Mgic Investment Corp Reports Results For The Quarter Ended In March: Earnings Summary

MGIC Investment

02/05/2024 06:54

* MGIC Investment Corp  MTG.N  reported quarterly adjusted
earnings of 65 cents​​ per share for the quarter ended in March,
higher than the same quarter last year, when the company
reported EPS of 54 cents.  The mean expectation of nine analysts
for the quarter was for earnings of 60 cents per share. Wall
Street expected results to range from 58 cents to 67 cents per
share.
    * Revenue rose 3.7% to $294.36 million from a year ago;
analysts
expected $300.51 million. 
    * MGIC Investment Corp's reported EPS for the quarter was 64
cents​.
    * The company reported quarterly net income of $174.1
million.
    * MGIC Investment Corp shares had fallen by 8.1% this
quarter and
gained 6.5% so far this year.

FORECAST CHANGES
    * The mean earnings estimate of analysts had risen by
about 2% in
the last three months.​ 
    * In the last 30 days, there have been no negative revisions
of
earnings estimates

RECOMMENDATIONS
    * The current average analyst rating on the shares is "buy"
and
the breakdown of recommendations is 5 "strong buy" or "buy," 4
"hold" and no "sell" or "strong sell." 
    * The average consensus recommendation for the property &
casualty
insurance peer group is also "buy"

Wall Street's median 12-month price target for MGIC Investment
Corp is $22.25 
This summary was machine generated from LSEG data May 2 at 05:54
a.m. UTC. ​All figures in US dollars unless otherwise stated.
(For questions concerning the data in this report, contact
Estimates.Support@lseg.com. For any other questions or feedback,
contact RefinitivNewsSupport@thomsonreuters.com) QUARTER ENDING    ESTIMATE       ACTUAL         BEAT, MET,
                                                 MISSED
 Mar. 31 2024      0.60           0.65           Beat
 Dec. 31 2023      0.57           0.67           Beat
 Sep. 30 2023      0.56           0.64           Beat
 Jun. 30 2023      0.53           0.68           Beat