Q2 2024 Earnings Estimate for MGIC Investment Co. (NYSE:MTG) Issued By Zacks Research

MGIC Investment Co. (NYSE:MTG) – Equities research analysts at Zacks Research lifted their Q2 2024 EPS estimates for shares of MGIC Investment in a report issued on Wednesday, May 22nd. Zacks Research analyst R. Department now expects that the insurance provider will post earnings per share of $0.61 for the quarter, up from their prior forecast of $0.60. The consensus estimate for MGIC Investment’s current full-year earnings is $2.51 per share. Zacks Research also issued estimates for MGIC Investment’s Q3 2024 earnings at $0.62 EPS, Q4 2024 earnings at $0.62 EPS, FY2024 earnings at $2.49 EPS, Q1 2025 earnings at $0.63 EPS, Q2 2025 earnings at $0.69 EPS, Q3 2025 earnings at $0.43 EPS, Q4 2025 earnings at $0.83 EPS, FY2025 earnings at $2.58 EPS and Q1 2026 earnings at $0.75 EPS.

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

MTG has been the subject of several other reports. Royal Bank of Canada lifted their target price on shares of MGIC Investment from $18.00 to $21.00 and gave the stock a “sector perform” rating in a research note on Friday, February 2nd. Keefe, Bruyette & Woods reaffirmed a “market perform” rating and issued a $24.00 target price (up from $23.50) on shares of MGIC Investment in a research note on Thursday, April 4th. Roth Mkm lifted their target price on shares of MGIC Investment from $21.00 to $24.00 and gave the stock a “buy” rating in a research note on Friday, February 2nd. Finally, UBS Group lifted their target price on shares of MGIC Investment from $21.00 to $22.00 and gave the stock a “neutral” rating in a research note on Wednesday. Five investment analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. According to data from MarketBeat, MGIC Investment has a consensus rating of “Hold” and a consensus price target of $21.67.

MGIC Investment Stock Up 0.8 %

MTG stock opened at $20.56 on Thursday. The stock has a market capitalization of $5.48 billion, a P/E ratio of 7.91, a PEG ratio of 7.03 and a beta of 1.24. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.05 and a current ratio of 1.05. MGIC Investment has a one year low of $14.73 and a one year high of $22.43. The company has a 50 day moving average price of $20.82 and a two-hundred day moving average price of $19.65.

MGIC Investment Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, May 21st. Stockholders of record on Thursday, May 9th were paid a dividend of $0.115 per share. The ex-dividend date of this dividend was Wednesday, May 8th. This represents a $0.46 annualized dividend and a dividend yield of 2.24%. MGIC Investment’s dividend payout ratio is presently 17.69%.

Institutional Trading of MGIC Investment

Institutional investors have recently made changes to their positions in the stock. Adams Wealth Management lifted its holdings in shares of MGIC Investment by 21.1% during the 1st quarter. Adams Wealth Management now owns 107,826 shares of the insurance provider’s stock valued at $2,411,000 after acquiring an additional 18,801 shares in the last quarter. EMC Capital Management lifted its holdings in shares of MGIC Investment by 67.0% during the 1st quarter. EMC Capital Management now owns 33,093 shares of the insurance provider’s stock valued at $740,000 after acquiring an additional 13,279 shares in the last quarter. Comerica Bank lifted its holdings in shares of MGIC Investment by 15.0% during the 1st quarter. Comerica Bank now owns 151,939 shares of the insurance provider’s stock valued at $3,397,000 after acquiring an additional 19,841 shares in the last quarter. Virtus Investment Advisers Inc. acquired a new position in shares of MGIC Investment during the 1st quarter valued at $469,000. Finally, Public Employees Retirement System of Ohio lifted its holdings in shares of MGIC Investment by 1.4% during the 1st quarter. Public Employees Retirement System of Ohio now owns 189,400 shares of the insurance provider’s stock valued at $4,235,000 after acquiring an additional 2,580 shares in the last quarter. 95.58% of the stock is owned by hedge funds and other institutional investors.

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.