MGIC Investment (NYSE:MTG) Shares Gap Up Following Earnings Beat

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MGIC Investment Corp. (NYSE:MTG) gapped up prior to trading on Tuesday following a stronger than expected earnings report. The stock had previously closed at $13.41, but opened at $13.74. MGIC Investment shares last traded at $14.16, with a volume of 6,960,632 shares trading hands.

The insurance provider reported $0.48 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.42 by $0.06. The firm had revenue of $318.38 million during the quarter, compared to analyst estimates of $299.00 million. MGIC Investment had a net margin of 56.84% and a return on equity of 17.55%. MGIC Investment’s revenue was up 9.6% on a year-over-year basis. During the same period last year, the firm posted $0.48 EPS.

MTG has been the subject of a number of recent research reports. ValuEngine raised shares of MGIC Investment from a “strong sell” rating to a “sell” rating in a research report on Wednesday, September 4th. B. Riley reissued a “buy” rating on shares of MGIC Investment in a research report on Tuesday, October 15th. Finally, Zacks Investment Research raised shares of MGIC Investment from a “hold” rating to a “buy” rating and set a $14.00 price target for the company in a research report on Friday, October 11th. One analyst has rated the stock with a sell rating and four have assigned a buy rating to the stock. The stock presently has an average rating of “Buy” and a consensus price target of $15.33.

In other MGIC Investment news, Director Daniel A. Arrigoni purchased 5,000 shares of MGIC Investment stock in a transaction on Monday, August 5th. The stock was bought at an average cost of $12.29 per share, with a total value of $61,450.00. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Company insiders own 0.81% of the company’s stock.

A number of institutional investors and hedge funds have recently bought and sold shares of MTG. APG Asset Management N.V. raised its position in MGIC Investment by 29.3% during the 2nd quarter. APG Asset Management N.V. now owns 11,918,400 shares of the insurance provider’s stock worth $137,520,000 after buying an additional 2,700,000 shares during the last quarter. Point72 Asset Management L.P. raised its position in MGIC Investment by 47.2% during the 2nd quarter. Point72 Asset Management L.P. now owns 6,094,043 shares of the insurance provider’s stock worth $80,076,000 after buying an additional 1,954,265 shares during the last quarter. Panagora Asset Management Inc. raised its position in MGIC Investment by 98.2% during the 2nd quarter. Panagora Asset Management Inc. now owns 2,368,094 shares of the insurance provider’s stock worth $31,117,000 after buying an additional 1,173,328 shares during the last quarter. D. E. Shaw & Co. Inc. raised its position in MGIC Investment by 155.3% during the 2nd quarter. D. E. Shaw & Co. Inc. now owns 1,928,631 shares of the insurance provider’s stock worth $25,342,000 after buying an additional 1,173,227 shares during the last quarter. Finally, Grantham Mayo Van Otterloo & Co. LLC raised its position in MGIC Investment by 278.9% during the 2nd quarter. Grantham Mayo Van Otterloo & Co. LLC now owns 1,404,000 shares of the insurance provider’s stock worth $18,449,000 after buying an additional 1,033,500 shares during the last quarter. 92.89% of the stock is owned by institutional investors.

The company has a current ratio of 0.36, a quick ratio of 0.36 and a debt-to-equity ratio of 0.21. The company has a market capitalization of $4.79 billion, a PE ratio of 7.96, a price-to-earnings-growth ratio of 1.59 and a beta of 1.52. The business’s 50-day simple moving average is $12.95 and its 200-day simple moving average is $13.36.

About MGIC Investment (NYSE:MTG)

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 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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