Zacks: Brokerages Anticipate MGIC Investment Corp. (NYSE:MTG) Will Announce Earnings of $0.17 Per Share

Wall Street brokerages predict that MGIC Investment Corp. (NYSE:MTG) will post $0.17 earnings per share (EPS) for the current fiscal quarter, Zacks Investment Research reports. Zero analysts have made estimates for MGIC Investment’s earnings. The highest EPS estimate is $0.28 and the lowest is $0.07. MGIC Investment posted earnings of $0.46 per share in the same quarter last year, which would suggest a negative year over year growth rate of 63%. The firm is expected to issue its next earnings results on Tuesday, July 28th.

On average, analysts expect that MGIC Investment will report full-year earnings of $1.20 per share for the current year, with EPS estimates ranging from $1.06 to $1.40. For the next fiscal year, analysts anticipate that the business will post earnings of $1.54 per share, with EPS estimates ranging from $1.50 to $1.61. Zacks Investment Research’s earnings per share calculations are an average based on a survey of sell-side research firms that follow MGIC Investment.

MGIC Investment (NYSE:MTG) last released its quarterly earnings results on Thursday, May 7th. The insurance provider reported $0.42 earnings per share for the quarter, hitting the consensus estimate of $0.42. The company had revenue of $306.90 million during the quarter, compared to the consensus estimate of $304.61 million. MGIC Investment had a return on equity of 15.88% and a net margin of 54.64%. MGIC Investment’s revenue was up 5.2% compared to the same quarter last year. During the same quarter last year, the business posted $0.42 earnings per share.

A number of equities analysts have recently weighed in on the stock. Zacks Investment Research raised shares of MGIC Investment from a “sell” rating to a “hold” rating and set a $9.00 price objective for the company in a research report on Tuesday, June 2nd. Keefe, Bruyette & Woods downgraded MGIC Investment from an “outperform” rating to a “market perform” rating and cut their price target for the company from $13.00 to $12.00 in a report on Tuesday, June 9th. Royal Bank of Canada restated a “hold” rating and set a $9.00 price objective on shares of MGIC Investment in a report on Sunday, May 10th. Bank of America raised MGIC Investment from an “underperform” rating to a “buy” rating in a research report on Wednesday, April 1st. Finally, Deutsche Bank reduced their target price on MGIC Investment from $18.50 to $14.00 and set a “buy” rating on the stock in a research report on Tuesday, April 14th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and six have given a buy rating to the company’s stock. The company has an average rating of “Buy” and an average target price of $11.72.

MTG stock traded down $0.53 during trading on Friday, hitting $7.59. The stock had a trading volume of 8,212,028 shares, compared to its average volume of 7,029,347. The stock has a market cap of $2.75 billion, a price-to-earnings ratio of 4.39, a price-to-earnings-growth ratio of 1.35 and a beta of 1.83. The company has a debt-to-equity ratio of 0.20, a quick ratio of 0.53 and a current ratio of 0.53. The company’s 50 day moving average price is $8.16 and its two-hundred day moving average price is $10.45. MGIC Investment has a 1-year low of $4.34 and a 1-year high of $15.24.

The company also recently disclosed a quarterly dividend, which was paid on Friday, May 29th. Stockholders of record on Monday, May 11th were paid a $0.06 dividend. This represents a $0.24 annualized dividend and a dividend yield of 3.16%. The ex-dividend date was Friday, May 8th. MGIC Investment’s dividend payout ratio is currently 13.04%.

In other MGIC Investment news, Director Jodee A. Kozlak purchased 5,000 shares of MGIC Investment stock in a transaction on Tuesday, May 19th. The shares were purchased at an average cost of $7.82 per share, with a total value of $39,100.00. 0.62% of the stock is currently owned by corporate insiders.

Hedge funds and other institutional investors have recently modified their holdings of the company. State of Tennessee Treasury Department raised its holdings in shares of MGIC Investment by 43.3% during the 1st quarter. State of Tennessee Treasury Department now owns 70,748 shares of the insurance provider’s stock valued at $449,000 after buying an additional 21,382 shares during the period. Morgan Stanley grew its position in MGIC Investment by 1.8% in the first quarter. Morgan Stanley now owns 632,293 shares of the insurance provider’s stock valued at $4,016,000 after acquiring an additional 11,005 shares in the last quarter. Clearbridge Investments LLC raised its stake in shares of MGIC Investment by 1.0% during the first quarter. Clearbridge Investments LLC now owns 5,286,602 shares of the insurance provider’s stock valued at $33,570,000 after purchasing an additional 51,299 shares during the period. Prana Capital Management LP acquired a new position in shares of MGIC Investment during the first quarter worth $543,000. Finally, Twinbeech Capital LP boosted its stake in shares of MGIC Investment by 100.5% in the first quarter. Twinbeech Capital LP now owns 85,595 shares of the insurance provider’s stock valued at $544,000 after purchasing an additional 42,913 shares during the period. 93.76% of the stock is owned by institutional investors.

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 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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Earnings History and Estimates for MGIC Investment (NYSE:MTG)

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