Roth Capital Weighs in on MGIC Investment Co.’s Q2 2024 Earnings (NYSE:MTG)

MGIC Investment Co. (NYSE:MTG) – Equities research analysts at Roth Capital upped their Q2 2024 EPS estimates for shares of MGIC Investment in a research report issued on Friday, May 3rd. Roth Capital analyst H. Fong now anticipates that the insurance provider will post earnings of $0.61 per share for the quarter, up from their prior estimate of $0.59. The consensus estimate for MGIC Investment’s current full-year earnings is $2.48 per share. Roth Capital also issued estimates for MGIC Investment’s Q3 2024 earnings at $0.63 EPS, FY2024 earnings at $2.55 EPS, Q2 2025 earnings at $0.65 EPS, Q3 2025 earnings at $0.68 EPS, Q4 2025 earnings at $0.70 EPS and FY2025 earnings at $2.65 EPS.

MGIC Investment (NYSE:MTG) last posted its earnings results on Wednesday, May 1st. The insurance provider reported $0.65 EPS for the quarter, topping analysts’ consensus estimates of $0.60 by $0.05. MGIC Investment had a return on equity of 15.00% and a net margin of 62.85%. The company had revenue of $294.40 million for the quarter, compared to the consensus estimate of $301.62 million. During the same period in the previous year, the business earned $0.54 earnings per share. The firm’s revenue for the quarter was up 3.7% on a year-over-year basis.

Several other equities research analysts have also recently weighed in on the stock. Keefe, Bruyette & Woods restated a “market perform” rating and issued a $24.00 price target (up previously from $23.50) on shares of MGIC Investment in a research report on Thursday, April 4th. Royal Bank of Canada upped their target price on shares of MGIC Investment from $18.00 to $21.00 and gave the company a “sector perform” rating in a research report on Friday, February 2nd. Finally, Roth Mkm lifted their price target on MGIC Investment from $21.00 to $24.00 and gave the stock a “buy” rating in a research report on Friday, February 2nd. Five investment analysts have rated the stock with a hold rating and one has assigned a buy rating to the company’s stock. According to data from MarketBeat, MGIC Investment currently has an average rating of “Hold” and an average price target of $21.08.

MGIC Investment Stock Performance

NYSE:MTG opened at $20.64 on Monday. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.05 and a quick ratio of 0.98. The company has a market cap of $5.50 billion, a price-to-earnings ratio of 7.94, a PEG ratio of 1.70 and a beta of 1.24. MGIC Investment has a 1 year low of $13.97 and a 1 year high of $22.43. The stock’s 50 day simple moving average is $20.58 and its two-hundred day simple moving average is $19.26.

Hedge Funds Weigh In On MGIC Investment

Hedge funds have recently added to or reduced their stakes in the company. Asset Management One Co. Ltd. purchased a new stake in shares of MGIC Investment during the third quarter valued at $650,000. Xponance Inc. boosted its position in MGIC Investment by 12.4% in the 3rd quarter. Xponance Inc. now owns 39,550 shares of the insurance provider’s stock valued at $660,000 after buying an additional 4,368 shares during the period. Raymond James & Associates grew its stake in MGIC Investment by 6.1% in the 3rd quarter. Raymond James & Associates now owns 54,372 shares of the insurance provider’s stock worth $907,000 after acquiring an additional 3,108 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its position in shares of MGIC Investment by 33.1% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 67,808 shares of the insurance provider’s stock worth $1,132,000 after acquiring an additional 16,862 shares during the period. Finally, Strs Ohio raised its stake in shares of MGIC Investment by 1.4% during the third quarter. Strs Ohio now owns 159,005 shares of the insurance provider’s stock valued at $2,653,000 after acquiring an additional 2,212 shares in the last quarter. 95.58% of the stock is currently owned by institutional investors.

MGIC Investment Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, May 21st. Investors of record on Thursday, May 9th will be paid a dividend of $0.115 per share. The ex-dividend date of this dividend is Wednesday, May 8th. This represents a $0.46 dividend on an annualized basis and a dividend yield of 2.23%. MGIC Investment’s dividend payout ratio is presently 17.69%.

MGIC Investment Company Profile

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 District of Columbia, Puerto Rico, and Guam. 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.