MGIC Investment FY2024 EPS Forecast Raised by Zacks Research

MGIC Investment Co. (NYSE:MTG) – Research analysts at Zacks Research raised their FY2024 earnings per share (EPS) estimates for MGIC Investment in a research report issued on Monday, November 25th. Zacks Research analyst R. Department now anticipates that the insurance provider will earn $2.84 per share for the year, up from their prior forecast of $2.71. The consensus estimate for MGIC Investment’s current full-year earnings is $2.81 per share. Zacks Research also issued estimates for MGIC Investment’s Q1 2025 earnings at $0.61 EPS, Q2 2025 earnings at $0.66 EPS, Q3 2025 earnings at $0.66 EPS, Q4 2025 earnings at $0.69 EPS, FY2025 earnings at $2.63 EPS, Q1 2026 earnings at $0.61 EPS, Q2 2026 earnings at $0.65 EPS, Q3 2026 earnings at $0.69 EPS and FY2026 earnings at $2.63 EPS.

Several other brokerages also recently commented on MTG. Roth Mkm boosted their target price on MGIC Investment from $24.00 to $30.00 and gave the stock a “buy” rating in a research note on Friday, August 2nd. Royal Bank of Canada reduced their price target on MGIC Investment from $28.00 to $27.00 and set a “sector perform” rating on the stock in a report on Wednesday, November 6th. Barclays raised their price objective on shares of MGIC Investment from $23.00 to $24.00 and gave the company an “equal weight” rating in a report on Tuesday, October 8th. Finally, BTIG Research boosted their target price on shares of MGIC Investment from $22.00 to $25.00 and gave the stock a “buy” rating in a report on Monday, August 5th. Three equities research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $25.50.

MGIC Investment Price Performance

Shares of NYSE:MTG opened at $26.11 on Wednesday. The firm has a 50 day moving average of $25.24 and a 200-day moving average of $23.66. MGIC Investment has a 12 month low of $17.31 and a 12 month high of $26.56. The company has a current ratio of 1.25, a quick ratio of 1.25 and a debt-to-equity ratio of 0.12. The stock has a market capitalization of $6.62 billion, a PE ratio of 9.19, a PEG ratio of 1.91 and a beta of 1.28.

MGIC Investment (NYSE:MTG) last released its earnings results on Monday, November 4th. The insurance provider reported $0.77 earnings per share for the quarter, beating analysts’ consensus estimates of $0.66 by $0.11. MGIC Investment had a return on equity of 14.99% and a net margin of 64.09%. The firm had revenue of $306.65 million during the quarter, compared to the consensus estimate of $306.03 million. During the same period in the prior year, the company posted $0.64 EPS. The company’s revenue was up 3.4% compared to the same quarter last year.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the business. Dimensional Fund Advisors LP boosted its position in shares of MGIC Investment by 3.8% during the 2nd quarter. Dimensional Fund Advisors LP now owns 15,145,206 shares of the insurance provider’s stock valued at $326,375,000 after purchasing an additional 556,859 shares in the last quarter. State Street Corp grew its position in shares of MGIC Investment by 0.8% during the 3rd quarter. State Street Corp now owns 9,092,453 shares of the insurance provider’s stock worth $232,767,000 after buying an additional 73,851 shares during the period. American Century Companies Inc. increased its stake in shares of MGIC Investment by 1.5% in the 2nd quarter. American Century Companies Inc. now owns 3,395,208 shares of the insurance provider’s stock valued at $73,167,000 after acquiring an additional 50,307 shares in the last quarter. Franklin Resources Inc. lifted its position in shares of MGIC Investment by 6.5% during the 3rd quarter. Franklin Resources Inc. now owns 1,621,838 shares of the insurance provider’s stock valued at $41,836,000 after acquiring an additional 98,369 shares during the period. Finally, Los Angeles Capital Management LLC boosted its stake in MGIC Investment by 0.3% during the second quarter. Los Angeles Capital Management LLC now owns 1,438,727 shares of the insurance provider’s stock worth $31,005,000 after acquiring an additional 4,602 shares in the last quarter. 95.58% of the stock is owned by institutional investors.

MGIC Investment Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, November 21st. Shareholders of record on Thursday, November 7th were given a dividend of $0.13 per share. The ex-dividend date was Thursday, November 7th. This represents a $0.52 dividend on an annualized basis and a yield of 1.99%. MGIC Investment’s dividend payout ratio (DPR) is currently 18.31%.

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.