Wall Street analysts forecast that MGIC Investment Corp. (NYSE:MTG) will announce $0.37 earnings per share for the current fiscal quarter, Zacks reports. Zero analysts have made estimates for MGIC Investment’s earnings, with estimates ranging from $0.36 to $0.38. MGIC Investment reported earnings per share of $0.43 during the same quarter last year, which indicates a negative year-over-year growth rate of 14%. The business is scheduled to issue its next earnings report before the market opens on Thursday, January 17th.
According to Zacks, analysts expect that MGIC Investment will report full year earnings of $1.74 per share for the current financial year, with EPS estimates ranging from $1.72 to $1.75. For the next fiscal year, analysts anticipate that the business will post earnings of $1.54 per share, with EPS estimates ranging from $1.52 to $1.56. Zacks Investment Research’s earnings per share averages are an average based on a survey of sell-side research analysts that that provide coverage for MGIC Investment.
MGIC Investment (NYSE:MTG) last posted its quarterly earnings data on Wednesday, October 17th. The insurance provider reported $0.49 EPS for the quarter, beating the Zacks’ consensus estimate of $0.36 by $0.13. MGIC Investment had a net margin of 48.63% and a return on equity of 20.48%. The business had revenue of $290.50 million for the quarter, compared to analyst estimates of $274.36 million. During the same quarter last year, the business earned $0.32 earnings per share. The business’s revenue for the quarter was up 7.5% on a year-over-year basis.
MTG has been the topic of a number of research analyst reports. Royal Bank of Canada reiterated a “hold” rating and set a $14.00 price objective on shares of MGIC Investment in a research note on Sunday, October 21st. Susquehanna Bancshares set a $17.00 price objective on shares of MGIC Investment and gave the company a “buy” rating in a research note on Thursday, October 18th. Barclays set a $14.00 price objective on shares of MGIC Investment and gave the company a “buy” rating in a research note on Friday, December 14th. Keefe, Bruyette & Woods reiterated a “buy” rating and set a $18.00 price objective on shares of MGIC Investment in a research note on Tuesday, December 11th. Finally, Compass Point raised their price objective on shares of MGIC Investment from $14.50 to $16.50 and gave the company a “buy” rating in a research note on Monday, October 22nd. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and nine have assigned a buy rating to the company’s stock. The company has a consensus rating of “Buy” and an average price target of $16.04.
NYSE MTG opened at $11.09 on Friday. MGIC Investment has a 12 month low of $9.41 and a 12 month high of $16.21. The company has a current ratio of 0.35, a quick ratio of 0.35 and a debt-to-equity ratio of 0.24. The company has a market cap of $4.00 billion, a P/E ratio of 8.15, a P/E/G ratio of 1.43 and a beta of 1.67.
In other MGIC Investment news, Director Michael E. Lehman purchased 7,000 shares of the firm’s stock in a transaction on Friday, October 26th. The shares were purchased at an average price of $11.70 per share, for a total transaction of $81,900.00. Following the completion of the transaction, the director now owns 29,989 shares in the company, valued at approximately $350,871.30. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 1.01% of the company’s stock.
A number of institutional investors have recently bought and sold shares of the stock. BlackRock Inc. boosted its stake in MGIC Investment by 5.4% in the 2nd quarter. BlackRock Inc. now owns 26,467,584 shares of the insurance provider’s stock worth $283,733,000 after purchasing an additional 1,345,014 shares during the period. LSV Asset Management boosted its stake in MGIC Investment by 0.9% in the 3rd quarter. LSV Asset Management now owns 13,902,761 shares of the insurance provider’s stock worth $185,045,000 after purchasing an additional 120,700 shares during the period. Northern Trust Corp boosted its stake in shares of MGIC Investment by 5.6% during the 2nd quarter. Northern Trust Corp now owns 7,297,621 shares of the insurance provider’s stock valued at $78,230,000 after buying an additional 386,323 shares during the period. Macquarie Group Ltd. boosted its stake in shares of MGIC Investment by 32.5% during the 3rd quarter. Macquarie Group Ltd. now owns 6,713,779 shares of the insurance provider’s stock valued at $89,361,000 after buying an additional 1,645,034 shares during the period. Finally, Capital International Investors acquired a new stake in shares of MGIC Investment during the 3rd quarter valued at $64,660,000. 91.38% of the stock is owned by hedge funds and other institutional investors.
About MGIC Investment
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.
Further Reading: Diversification
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for MGIC Investment Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for MGIC Investment and related companies with MarketBeat.com's FREE daily email newsletter.