MGIC Investment (NYSE:MTG) Posts Earnings Results, Beats Expectations By $0.10 EPS

MGIC Investment (NYSE:MTG) released its quarterly earnings data on Monday. The insurance provider reported $0.77 earnings per share for the quarter, beating the consensus estimate of $0.67 by $0.10, Briefing.com reports. The firm had revenue of $306.65 million during the quarter, compared to analysts’ expectations of $306.03 million. MGIC Investment had a net margin of 63.19% and a return on equity of 14.97%. The firm’s quarterly revenue was up 3.4% on a year-over-year basis. During the same period in the previous year, the company earned $0.64 earnings per share.

MGIC Investment Trading Down 0.2 %

Shares of MTG stock opened at $23.52 on Tuesday. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.11 and a current ratio of 1.11. The stock has a fifty day simple moving average of $25.28 and a two-hundred day simple moving average of $23.14. The firm has a market capitalization of $6.10 billion, a PE ratio of 8.68, a PEG ratio of 1.25 and a beta of 1.28. MGIC Investment has a 52-week low of $17.25 and a 52-week high of $26.52.

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 paid a dividend of $0.13 per share. This represents a $0.52 dividend on an annualized basis and a dividend yield of 2.21%. The ex-dividend date of this dividend is Thursday, November 7th. MGIC Investment’s dividend payout ratio (DPR) is 19.19%.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on MTG. BTIG Research boosted 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 price objective on MGIC Investment from $24.00 to $30.00 and gave the company a “buy” rating in a research report on Friday, August 2nd. Finally, Barclays raised their target price on MGIC Investment from $23.00 to $24.00 and gave the stock an “equal weight” rating in a research report on Tuesday, October 8th. 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, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $24.50.

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.