MGIC Investment Corp. (MTG) reported quarterly earnings results on Tuesday, Apr-19-2016. The company reported $0.17 earnings per share for the quarter, missing the analyst consensus estimate by $-0.05. Analysts had a consensus of $0.22. The company posted revenue of $258.60 million in the period, compared to analysts expectations of $258.57 million. The company’s revenue was down -4.3% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.32 EPS.
Many Wall Street Analysts have commented on MGIC Investment Corp.. Deutsche Bank Initiated MGIC Investment Corp. on Apr 5, 2016 to “Hold”, Price Target of the shares are set at $9.Shares were Reiterated by FBR Capital on Jan 22, 2016 to “Mkt Perform” and Lowered the Price Target to $ 7 from a previous price target of $11 .Shares were Reiterated by MKM Partners on Jan 21, 2016 to “Buy” and Lowered the Price Target to $ 10 from a previous price target of $13 .
MGIC Investment Corp. opened for trading at $7.65 and hit $7.81 on the upside on Monday, eventually ending the session at $7.79, with a gain of 1.17% or 0.09 points. The heightened volatility saw the trading volume jump to 39,32,094 shares. Company has a market cap of $2,649 M.
In a different news, on Feb 11, 2016, Cassandra C Carr (director) purchased 5,000 shares at $6.35 per share price. According to the SEC, on Jan 28, 2016, C Edward Chaplin (director) purchased 5,000 shares at $6.40 per share price. On Jan 28, 2016, James J. Hughes (SVP-Sales & Bus. Development) purchased 10,000 shares at $6.38 per share price, according to the Form-4 filing with the securities and exchange commission.
MGIC Investment Corporation is a holding company. Through its wholly owned subsidiaries the Company provides private mortgage insurance and ancillary services. The Companys subsidiaries include Mortgage Guaranty Insurance Corporation (MGIC) and MGIC Indemnity Corporation (MIC). 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. Its principal product is primary mortgage insurance. Primary insurance provides mortgage default protection on individual loans and covers unpaid loan principal delinquent interest and certain expenses associated with the default and subsequent foreclosure or sale approved by the Company. Through certain other non-insurance subsidiaries it also provides various services for the mortgage finance industry such as contract underwriting and portfolio analysis and retention.