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

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

MGIC Investment Stock Performance

MTG opened at $23.83 on Wednesday. The business has a fifty day simple moving average of $25.26 and a 200-day simple moving average of $23.16. The firm 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. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.13. MGIC Investment has a fifty-two week low of $17.25 and a fifty-two week high of $26.52.

MGIC Investment Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, November 21st. Shareholders of record on Thursday, November 7th will be issued 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 currently 19.19%.

Analyst Upgrades and Downgrades

Several equities analysts have commented on MTG shares. Barclays raised their target price on shares of MGIC Investment from $23.00 to $24.00 and gave the company an “equal weight” rating in a research note on Tuesday, October 8th. 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. Finally, Roth Mkm increased their price target on MGIC Investment from $24.00 to $30.00 and gave the company a “buy” rating in a research note on Friday, August 2nd. Three research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target 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.