MGIC Investment (NYSE:MTG) Releases Quarterly Earnings Results, Beats Estimates By $0.11 EPS

MGIC Investment (NYSE:MTG) announced its quarterly earnings data on Monday. The insurance provider reported $0.77 earnings per share for the quarter, topping analysts’ consensus estimates of $0.66 by $0.11, Briefing.com reports. The business had revenue of $306.65 million for the quarter, compared to analysts’ expectations of $306.03 million. MGIC Investment had a net margin of 63.19% and a return on equity of 14.97%. The business’s revenue was up 3.4% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.64 earnings per share.

MGIC Investment Trading Up 1.3 %

Shares of NYSE MTG opened at $23.83 on Wednesday. The firm’s 50 day moving average price is $25.26 and its 200-day moving average price is $23.16. The company has a market cap of $6.18 billion, a PE ratio of 8.79, a P/E/G ratio of 1.25 and a beta of 1.28. MGIC Investment has a 52-week low of $17.25 and a 52-week high of $26.52. 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 Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, November 21st. Stockholders of record on Thursday, November 7th will be paid a $0.13 dividend. The ex-dividend date of this dividend is Thursday, November 7th. This represents a $0.52 annualized dividend and a dividend yield of 2.18%. MGIC Investment’s dividend payout ratio is presently 19.19%.

Analyst Ratings Changes

MTG has been the topic of a number of recent research reports. BTIG Research upped their price objective on shares of MGIC Investment from $22.00 to $25.00 and gave the stock a “buy” rating in a report on Monday, August 5th. Roth Mkm upped their price objective on shares of MGIC Investment from $24.00 to $30.00 and gave the stock a “buy” rating in a report on Friday, August 2nd. Finally, Barclays upped their price objective on shares of MGIC Investment from $23.00 to $24.00 and gave the stock an “equal weight” rating in a report on Tuesday, October 8th. Three research analysts have rated the stock with a hold rating and three have given a buy rating to the company. Based on data from MarketBeat, MGIC Investment presently has an average rating of “Moderate Buy” and a consensus target price of $24.50.

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.