Zacks: Brokerages Anticipate MGIC Investment Corporation (MTG) Will Post Earnings of $0.26 Per Share

Wall Street brokerages forecast that MGIC Investment Corporation (NYSE:MTG) will post earnings of $0.26 per share for the current quarter, Zacks reports. Zero analysts have made estimates for MGIC Investment Corporation’s earnings. The lowest EPS estimate is $0.26 and the highest is $0.27. MGIC Investment Corporation reported earnings of $0.25 per share in the same quarter last year, which indicates a positive year over year growth rate of 4%. The firm is scheduled to announce its next quarterly earnings results on Tuesday, October 17th.

According to Zacks, analysts expect that MGIC Investment Corporation will report full-year earnings of $1.13 per share for the current financial year, with EPS estimates ranging from $1.09 to $1.15. For the next year, analysts forecast that the firm will report earnings of $1.12 per share, with EPS estimates ranging from $1.10 to $1.16. Zacks Investment Research’s EPS calculations are an average based on a survey of sell-side research firms that follow MGIC Investment Corporation.

MGIC Investment Corporation (NYSE:MTG) last issued its earnings results on Thursday, July 20th. The insurance provider reported $0.31 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.25 by $0.06. The company had revenue of $263.31 million during the quarter, compared to analyst estimates of $263.43 million. MGIC Investment Corporation had a net margin of 34.99% and a return on equity of 16.56%. The company’s revenue for the quarter was down .1% on a year-over-year basis. During the same quarter last year, the business posted $0.26 EPS.

Several research analysts have recently weighed in on the stock. BTIG Research reiterated a “buy” rating and issued a $14.00 price target (up previously from $12.00) on shares of MGIC Investment Corporation in a report on Saturday, July 22nd. ValuEngine upgraded shares of MGIC Investment Corporation from a “buy” rating to a “strong-buy” rating in a report on Friday, June 2nd. BidaskClub upgraded shares of MGIC Investment Corporation from a “hold” rating to a “buy” rating in a report on Friday, August 18th. Zacks Investment Research upgraded shares of MGIC Investment Corporation from a “hold” rating to a “buy” rating and set a $13.00 price target for the company in a report on Tuesday, August 22nd. Finally, Deutsche Bank AG upped their price target on shares of MGIC Investment Corporation from $13.00 to $13.50 and gave the company a “buy” rating in a report on Friday, July 21st. One analyst has rated the stock with a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company’s stock. The stock presently has an average rating of “Buy” and an average price target of $12.25.

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Shares of MGIC Investment Corporation (NYSE:MTG) opened at 11.91 on Tuesday. The firm has a market cap of $4.41 billion, a price-to-earnings ratio of 12.27 and a beta of 2.23. The firm’s 50 day moving average is $11.51 and its 200-day moving average is $11.01. MGIC Investment Corporation has a 52 week low of $7.78 and a 52 week high of $12.25.

Institutional investors and hedge funds have recently modified their holdings of the company. James Investment Research Inc. raised its position in shares of MGIC Investment Corporation by 304.4% in the second quarter. James Investment Research Inc. now owns 164,289 shares of the insurance provider’s stock valued at $1,840,000 after purchasing an additional 123,667 shares during the period. Evanston Investments Inc. dba Evanston Advisors raised its position in shares of MGIC Investment Corporation by 3.4% in the second quarter. Evanston Investments Inc. dba Evanston Advisors now owns 285,807 shares of the insurance provider’s stock valued at $3,201,000 after purchasing an additional 9,521 shares during the period. BlackRock Inc. raised its position in shares of MGIC Investment Corporation by 26,215.6% in the first quarter. BlackRock Inc. now owns 24,922,469 shares of the insurance provider’s stock valued at $252,464,000 after purchasing an additional 24,827,763 shares during the period. Rhumbline Advisers raised its position in shares of MGIC Investment Corporation by 6.6% in the second quarter. Rhumbline Advisers now owns 496,083 shares of the insurance provider’s stock valued at $5,556,000 after purchasing an additional 30,678 shares during the period. Finally, Prudential Financial Inc. raised its position in shares of MGIC Investment Corporation by 40.9% in the second quarter. Prudential Financial Inc. now owns 2,426,760 shares of the insurance provider’s stock valued at $27,180,000 after purchasing an additional 704,210 shares during the period. 89.58% of the stock is currently owned by institutional investors.

MGIC Investment Corporation Company Profile

MGIC Investment Corporation is a holding company. The Company, through its subsidiaries, provides private mortgage insurance and ancillary services. The Company provides mortgage insurance to lenders throughout the United States and to government-sponsored entities to protect against loss from defaults on low down payment residential mortgage loans.

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