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MGIC Investment (NYSE:MTG) Releases Quarterly Earnings Results, Beats Expectations By $0.05 EPS

kopsource · Feb 2, 2023 13:12

MGIC Investment (NYSE:MTG – Get Rating) posted its quarterly earnings data on Wednesday. The insurance provider reported $0.64 earnings per share for the quarter, beating the consensus estimate of $0.59 by $0.05, Briefing.com reports. MGIC Investment had a return on equity of 19.66% and a net margin of 72.18%. The business had revenue of $292.25 million during the quarter, compared to the consensus estimate of $295.17 million. During the same period in the prior year, the company earned $0.61 earnings per share. The company's revenue was down .6% compared to the same quarter last year.

MGIC Investment Trading Down 0.1 %

MTG traded down $0.01 during midday trading on Thursday, hitting $14.22. The company's stock had a trading volume of 232,222 shares, compared to its average volume of 2,893,042. The company has a current ratio of 0.50, a quick ratio of 0.50 and a debt-to-equity ratio of 0.15. The firm has a market cap of $4.22 billion, a P/E ratio of 5.33, a PEG ratio of 1.24 and a beta of 1.37. The firm has a 50-day moving average price of $13.27 and a two-hundred day moving average price of $13.60. MGIC Investment has a 52-week low of $11.38 and a 52-week high of $16.41.

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MGIC Investment Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, March 2nd. Shareholders of record on Friday, February 17th will be issued a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 2.81%. The ex-dividend date is Thursday, February 16th. MGIC Investment's dividend payout ratio (DPR) is 14.98%.

Institutional Trading of MGIC Investment

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Captrust Financial Advisors lifted its position in MGIC Investment by 6.6% during the 3rd quarter. Captrust Financial Advisors now owns 17,046 shares of the insurance provider's stock worth $219,000 after acquiring an additional 1,060 shares in the last quarter. Vanguard Personalized Indexing Management LLC increased its holdings in MGIC Investment by 14.0% during the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 13,268 shares of the insurance provider's stock worth $167,000 after purchasing an additional 1,630 shares during the last quarter. Lazard Asset Management LLC purchased a new stake in MGIC Investment during the 1st quarter worth approximately $26,000. Yousif Capital Management LLC increased its holdings in MGIC Investment by 1.9% during the 1st quarter. Yousif Capital Management LLC now owns 177,864 shares of the insurance provider's stock worth $2,410,000 after purchasing an additional 3,293 shares during the last quarter. Finally, Envestnet Asset Management Inc. increased its holdings in MGIC Investment by 9.5% during the 3rd quarter. Envestnet Asset Management Inc. now owns 42,558 shares of the insurance provider's stock worth $546,000 after purchasing an additional 3,680 shares during the last quarter. Hedge funds and other institutional investors own 96.95% of the company's stock.

Analysts Set New Price Targets

MTG has been the subject of a number of recent analyst reports. Barclays downgraded MGIC Investment from an "overweight" rating to an "equal weight" rating and reduced their target price for the company from $16.00 to $14.00 in a report on Friday, January 6th. Compass Point cut MGIC Investment from a "buy" rating to a "neutral" rating and dropped their price target for the company from $19.00 to $14.50 in a research report on Tuesday, November 8th. StockNews.com initiated coverage on MGIC Investment in a research report on Wednesday, October 12th. They issued a "buy" rating for the company. Finally, Credit Suisse Group dropped their price target on MGIC Investment to $15.00 in a research report on Thursday, October 13th. Two analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat, MGIC Investment presently has an average rating of "Moderate Buy" and a consensus price target of $15.75.

MGIC Investment Company Profile

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MGIC Investment Corp. is a private mortgage insurer that serves lenders throughout the United States, and Puerto Rico. It also provides lenders with underwriting and other services and products related to home mortgage lending through its subsidiaries, such as Mortgage Guaranty Insurance Corp. and MGIC Indemnity Corp.