Wall Street analysts expect MGIC Investment Co. (NYSE:MTG – Get Rating) to post earnings of $0.55 per share for the current fiscal quarter, according to Zacks Investment Research. Zero analysts provided earnings estimates for MGIC Investment. MGIC Investment posted earnings per share of $0.44 in the same quarter last year, which would indicate a positive growth rate of 25% year over year. The company is due to release its next quarterly earnings report on Monday, January 1.
According to Zacks, analysts expect MGIC Investment to report annual earnings of $2.27 per share for the current fiscal year. For the next fiscal year, analysts expect the company to post earnings of $2.24 per share. Zacks EPS averages are an average average based on a survey of analysts who provide coverage for MGIC Investment.
MGIC Investment (NYSE:MTG – Get Rating) last released quarterly earnings data on Wednesday, May 4. The insurance provider reported earnings per share of $0.60 for the quarter, beating the consensus estimate of $0.49 by $0.11. The company posted revenue of $294.60 million for the quarter, versus $292.28 million expected by analysts. MGIC Investment posted a net margin of 55.82% and a return on equity of 14.61%. The company’s quarterly revenue fell 1.1% year over year. In the same quarter of the previous year, the company had achieved EPS of $0.42.
A number of research analysts have weighed in on the stock recently. StockNews.com upgraded MGIC Investment’s shares from a “hold” rating to a “buy” rating in a report on Friday. BTIG Research reduced its target price on MGIC Investment from $18.00 to $17.00 in a research report on Tuesday, April 12. Three research analysts gave the stock a hold rating, three issued a buy rating and one issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average target price of $18.07.
Shares of MGIC Investment opened at $13.05 on Friday. The stock has a market capitalization of $4.04 billion, a P/E ratio of 6.66, a PEG ratio of 1.14 and a beta of 1.50. The company has a debt ratio of 0.20, a current ratio of 0.61 and a quick ratio of 0.61. MGIC Investment has a 1 year minimum of $12.60 and a 1 year maximum of $16.84. The company’s 50-day moving average price is $13.55 and its 200-day moving average price is $14.55.
The company also recently declared a quarterly dividend, which will be paid on Thursday, May 26. Shareholders of record on Thursday, May 12 will receive a dividend of $0.08 per share. The ex-dividend date is Wednesday, May 11. This represents a dividend of $0.32 on an annualized basis and a dividend yield of 2.45%. The distribution rate of MGIC Investment is 16.33%.
Several hedge funds have recently changed their holdings in the company. Duality Advisers LP acquired a new stock position in MGIC Investment during Q4 worth approximately $2,207,000. The New York State Teachers Retirement System increased its stake in MGIC Investment by 11.9% in the fourth quarter. The New York State Teachers’ Retirement System now owns 342,553 shares of the insurance provider valued at $4,940,000 after buying an additional 36,488 shares last quarter. Russell Investments Group Ltd. increased its stake in MGIC Investment by 98.6% in the 4th quarter. Russell Investments Group Ltd. now owns 352,335 shares of the insurance provider valued at $5,080,000 after purchasing an additional 174,919 shares in the last quarter. Gator Capital Management LLC acquired a new position in MGIC Investment in Q4 worth $2,021,000. Finally, AlphaCrest Capital Management LLC increased its stake in MGIC Investment by 288.8% in the 4th quarter. AlphaCrest Capital Management LLC now owns 121,490 shares of the insurance provider valued at $1,752,000 after buying an additional 90,243 shares last quarter. Institutional investors and hedge funds hold 94.10% of the company’s shares.
About MGIC Investment (Get a rating)
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, Puerto Rico and in Guam. The company offers mortgage principal insurance that provides mortgage default protection on individual loans, as well as covers outstanding loan principal, overdue interest, and various expenses associated with default and subsequent foreclosure.
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