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

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

MGIC Investment Price Performance

NYSE:MTG traded up $0.97 on Wednesday, reaching $24.82. The stock had a trading volume of 2,891,300 shares, compared to its average volume of 1,471,846. The company has a market capitalization of $6.43 billion, a P/E ratio of 8.74, a price-to-earnings-growth ratio of 1.25 and a beta of 1.28. MGIC Investment has a 1-year low of $17.25 and a 1-year high of $26.52. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.13. The stock has a fifty day moving average price of $25.25 and a 200-day moving average price of $23.17.

MGIC Investment Dividend Announcement

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

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on MTG shares. Royal Bank of Canada lowered their target price on shares of MGIC Investment from $28.00 to $27.00 and set a “sector perform” rating on the stock in a research note on Wednesday. BTIG Research upped 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. Roth Mkm upped 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. Finally, Barclays upped 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. Three equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to MarketBeat, MGIC Investment currently has a consensus rating of “Moderate Buy” and a consensus target price of $25.50.

About MGIC Investment

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.