MGIC Investment Corp. (MTG) reported quarterly earnings results on Tuesday, Jul-19-2016. The company said it had a profit of $0.26 Earnings per Share for the quarter. The results exceeded Wall Street expectations beating the analyst consensus estimate by $0.06. Analysts had a consensus of $0.20. The company posted revenue of $263.50 million in the period, compared to analysts expectations of $254.41 million. The company’s revenue was up 8.4% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.28 EPS.
Many Wall Street Analysts have commented on MGIC Investment Corp.. MGIC Investment Corp. was Upgraded by FBR Capital to ” Outperform” on Jun 30, 2016. Shares were Reiterated by Compass Point on May 10, 2016 to “Neutral” and Lowered the Price Target to $ 8.50 from a previous price target of $9 .
MGIC Investment Corp. closed down -0.02 points or -0.31% at $6.38 with 55,62,152 shares getting traded on Monday. Post opening the session at $6.4, the shares hit an intraday low of $6.32 and an intraday high of $6.43 and the price fluctuated in this range throughout the day.Shares ended Monday session in Red.
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.