MGIC Investment Co. (NYSE:MTG) to Post Q2 2024 Earnings of $0.61 Per Share, Roth Capital Forecasts

MGIC Investment Co. (NYSE:MTG) – Equities research analysts at Roth Capital increased their Q2 2024 earnings per share (EPS) estimates for shares of MGIC Investment in a research note issued to investors on Friday, May 3rd. Roth Capital analyst H. Fong now anticipates that the insurance provider will post earnings per share of $0.61 for the quarter, up from their prior forecast of $0.59. The consensus estimate for MGIC Investment’s current full-year earnings is $2.48 per share. Roth Capital also issued estimates for MGIC Investment’s Q3 2024 earnings at $0.63 EPS, FY2024 earnings at $2.55 EPS, Q2 2025 earnings at $0.65 EPS, Q3 2025 earnings at $0.68 EPS, Q4 2025 earnings at $0.70 EPS and FY2025 earnings at $2.65 EPS.

MGIC Investment (NYSE:MTG) last posted its quarterly earnings results on Wednesday, May 1st. The insurance provider reported $0.65 EPS for the quarter, topping the consensus estimate of $0.60 by $0.05. The company had revenue of $294.40 million during the quarter, compared to analysts’ expectations of $301.62 million. MGIC Investment had a net margin of 62.85% and a return on equity of 15.00%. The firm’s revenue was up 3.7% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.54 EPS.

A number of other brokerages also recently issued reports on MTG. Royal Bank of Canada upped their price target on MGIC Investment from $18.00 to $21.00 and gave the company a “sector perform” rating in a report on Friday, February 2nd. Keefe, Bruyette & Woods reiterated a “market perform” rating and set a $24.00 price target (up from $23.50) on shares of MGIC Investment in a research note on Thursday, April 4th. Finally, Roth Mkm raised their price objective on MGIC Investment from $21.00 to $24.00 and gave the stock a “buy” rating in a report on Friday, February 2nd. Five research analysts have rated the stock with a hold rating and one has issued a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $21.08.

MGIC Investment Stock Up 1.5 %

MGIC Investment stock opened at $20.95 on Monday. MGIC Investment has a 1-year low of $14.51 and a 1-year high of $22.43. The stock has a market cap of $5.58 billion, a PE ratio of 8.06, a P/E/G ratio of 1.67 and a beta of 1.24. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.05 and a quick ratio of 1.05. The stock’s fifty day moving average is $20.61 and its two-hundred day moving average is $19.29.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of MTG. Norges Bank purchased a new stake in MGIC Investment in the 4th quarter valued at approximately $62,047,000. NFC Investments LLC purchased a new stake in shares of MGIC Investment in the fourth quarter valued at approximately $37,183,000. Invesco Ltd. grew its holdings in MGIC Investment by 47.3% during the third quarter. Invesco Ltd. now owns 3,174,560 shares of the insurance provider’s stock worth $52,983,000 after acquiring an additional 1,019,759 shares during the period. AQR Capital Management LLC lifted its holdings in MGIC Investment by 30.3% in the third quarter. AQR Capital Management LLC now owns 4,233,477 shares of the insurance provider’s stock valued at $70,657,000 after acquiring an additional 985,512 shares during the period. Finally, LSV Asset Management boosted its position in shares of MGIC Investment by 8.5% during the 3rd quarter. LSV Asset Management now owns 10,427,565 shares of the insurance provider’s stock worth $174,036,000 after purchasing an additional 820,182 shares in the last quarter. 95.58% of the stock is currently owned by hedge funds and other institutional investors.

MGIC Investment Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, May 21st. Stockholders of record on Thursday, May 9th will be paid a dividend of $0.115 per share. The ex-dividend date of this dividend is Wednesday, May 8th. This represents a $0.46 annualized dividend and a dividend yield of 2.20%. MGIC Investment’s dividend payout ratio (DPR) is 17.69%.

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.