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

MGIC Investment (NYSE:MTG) announced its quarterly earnings results on Monday. The insurance provider reported $0.77 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.66 by $0.11, Briefing.com reports. MGIC Investment had a return on equity of 15.14% and a net margin of 64.09%. The firm had revenue of $306.65 million during the quarter, compared to the consensus estimate of $306.03 million. During the same period in the prior year, the firm earned $0.64 EPS. The firm’s quarterly revenue was up 3.4% compared to the same quarter last year.

MGIC Investment Stock Performance

MTG traded up $0.97 during trading on Wednesday, hitting $24.82. The stock had a trading volume of 2,891,300 shares, compared to its average volume of 1,471,846. The firm has a market cap of $6.43 billion, a PE ratio of 8.74, a P/E/G ratio of 1.25 and a beta of 1.28. MGIC Investment has a 12 month low of $17.25 and a 12 month high of $26.52. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.13. The company has a 50 day simple moving average of $25.25 and a 200-day simple moving average of $23.17.

MGIC Investment Dividend Announcement

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

Analyst Upgrades and Downgrades

MTG has been the topic of a number of recent research reports. Barclays raised their target price 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. Royal Bank of Canada decreased their price objective on shares of MGIC Investment from $28.00 to $27.00 and set a “sector perform” rating for the company in a research note on Wednesday. BTIG Research lifted their target price on shares of MGIC Investment from $22.00 to $25.00 and gave the company a “buy” rating in a research note on Monday, August 5th. Finally, Roth Mkm lifted their target price on shares of MGIC Investment from $24.00 to $30.00 and gave the company a “buy” rating in a research note on Friday, August 2nd. Three investment analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $25.50.

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.