Zacks: Analysts Anticipate MGIC Investment Corp. (MTG) to Post $0.37 EPS

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Wall Street analysts predict that MGIC Investment Corp. (NYSE:MTG) will post earnings per share of $0.37 for the current quarter, Zacks reports. Zero analysts have provided estimates for MGIC Investment’s earnings, with the lowest EPS estimate coming in at $0.36 and the highest estimate coming in at $0.38. MGIC Investment reported earnings per share of $0.43 during the same quarter last year, which suggests a negative year-over-year growth rate of 14%. The firm is expected to report 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 fiscal year, with EPS estimates ranging from $1.72 to $1.75. For the next financial year, analysts forecast that the business will report earnings of $1.54 per share, with EPS estimates ranging from $1.52 to $1.56. Zacks’ EPS calculations are a mean average based on a survey of sell-side analysts that follow MGIC Investment.

MGIC Investment (NYSE:MTG) last issued its quarterly earnings data on Wednesday, October 17th. The insurance provider reported $0.49 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.36 by $0.13. The business had revenue of $290.50 million during the quarter, compared to analysts’ expectations of $274.36 million. MGIC Investment had a return on equity of 20.48% and a net margin of 48.63%. The company’s revenue for the quarter was up 7.5% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.32 EPS.

Several brokerages have recently issued reports on MTG. Barclays set a $14.00 price objective on MGIC Investment and gave the company a “buy” rating in a report on Friday, December 14th. Keefe, Bruyette & Woods reissued a “buy” rating and issued a $18.00 price objective on shares of MGIC Investment in a report on Tuesday, December 11th. ValuEngine raised MGIC Investment from a “sell” rating to a “hold” rating in a report on Thursday, November 1st. Compass Point boosted their price objective on MGIC Investment from $14.50 to $16.50 and gave the company a “buy” rating in a report on Monday, October 22nd. Finally, Royal Bank of Canada reaffirmed a “hold” rating and issued a $14.00 price target on shares of MGIC Investment in a report on Sunday, October 21st. One analyst has rated the stock with a sell rating, three have issued a hold rating and nine have assigned a buy rating to the company. The stock presently has a consensus rating of “Buy” and an average target price of $16.04.

In other MGIC Investment news, Director Michael E. Lehman purchased 7,000 shares of MGIC Investment stock in a transaction that occurred on Friday, October 26th. The stock was bought at an average price of $11.70 per share, with a total value of $81,900.00. Following the acquisition, the director now owns 29,989 shares of the company’s stock, valued at approximately $350,871.30. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 1.01% of the company’s stock.

Large investors have recently bought and sold shares of the business. Point72 Hong Kong Ltd purchased a new stake in MGIC Investment during the 2nd quarter worth approximately $149,000. Alpha Cubed Investments LLC increased its stake in MGIC Investment by 107.9% during the 3rd quarter. Alpha Cubed Investments LLC now owns 20,788 shares of the insurance provider’s stock worth $259,000 after buying an additional 10,788 shares in the last quarter. Acadian Asset Management LLC purchased a new stake in MGIC Investment during the 3rd quarter worth approximately $268,000. Calamos Advisors LLC purchased a new stake in MGIC Investment during the 3rd quarter worth approximately $282,000. Finally, Raymond James & Associates increased its stake in MGIC Investment by 19.9% during the 2nd quarter. Raymond James & Associates now owns 31,671 shares of the insurance provider’s stock worth $340,000 after buying an additional 5,247 shares in the last quarter. Institutional investors own 91.38% of the company’s stock.

Shares of MTG stock opened at $11.09 on Friday. The stock has a market capitalization of $4.00 billion, a PE ratio of 8.15, a P/E/G ratio of 1.43 and a beta of 1.67. The company has a quick ratio of 0.35, a current ratio of 0.35 and a debt-to-equity ratio of 0.24. MGIC Investment has a 52-week low of $9.41 and a 52-week high of $16.21.

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.

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