MGIC Investment Corp. (NYSE:MTG) Expected to Announce Earnings of $0.41 Per Share

Wall Street analysts predict that MGIC Investment Corp. (NYSE:MTG) will announce earnings per share (EPS) of $0.41 for the current fiscal quarter, according to Zacks Investment Research. Zero analysts have provided estimates for MGIC Investment’s earnings, with the lowest EPS estimate coming in at $0.40 and the highest estimate coming in at $0.42. MGIC Investment reported earnings of $0.49 per share during the same quarter last year, which suggests a negative year over year growth rate of 16.3%. The business is scheduled to announce its next quarterly earnings report before the market opens on Tuesday, July 23rd.

On average, analysts expect that MGIC Investment will report full year earnings of $1.65 per share for the current year, with EPS estimates ranging from $1.64 to $1.66. For the next financial year, analysts expect that the firm will post earnings of $1.74 per share, with EPS estimates ranging from $1.70 to $1.80. Zacks Investment Research’s EPS averages are an average based on a survey of research analysts that cover MGIC Investment.

MGIC Investment (NYSE:MTG) last posted its quarterly earnings results on Tuesday, April 23rd. The insurance provider reported $0.42 EPS for the quarter, topping the Zacks’ consensus estimate of $0.38 by $0.04. The company had revenue of $291.65 million for the quarter, compared to analysts’ expectations of $286.01 million. MGIC Investment had a return on equity of 19.06% and a net margin of 59.01%. The firm’s revenue was up 9.7% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.38 EPS.

Separately, Zacks Investment Research cut Heritage Insurance from a “hold” rating to a “strong sell” rating in a report on Friday, April 26th. Two analysts have rated the stock with a sell rating, one has assigned a hold rating and six have given a buy rating to the company. MGIC Investment presently has a consensus rating of “Hold” and a consensus price target of $16.81.

Shares of MTG traded up $0.10 during mid-day trading on Friday, hitting $13.31. 73,854 shares of the stock were exchanged, compared to its average volume of 6,490,531. The stock has a market cap of $4.72 billion, a P/E ratio of 7.47, a PEG ratio of 1.64 and a beta of 1.64. MGIC Investment has a 52-week low of $9.41 and a 52-week high of $14.97. The stock has a 50-day simple moving average of $13.67. The company has a current ratio of 0.37, a quick ratio of 0.37 and a debt-to-equity ratio of 0.22.

MGIC Investment announced that its Board of Directors has initiated a stock buyback program on Wednesday, March 20th that permits the company to buyback $200.00 million in outstanding shares. This buyback authorization permits the insurance provider to purchase up to 4.3% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s board of directors believes its shares are undervalued.

Several institutional investors and hedge funds have recently modified their holdings of the company. BlackRock Inc. raised its holdings in MGIC Investment by 2.4% during the 4th quarter. BlackRock Inc. now owns 26,172,069 shares of the insurance provider’s stock valued at $273,759,000 after buying an additional 602,849 shares during the period. AJO LP raised its holdings in MGIC Investment by 217.3% during the 1st quarter. AJO LP now owns 8,653,793 shares of the insurance provider’s stock valued at $114,144,000 after buying an additional 5,926,435 shares during the period. Bayview Asset Management LLC raised its holdings in MGIC Investment by 4.0% during the 1st quarter. Bayview Asset Management LLC now owns 7,813,534 shares of the insurance provider’s stock valued at $103,061,000 after buying an additional 300,000 shares during the period. APG Asset Management N.V. raised its holdings in MGIC Investment by 2.4% during the 4th quarter. APG Asset Management N.V. now owns 7,646,600 shares of the insurance provider’s stock valued at $69,968,000 after buying an additional 177,700 shares during the period. Finally, Macquarie Group Ltd. raised its holdings in MGIC Investment by 3.7% during the 4th quarter. Macquarie Group Ltd. now owns 6,961,011 shares of the insurance provider’s stock valued at $72,813,000 after buying an additional 247,232 shares during the period. 92.02% of the stock is currently owned by institutional investors and hedge funds.

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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