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

MGIC Investment (NYSE:MTG) announced its earnings results on Monday. The insurance provider reported $0.77 earnings per share for the quarter, beating the consensus estimate of $0.66 by $0.11, Briefing.com reports. MGIC Investment had a net margin of 63.19% and a return on equity of 14.97%. The business 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 earnings per share. The business’s quarterly revenue was up 3.4% compared to the same quarter last year.

MGIC Investment Price Performance

Shares of MTG stock remained flat at $23.52 on Tuesday. The company had a trading volume of 1,112,084 shares, compared to its average volume of 1,759,059. The company has a market cap of $6.10 billion, a P/E ratio of 8.68, a PEG ratio of 1.25 and a beta of 1.28. The stock’s fifty day moving average is $25.28 and its two-hundred day moving average is $23.14. 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 twelve month low of $17.25 and a twelve month high of $26.52.

MGIC Investment Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, November 21st. Stockholders 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 dividend on an annualized basis and a dividend yield of 2.21%. MGIC Investment’s dividend payout ratio (DPR) is 19.19%.

Wall Street Analyst Weigh In

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