MGIC Investment Co. (NYSE:MTG) Stake Decreased by Thrivent Financial for Lutherans

Thrivent Financial for Lutherans lessened its holdings in shares of MGIC Investment Co. (NYSE:MTG) by 18.0% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 799,408 shares of the insurance provider’s stock after selling 175,303 shares during the period. Thrivent Financial for Lutherans owned 0.30% of MGIC Investment worth $17,227,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently made changes to their positions in the company. Versant Capital Management Inc raised its holdings in shares of MGIC Investment by 482.7% during the second quarter. Versant Capital Management Inc now owns 1,142 shares of the insurance provider’s stock valued at $25,000 after buying an additional 946 shares during the last quarter. Quarry LP raised its holdings in shares of MGIC Investment by 244.4% during the fourth quarter. Quarry LP now owns 1,977 shares of the insurance provider’s stock valued at $38,000 after buying an additional 1,403 shares during the last quarter. CWM LLC raised its holdings in shares of MGIC Investment by 249.1% during the first quarter. CWM LLC now owns 2,175 shares of the insurance provider’s stock valued at $49,000 after buying an additional 1,552 shares during the last quarter. Fidelis Capital Partners LLC bought a new stake in shares of MGIC Investment during the first quarter valued at approximately $50,000. Finally, Johnson Financial Group Inc. bought a new stake in shares of MGIC Investment during the fourth quarter valued at approximately $59,000. Institutional investors own 95.58% of the company’s stock.

MGIC Investment Price Performance

NYSE MTG opened at $25.29 on Wednesday. The stock has a market capitalization of $6.74 billion, a P/E ratio of 9.73, a P/E/G ratio of 1.30 and a beta of 1.28. MGIC Investment Co. has a 1 year low of $16.30 and a 1 year high of $25.93. The business’s fifty day moving average is $24.48 and its two-hundred day moving average is $22.24. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.11 and a current ratio of 1.11.

MGIC Investment (NYSE:MTG) last posted its quarterly earnings results on Wednesday, July 31st. The insurance provider reported $0.77 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.62 by $0.15. The company had revenue of $305.28 million for the quarter, compared to analysts’ expectations of $301.02 million. MGIC Investment had a return on equity of 14.97% and a net margin of 63.19%. The firm’s revenue was up 5.0% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.68 earnings per share. On average, research analysts forecast that MGIC Investment Co. will post 2.76 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 22nd. Shareholders of record on Thursday, August 8th were issued a $0.13 dividend. The ex-dividend date was Thursday, August 8th. This represents a $0.52 annualized dividend and a dividend yield of 2.06%. This is a boost from MGIC Investment’s previous quarterly dividend of $0.12. MGIC Investment’s dividend payout ratio is currently 20.00%.

Analysts Set New Price Targets

Several equities research analysts recently commented on the company. BTIG Research boosted their target price on MGIC Investment from $22.00 to $25.00 and gave the stock a “buy” rating in a report on Monday, August 5th. Barclays boosted their target price on MGIC Investment from $21.00 to $23.00 and gave the stock an “equal weight” rating in a report on Friday, August 2nd. Keefe, Bruyette & Woods raised MGIC Investment from a “market perform” rating to an “outperform” rating and boosted their target price for the stock from $24.00 to $25.00 in a report on Monday, June 3rd. 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 report on Friday, August 2nd. Four equities research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $24.33.

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.