Thrivent Financial for Lutherans Trims Stock Position in MGIC Investment Co. (NYSE:MTG)

Thrivent Financial for Lutherans reduced its stake in MGIC Investment Co. (NYSE:MTG) by 0.4% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 795,927 shares of the insurance provider’s stock after selling 3,481 shares during the quarter. Thrivent Financial for Lutherans owned 0.31% of MGIC Investment worth $20,376,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of MTG. O Shaughnessy Asset Management LLC raised its position in MGIC Investment by 4.3% during the 1st quarter. O Shaughnessy Asset Management LLC now owns 119,646 shares of the insurance provider’s stock worth $2,675,000 after buying an additional 4,906 shares during the last quarter. Seven Eight Capital LP purchased a new position in MGIC Investment during the first quarter worth about $445,000. CANADA LIFE ASSURANCE Co lifted its position in MGIC Investment by 5.5% in the first quarter. CANADA LIFE ASSURANCE Co now owns 303,583 shares of the insurance provider’s stock valued at $6,787,000 after purchasing an additional 15,958 shares during the period. Vident Advisory LLC boosted its holdings in MGIC Investment by 21.1% in the 1st quarter. Vident Advisory LLC now owns 212,660 shares of the insurance provider’s stock valued at $4,755,000 after purchasing an additional 37,030 shares in the last quarter. Finally, Public Employees Retirement System of Ohio increased its position in MGIC Investment by 1.4% during the 1st quarter. Public Employees Retirement System of Ohio now owns 189,400 shares of the insurance provider’s stock worth $4,235,000 after purchasing an additional 2,580 shares during the period. Institutional investors and hedge funds own 95.58% of the company’s stock.

Analyst Ratings Changes

MTG has been the subject of a number of research analyst reports. Royal Bank of Canada cut their price target on shares of MGIC Investment from $28.00 to $27.00 and set a “sector perform” rating for the company in a report on Wednesday, November 6th. Barclays lifted their price target on shares of MGIC Investment from $23.00 to $24.00 and gave the company an “equal weight” rating in a research report on Tuesday, October 8th. BTIG Research upped their price target on MGIC Investment from $22.00 to $25.00 and gave the stock a “buy” rating in a report on Monday, August 5th. Finally, Roth Mkm boosted their target price on MGIC Investment from $24.00 to $30.00 and gave the stock a “buy” rating in a research report on Friday, August 2nd. Three research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $25.50.

MGIC Investment Stock Up 0.7 %

MTG opened at $24.75 on Thursday. The business’s fifty day simple moving average is $25.17 and its 200 day simple moving average is $23.47. MGIC Investment Co. has a 52 week low of $17.31 and a 52 week high of $26.52. The firm has a market cap of $6.27 billion, a P/E ratio of 8.71, a PEG ratio of 1.81 and a beta of 1.28. The company has a quick ratio of 1.25, a current ratio of 1.25 and a debt-to-equity ratio of 0.12.

MGIC Investment (NYSE:MTG) last posted its quarterly earnings data on Monday, November 4th. The insurance provider reported $0.77 earnings per share for the quarter, beating analysts’ consensus estimates of $0.66 by $0.11. MGIC Investment had a net margin of 64.09% and a return on equity of 14.99%. The business had revenue of $306.65 million during the quarter, compared to analyst estimates of $306.03 million. During the same quarter in the previous year, the business posted $0.64 earnings per share. The company’s revenue was up 3.4% on a year-over-year basis. As a group, equities research analysts anticipate that MGIC Investment Co. will post 2.81 EPS for the current fiscal year.

MGIC Investment Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, November 21st. Stockholders of record on Thursday, November 7th will be issued a dividend of $0.13 per share. This represents a $0.52 annualized dividend and a dividend yield of 2.10%. The ex-dividend date is Thursday, November 7th. MGIC Investment’s dividend payout ratio (DPR) is 18.31%.

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.