Thrivent Financial for Lutherans Sells 81,618 Shares of MGIC Investment Corporation $MTG

Thrivent Financial for Lutherans decreased its stake in shares of MGIC Investment Corporation (NYSE:MTG) by 16.9% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 400,609 shares of the insurance provider’s stock after selling 81,618 shares during the quarter. Thrivent Financial for Lutherans owned about 0.17% of MGIC Investment worth $11,153,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors also recently modified their holdings of the company. True Wealth Design LLC grew its holdings in MGIC Investment by 262.5% in the second quarter. True Wealth Design LLC now owns 1,004 shares of the insurance provider’s stock worth $28,000 after purchasing an additional 727 shares during the period. WPG Advisers LLC bought a new position in shares of MGIC Investment during the 1st quarter worth about $26,000. Hantz Financial Services Inc. grew its stake in shares of MGIC Investment by 3,067.6% in the 2nd quarter. Hantz Financial Services Inc. now owns 1,077 shares of the insurance provider’s stock valued at $30,000 after buying an additional 1,043 shares during the period. Employees Retirement System of Texas bought a new stake in MGIC Investment in the 2nd quarter valued at about $32,000. Finally, Mitsubishi UFJ Asset Management Co. Ltd. raised its stake in MGIC Investment by 118.0% during the 2nd quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 1,308 shares of the insurance provider’s stock worth $36,000 after buying an additional 708 shares during the period. Institutional investors and hedge funds own 95.58% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have commented on the company. Weiss Ratings reissued a “buy (a-)” rating on shares of MGIC Investment in a research note on Wednesday, October 8th. Barclays lifted their price target on shares of MGIC Investment from $27.00 to $28.00 and gave the company a “cautious” rating in a research report on Monday, October 6th. One investment analyst has rated the stock with a Strong Buy rating, three have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, MGIC Investment currently has a consensus rating of “Hold” and an average price target of $27.25.

Insider Transactions at MGIC Investment

In other news, CEO Timothy J. Mattke sold 139,203 shares of the company’s stock in a transaction that occurred on Tuesday, October 7th. The stock was sold at an average price of $27.09, for a total value of $3,771,009.27. Following the completion of the transaction, the chief executive officer directly owned 961,791 shares of the company’s stock, valued at $26,054,918.19. This represents a 12.64% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, EVP Paula C. Maggio sold 20,000 shares of the stock in a transaction that occurred on Friday, October 31st. The shares were sold at an average price of $27.44, for a total value of $548,800.00. Following the sale, the executive vice president directly owned 117,395 shares of the company’s stock, valued at $3,221,318.80. The trade was a 14.56% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 219,203 shares of company stock worth $5,989,909 in the last 90 days. Insiders own 1.05% of the company’s stock.

MGIC Investment Price Performance

Shares of NYSE:MTG opened at $29.40 on Thursday. The company has a current ratio of 1.48, a quick ratio of 1.48 and a debt-to-equity ratio of 0.12. The stock has a market cap of $6.58 billion, a PE ratio of 9.45, a price-to-earnings-growth ratio of 1.62 and a beta of 0.85. The stock’s fifty day simple moving average is $27.88 and its two-hundred day simple moving average is $27.44. MGIC Investment Corporation has a 1-year low of $21.94 and a 1-year high of $29.61.

MGIC Investment (NYSE:MTG) last announced its earnings results on Wednesday, October 29th. The insurance provider reported $0.83 EPS for the quarter, beating the consensus estimate of $0.72 by $0.11. MGIC Investment had a net margin of 61.96% and a return on equity of 14.62%. The company had revenue of $304.51 million during the quarter, compared to the consensus estimate of $308.16 million. During the same quarter in the prior year, the company posted $0.77 earnings per share. The firm’s revenue for the quarter was down .7% on a year-over-year basis. As a group, analysts forecast that MGIC Investment Corporation will post 2.71 EPS for the current fiscal year.

MGIC Investment Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, November 20th. Stockholders of record on Thursday, November 6th were paid a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a dividend yield of 2.0%. The ex-dividend date was Thursday, November 6th. MGIC Investment’s payout ratio is presently 19.29%.

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.