MGIC Investment (NYSE:MTG) Posts Quarterly Earnings Results, Beats Estimates By $0.15 EPS

MGIC Investment (NYSE:MTG) posted its quarterly earnings data on Wednesday. The insurance provider reported $0.77 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.62 by $0.15, Briefing.com reports. The company had revenue of $305.28 million for the quarter, compared to the consensus estimate of $301.02 million. MGIC Investment had a net margin of 62.85% and a return on equity of 15.00%. The firm’s revenue was up 5.0% compared to the same quarter last year. During the same quarter last year, the firm posted $0.68 earnings per share.

MGIC Investment Price Performance

Shares of MGIC Investment stock traded down $0.34 during trading hours on Thursday, hitting $24.50. The company’s stock had a trading volume of 2,268,822 shares, compared to its average volume of 1,876,437. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.05 and a current ratio of 1.05. MGIC Investment has a 12-month low of $16.30 and a 12-month high of $25.93. The business has a 50 day moving average price of $21.88 and a two-hundred day moving average price of $20.84. The company has a market cap of $6.53 billion, a PE ratio of 9.54, a PEG ratio of 3.05 and a beta of 1.28.

MGIC Investment Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, August 22nd. Shareholders of record on Thursday, August 8th will be issued a dividend of $0.13 per share. The ex-dividend date of this dividend is Thursday, August 8th. This is a boost from MGIC Investment’s previous quarterly dividend of $0.12. This represents a $0.52 dividend on an annualized basis and a yield of 2.12%. MGIC Investment’s dividend payout ratio (DPR) is currently 17.69%.

Wall Street Analyst Weigh In

MTG has been the topic of several analyst reports. Barclays lifted their price target on shares of MGIC Investment from $20.00 to $21.00 and gave the stock an “equal weight” rating in a research note on Tuesday, July 9th. UBS Group lifted their target price on MGIC Investment from $21.00 to $22.00 and gave the company a “neutral” rating in a research report on Wednesday, May 22nd. Finally, Keefe, Bruyette & Woods upgraded MGIC Investment from a “market perform” rating to an “outperform” rating and upped their price target for the stock from $24.00 to $25.00 in a research report on Monday, June 3rd. Four analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $22.17.

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.