B. Riley Weighs in on MGIC Investment Co.’s FY2023 Earnings (NYSE:MTG)

MGIC Investment Co. (NYSE:MTG) – Research analysts at B. Riley issued their FY2023 earnings estimates for shares of MGIC Investment in a note issued to investors on Friday, September 10th. B. Riley analyst C. Johnson expects that the insurance provider will earn $2.25 per share for the year. B. Riley has a “Buy” rating and a $18.00 price objective on the stock.

A number of other equities analysts have also recently issued reports on MTG. Royal Bank of Canada increased their target price on MGIC Investment from $15.00 to $16.00 and gave the stock a “sector perform” rating in a report on Friday, August 6th. Zacks Investment Research cut MGIC Investment from a “buy” rating to a “hold” rating and set a $16.00 target price for the company. in a report on Tuesday. Finally, Barclays increased their price objective on shares of MGIC Investment from $18.00 to $19.00 and gave the stock an “overweight” rating in a research note on Friday, August 6th. Two equities research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Buy” and a consensus target price of $16.13.

MTG stock opened at $14.88 on Monday. The stock has a 50-day moving average price of $14.41 and a two-hundred day moving average price of $14.14. The stock has a market cap of $5.05 billion, a PE ratio of 8.80, a price-to-earnings-growth ratio of 1.73 and a beta of 1.76. The company has a current ratio of 0.34, a quick ratio of 0.34 and a debt-to-equity ratio of 0.25. MGIC Investment has a 1 year low of $8.29 and a 1 year high of $15.68.

MGIC Investment (NYSE:MTG) last released its quarterly earnings data on Wednesday, August 4th. The insurance provider reported $0.44 EPS for the quarter, beating the Zacks’ consensus estimate of $0.42 by $0.02. The business had revenue of $297.80 million during the quarter, compared to analysts’ expectations of $291.76 million. MGIC Investment had a net margin of 49.02% and a return on equity of 12.70%. The firm’s quarterly revenue was up 1.4% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.03 EPS.

Several institutional investors and hedge funds have recently made changes to their positions in the company. Parametric Portfolio Associates LLC increased its holdings in shares of MGIC Investment by 1.9% during the second quarter. Parametric Portfolio Associates LLC now owns 1,129,862 shares of the insurance provider’s stock worth $15,366,000 after purchasing an additional 20,601 shares during the period. Marshall Wace LLP bought a new position in MGIC Investment in the second quarter valued at approximately $19,040,000. Morgan Stanley increased its stake in MGIC Investment by 40.5% in the second quarter. Morgan Stanley now owns 5,051,158 shares of the insurance provider’s stock valued at $68,696,000 after acquiring an additional 1,456,019 shares during the last quarter. Thrivent Financial for Lutherans increased its stake in MGIC Investment by 54.9% in the second quarter. Thrivent Financial for Lutherans now owns 1,175,555 shares of the insurance provider’s stock valued at $15,987,000 after acquiring an additional 416,493 shares during the last quarter. Finally, Colony Group LLC bought a new position in MGIC Investment in the second quarter valued at approximately $150,000. 94.48% of the stock is currently owned by institutional investors.

The firm also recently announced a quarterly dividend, which was paid on Thursday, August 26th. Stockholders of record on Thursday, August 12th were issued a dividend of $0.08 per share. The ex-dividend date of this dividend was Wednesday, August 11th. This is a boost from MGIC Investment’s previous quarterly dividend of $0.06. This represents a $0.32 annualized dividend and a dividend yield of 2.15%. MGIC Investment’s dividend payout ratio (DPR) is currently 24.24%.

About MGIC Investment

MGIC Investment Corp. is a private mortgage insurer that serves lenders throughout the United States, and Puerto Rico. It also provides lenders with underwriting and other services and products related to home mortgage lending through its subsidiaries, such as Mortgage Guaranty Insurance Corp. and MGIC Indemnity Corp.

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