MGIC Investment Corporation (MTG) Posts Earnings Results, Beats Expectations By $0.06 EPS
MGIC Investment Corporation (NYSE:MTG) posted its quarterly earnings data on Wednesday. The insurance provider reported $0.32 EPS for the quarter, beating analysts’ consensus estimates of $0.26 by $0.06, MarketWatch Earnings reports. The business had revenue of $270.30 million for the quarter, compared to analyst estimates of $267.85 million. MGIC Investment Corporation had a return on equity of 16.56% and a net margin of 34.99%. The business’s revenue for the quarter was down 1.3% compared to the same quarter last year. During the same quarter last year, the company earned $0.14 earnings per share.
MGIC Investment Corporation (NYSE:MTG) opened at 13.11 on Wednesday. MGIC Investment Corporation has a 12-month low of $7.94 and a 12-month high of $13.27. The stock has a market capitalization of $4.86 billion, a P/E ratio of 13.50 and a beta of 2.16. The stock has a 50 day moving average price of $11.90 and a 200-day moving average price of $11.27.
MTG has been the topic of a number of analyst reports. Keefe, Bruyette & Woods reaffirmed a “buy” rating and set a $13.00 price objective on shares of MGIC Investment Corporation in a research note on Thursday, August 31st. Zacks Investment Research raised MGIC Investment Corporation from a “hold” rating to a “buy” rating and set a $13.00 price objective on the stock in a research note on Tuesday, August 22nd. BidaskClub raised MGIC Investment Corporation from a “hold” rating to a “buy” rating in a research note on Friday, August 18th. BTIG Research reaffirmed a “buy” rating and set a $14.00 price objective (up previously from $12.00) on shares of MGIC Investment Corporation in a research note on Saturday, July 22nd. Finally, Deutsche Bank AG increased their price objective on MGIC Investment Corporation from $13.00 to $13.50 and gave the company a “buy” rating in a research note on Friday, July 21st. Two analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and a consensus target price of $13.08.
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MGIC Investment Corporation Company Profile
MGIC Investment Corporation is a holding company. The Company, through its subsidiaries, provides private mortgage insurance and ancillary services. The Company provides mortgage insurance to lenders throughout the United States and to government-sponsored entities to protect against loss from defaults on low down payment residential mortgage loans.
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