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

Jane Street Group LLC raised its stake in shares of MGIC Investment Corporation (NYSE:MTG) by 5,891.9% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 1,373,050 shares of the insurance provider’s stock after buying an additional 1,350,135 shares during the quarter. Jane Street Group LLC owned about 0.58% of MGIC Investment worth $34,024,000 at the end of the most recent reporting period.

A number of other large investors have also recently modified their holdings of the business. Raymond James Financial Inc. bought a new position in shares of MGIC Investment in the fourth quarter worth approximately $1,740,000. Price T Rowe Associates Inc. MD increased its position in shares of MGIC Investment by 8.1% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 175,151 shares of the insurance provider’s stock worth $4,153,000 after purchasing an additional 13,089 shares during the last quarter. Aquatic Capital Management LLC bought a new position in shares of MGIC Investment in the fourth quarter worth approximately $235,000. Northern Trust Corp increased its position in shares of MGIC Investment by 6.5% in the fourth quarter. Northern Trust Corp now owns 4,524,277 shares of the insurance provider’s stock worth $107,271,000 after purchasing an additional 277,746 shares during the last quarter. Finally, Lido Advisors LLC bought a new position in shares of MGIC Investment in the fourth quarter worth approximately $555,000. Institutional investors own 95.58% of the company’s stock.

Analysts Set New Price Targets

Several research analysts recently weighed in on the stock. Keefe, Bruyette & Woods upped 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. Compass Point restated a “neutral” rating and issued a $28.00 price objective (up from $27.00) on shares of MGIC Investment in a research report on Friday, May 23rd. Finally, Barclays boosted their target price on MGIC Investment from $26.00 to $27.00 and gave the stock an “equal weight” rating in a research report on Tuesday, July 8th. Five analysts have rated the stock with a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, MGIC Investment has an average rating of “Reduce” and a consensus price target of $26.67.

MGIC Investment Stock Performance

NYSE:MTG opened at $28.01 on Thursday. The business has a 50 day moving average of $26.86 and a 200 day moving average of $25.55. The company has a market capitalization of $6.46 billion, a price-to-earnings ratio of 9.18, a PEG ratio of 2.01 and a beta of 0.90. MGIC Investment Corporation has a 1-year low of $21.94 and a 1-year high of $28.67. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.46 and a quick ratio of 1.46.

MGIC Investment (NYSE:MTG) last posted its quarterly earnings results on Wednesday, July 30th. The insurance provider reported $0.82 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.70 by $0.12. MGIC Investment had a return on equity of 14.73% and a net margin of 62.58%.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 company earned $0.77 EPS. MGIC Investment’s revenue for the quarter was down .3% compared to the same quarter last year. On average, sell-side analysts predict 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%. The ex-dividend date was Thursday, August 7th. This is a positive change from MGIC Investment’s previous quarterly dividend of $0.13. MGIC Investment’s dividend payout ratio is 19.67%.

Insider Buying and Selling

In related news, EVP Paula C. Maggio sold 20,000 shares of the firm’s stock in a transaction that occurred on Friday, May 30th. The stock was sold at an average price of $26.49, for a total transaction of $529,800.00. Following the transaction, the executive vice president directly owned 157,395 shares in the company, valued at $4,169,393.55. This trade represents a 11.27% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, 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 transaction, the chief operating officer owned 249,401 shares in the company, valued at approximately $6,539,294.22. The trade was a 10.74% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 189,203 shares of company stock worth $5,010,848 in the last ninety days. 1.05% of the stock is owned by insiders.

MGIC Investment Company 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.