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

MGIC Investment Co. (NYSE:MTG) – Stock analysts at Roth Capital lifted their Q2 2024 earnings per share (EPS) estimates for shares of MGIC Investment in a research note issued on Friday, May 3rd. Roth Capital analyst H. Fong now anticipates that the insurance provider will post earnings per share of $0.61 for the quarter, up from their prior forecast 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 issued its earnings results on Wednesday, May 1st. The insurance provider reported $0.65 earnings per share (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 analysts’ expectations of $301.62 million. During the same period last year, the business earned $0.54 EPS. MGIC Investment’s quarterly revenue was up 3.7% compared to the same quarter last year.

MTG has been the subject of a number of other reports. Royal Bank of Canada increased their price target on MGIC Investment from $18.00 to $21.00 and gave the company a “sector perform” rating in a research report on Friday, February 2nd. Keefe, Bruyette & Woods reissued a “market perform” rating and issued a $24.00 price target (up from $23.50) on shares of MGIC Investment in a research report on Thursday, April 4th. Finally, Roth Mkm increased their price target on MGIC Investment from $21.00 to $24.00 and gave the company a “buy” rating in a research report on Friday, February 2nd. Five research analysts have rated the stock with a hold rating and one has given a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $21.08.

MGIC Investment Price Performance

Shares of MTG opened at $21.20 on Monday. The stock has a market cap of $5.65 billion, a P/E ratio of 8.15, a P/E/G ratio of 1.67 and a beta of 1.24. The business’s fifty day moving average is $20.65 and its 200 day moving average is $19.32. MGIC Investment has a 12-month low of $14.51 and a 12-month high of $22.43. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.13.

MGIC Investment Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, May 21st. Stockholders of record on Thursday, May 9th will be given a dividend of $0.115 per share. This represents a $0.46 annualized dividend and a dividend yield of 2.17%. The ex-dividend date is Wednesday, May 8th. MGIC Investment’s dividend payout ratio is presently 17.69%.

Institutional Investors Weigh In On MGIC Investment

Several large investors have recently made changes to their positions in MTG. Norges Bank purchased a new stake in MGIC Investment in the 4th quarter worth about $62,047,000. NFC Investments LLC purchased a new stake in MGIC Investment in the 4th quarter worth about $37,183,000. Invesco Ltd. increased its holdings in MGIC Investment by 47.3% in the 3rd quarter. Invesco Ltd. now owns 3,174,560 shares of the insurance provider’s stock worth $52,983,000 after acquiring an additional 1,019,759 shares during the last quarter. AQR Capital Management LLC increased its holdings in MGIC Investment by 30.3% in the 3rd quarter. AQR Capital Management LLC now owns 4,233,477 shares of the insurance provider’s stock worth $70,657,000 after acquiring an additional 985,512 shares during the last quarter. Finally, LSV Asset Management increased its holdings in MGIC Investment by 8.5% in the 3rd quarter. LSV Asset Management now owns 10,427,565 shares of the insurance provider’s stock worth $174,036,000 after acquiring an additional 820,182 shares during the last quarter. 95.58% of the stock is owned by hedge funds and other institutional investors.

About MGIC Investment

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.