0.15 dividend. This is a boost from MGIC Investment's previous quarterly dividend of $0.13. The ex-dividend date of this dividend was Thursday, August 7th. This represents a $0.60 dividend on an annualized basis and a yield of 2.2%. MGIC Investment's payout ratio is presently 19.67%.

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.