Jane Street Group LLC grew its position in MGIC Investment Corporation (NYSE:MTG - Free Report) by 5,891.9% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (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 about 0.58% of MGIC Investment worth $34,024,000 at the end of the most recent quarter.
Several other hedge funds also recently bought and sold shares of the company. Bayforest Capital Ltd increased its position in MGIC Investment by 95.8% in the 1st quarter. Bayforest Capital Ltd now owns 10,654 shares of the insurance provider's stock worth $264,000 after purchasing an additional 5,214 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position in MGIC Investment by 2.7% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,239,395 shares of the insurance provider's stock worth $30,712,000 after purchasing an additional 32,904 shares during the last quarter. Caxton Associates LLP acquired a new position in MGIC Investment in the 1st quarter worth about $1,752,000. Sciencast Management LP acquired a new position in MGIC Investment in the 1st quarter worth about $1,425,000. Finally, Voleon Capital Management LP acquired a new position in shares of MGIC Investment during the 1st quarter valued at about $801,000. 95.58% of the stock is owned by institutional investors and hedge funds.
MGIC Investment Stock Performance
NYSE:MTG traded up $0.08 during mid-day trading on Wednesday, hitting $27.96. 436,352 shares of the company's stock traded hands, compared to its average volume of 2,098,785. The firm has a 50 day moving average of $26.98 and a two-hundred day moving average of $25.92. MGIC Investment Corporation has a 12 month low of $21.94 and a 12 month high of $28.98. The firm has a market capitalization of $6.44 billion, a price-to-earnings ratio of 9.17, a price-to-earnings-growth ratio of 2.02 and a beta of 0.89. 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 (NYSE:MTG - Get Free Report) last announced its quarterly earnings data 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 return on equity of 14.73% and a net margin of 62.58%.The company had revenue of $304.25 million during the quarter, compared to the consensus estimate of $306.25 million. During the same quarter last year, the company earned $0.77 EPS. The company's quarterly revenue was down .3% on a year-over-year basis. On average, equities analysts forecast that MGIC Investment Corporation will post 2.71 earnings per share for the current fiscal year.
MGIC Investment Increases Dividend
The company also recently disclosed a quarterly dividend, which was paid on Thursday, August 21st. Shareholders of record on Thursday, August 7th were given a $0.15 dividend. The ex-dividend date was Thursday, August 7th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 2.1%. This is an increase from MGIC Investment's previous quarterly dividend of $0.13. MGIC Investment's dividend payout ratio is 19.67%.
Analysts Set New Price Targets
A number of brokerages have recently commented on MTG. Keefe, Bruyette & Woods increased their price objective on MGIC Investment from $26.00 to $27.00 and gave the company a "market perform" rating in a report on Monday, July 7th. Compass Point reissued a "neutral" rating and set a $28.00 price objective (up previously from $27.00) on shares of MGIC Investment in a report on Friday, May 23rd. Finally, Barclays increased their price objective on MGIC Investment from $26.00 to $27.00 and gave the company an "equal weight" rating in a report on Tuesday, July 8th. Five equities research analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, MGIC Investment presently has a consensus rating of "Reduce" and a consensus price target of $26.67.
Read Our Latest Stock Analysis on MGIC Investment
Insider Buying and Selling
In other MGIC Investment news, COO Salvatore A. Miosi sold 30,000 shares of the firm's stock in a transaction that occurred on Friday, August 1st. The stock was 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Timothy J. Mattke sold 139,203 shares of the firm's stock in a transaction that occurred on 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 of the company's stock, valued at $29,220,380.76. This represents a 11.22% decrease in their position. The disclosure for this sale can be found here. 1.41% of the stock is currently owned by company insiders.
About MGIC Investment
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Free Report)
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.
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