MGIC Investment (NYSE:MTG) Issues Earnings Results, Beats Estimates By $0.04 EPS

MGIC Investment (NYSE:MTG) announced its quarterly earnings data on Wednesday. The insurance provider reported $0.85 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.81 by $0.04, FiscalAI reports. MGIC Investment had a net margin of 59.20% and a return on equity of 13.90%. The business had revenue of $299.08 million for the quarter, compared to analysts’ expectations of $298.66 million. During the same period last year, the firm posted $0.83 earnings per share. The firm’s quarterly revenue was down 1.8% compared to the same quarter last year.

MGIC Investment Price Performance

NYSE:MTG traded up $0.40 on Wednesday, hitting $29.04. The company had a trading volume of 2,415,801 shares, compared to its average volume of 2,249,059. The stock has a market capitalization of $5.96 billion, a price-to-earnings ratio of 8.92, a PEG ratio of 1.01 and a beta of 0.64. The company has a current ratio of 1.19, a quick ratio of 1.19 and a debt-to-equity ratio of 0.13. The firm has a 50 day moving average of $28.90 and a two-hundred day moving average of $27.79. MGIC Investment has a 52 week low of $24.69 and a 52 week high of $31.89.

MGIC Investment Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, November 23rd. Investors of record on Thursday, November 12th will be paid a $0.17 dividend. The ex-dividend date of this dividend is Thursday, November 12th. This represents a $0.68 annualized dividend and a yield of 2.3%. MGIC Investment’s dividend payout ratio is presently 21.25%.

Insider Buying and Selling at MGIC Investment

In other news, COO Salvatore A. Miosi sold 30,000 shares of the stock in a transaction on Thursday, October 1st. The stock was sold at an average price of $26.06, for a total value of $781,800.00. Following the completion of the transaction, the chief operating officer directly owned 440,951 shares in the company, valued at approximately $11,491,183.06. This represents a 6.37% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Timothy J. Mattke sold 137,114 shares of the stock in a transaction on Thursday, October 1st. The shares were sold at an average price of $26.23, for a total value of $3,596,500.22. Following the completion of the transaction, the chief executive officer owned 843,778 shares of the company’s stock, valued at $22,132,296.94. The trade was a 13.98% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 217,114 shares of company stock worth $5,906,200 over the last quarter. Corporate insiders own 1.34% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have weighed in on MTG. Zacks Research cut MGIC Investment from a “strong-buy” rating to a “hold” rating in a research note on Monday, October 19th. Weiss Ratings raised MGIC Investment from a “buy (b+)” rating to a “buy (a-)” rating in a report on Wednesday, August 19th. Royal Bank Of Canada upped their price objective on MGIC Investment from $28.00 to $32.00 and gave the stock a “sector perform” rating in a research report on Friday, July 31st. Barclays upped their price objective on MGIC Investment from $28.00 to $29.00 and gave the stock an “equal weight” rating in a research report on Monday, October 5th. Finally, BTIG Research began coverage on MGIC Investment in a research note on Tuesday, September 22nd. They issued a “hold” rating on the stock. One investment analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and six have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, MGIC Investment currently has a consensus rating of “Hold” and a consensus target price of $30.80.

MGIC Investment Company Profile

MGIC Investment Corporation (NYSE:MTG) is a holding company whose principal subsidiary is Mortgage Guaranty Insurance Corporation (MGIC), a provider of private mortgage insurance in the United States. MGIC’s insurance helps protect mortgage lenders and investors against losses when borrowers default, enabling qualified homebuyers to obtain mortgages with smaller down payments.

MGIC primarily offers primary mortgage insurance for residential loans, working with mortgage lenders, banks and other housing-finance institutions.