MGIC Investment (NYSE:MTG) posted its earnings results on Wednesday. The insurance provider reported $0.49 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.36 by $0.13, RTT News reports. The firm had revenue of $290.50 million during the quarter, compared to analyst estimates of $274.36 million. MGIC Investment had a net margin of 43.85% and a return on equity of 19.18%. MGIC Investment’s revenue was up 7.5% on a year-over-year basis. During the same period in the previous year, the business posted $0.32 EPS.
Shares of NYSE:MTG opened at $12.99 on Thursday. The company has a market capitalization of $4.82 billion, a PE ratio of 9.55, a P/E/G ratio of 1.68 and a beta of 1.87. MGIC Investment has a twelve month low of $9.97 and a twelve month high of $16.21. The company has a quick ratio of 0.28, a current ratio of 0.28 and a debt-to-equity ratio of 0.25.
A number of research analysts have issued reports on MTG shares. B. Riley boosted their target price on shares of MGIC Investment from $14.00 to $16.00 and gave the company a “buy” rating in a research note on Tuesday, August 7th. ValuEngine raised shares of MGIC Investment from a “sell” rating to a “hold” rating in a research note on Thursday, July 19th. Finally, Bank of America boosted their target price on shares of MGIC Investment from $13.00 to $23.00 and gave the company an “underperform” rating in a research note on Monday, August 13th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and ten have issued a buy rating to the company. MGIC Investment has a consensus rating of “Buy” and a consensus target price of $16.42.
MGIC Investment Corporation, through its subsidiaries, provides private mortgage insurance and ancillary services to lenders and government sponsored entities in the United States. 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.
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