Wall Street brokerages predict that MGIC Investment Corp. (NYSE:MTG) will post $0.38 earnings per share (EPS) 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 $0.37 and the highest estimate coming in at $0.39. MGIC Investment also reported earnings of $0.38 per share in the same quarter last year. The company is expected to announce its next earnings results on Wednesday, April 17th.
According to Zacks, analysts expect that MGIC Investment will report full year earnings of $1.58 per share for the current financial year, with EPS estimates ranging from $1.55 to $1.63. For the next year, analysts expect that the company will report earnings of $1.68 per share, with EPS estimates ranging from $1.63 to $1.77. Zacks’ earnings per share averages are a mean average based on a survey of sell-side analysts that that provide coverage for MGIC Investment.
MGIC Investment (NYSE:MTG) last announced its quarterly earnings results on Thursday, January 17th. The insurance provider reported $0.42 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.39 by $0.03. The company had revenue of $285.60 million for the quarter, compared to analyst estimates of $286.42 million. MGIC Investment had a net margin of 59.63% and a return on equity of 19.99%. The firm’s revenue was up 5.2% on a year-over-year basis. During the same period in the prior year, the firm posted $0.43 earnings per share.
Several equities analysts have commented on MTG shares. Compass Point increased their price target 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. ValuEngine lowered shares of MGIC Investment from a “hold” rating to a “sell” rating in a research note on Friday, October 19th. Susquehanna Bancshares set a $17.00 price target 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 target on shares of MGIC Investment and gave the company a “buy” rating in a research note on Friday, December 14th. Finally, Royal Bank of Canada reiterated a “hold” rating and issued a $14.00 price target on shares of MGIC Investment in a research note on Sunday, October 21st. One research 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 an average rating of “Buy” and an average price target of $16.04.
Several hedge funds and other institutional investors have recently modified their holdings of the stock. LSV Asset Management raised its position in MGIC Investment by 1.3% in the fourth quarter. LSV Asset Management now owns 14,086,481 shares of the insurance provider’s stock worth $147,344,000 after acquiring an additional 183,720 shares in the last quarter. Macquarie Group Ltd. increased its position in shares of MGIC Investment by 32.5% in the third 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 in the last quarter. Vaughan Nelson Investment Management L.P. increased its position in shares of MGIC Investment by 0.9% in the fourth quarter. Vaughan Nelson Investment Management L.P. now owns 5,519,437 shares of the insurance provider’s stock valued at $57,733,000 after buying an additional 51,850 shares in the last quarter. Capital International Investors purchased a new position in shares of MGIC Investment in the third quarter valued at $64,660,000. Finally, Deutsche Bank AG increased its position in shares of MGIC Investment by 22.8% in the third quarter. Deutsche Bank AG now owns 4,673,728 shares of the insurance provider’s stock valued at $62,203,000 after buying an additional 868,390 shares in the last quarter. 90.68% of the stock is owned by hedge funds and other institutional investors.
Shares of MGIC Investment stock opened at $12.54 on Friday. The company has a market capitalization of $4.54 billion, a price-to-earnings ratio of 7.04, a P/E/G ratio of 1.59 and a beta of 1.79. MGIC Investment has a 52 week low of $9.41 and a 52 week high of $14.83. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.35 and a current ratio of 0.35.
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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