MGIC Investment Corp. (MTG) announced its most recent quarterly financial results on Tuesday, Oct-18-2016. MTG said it had a profit of $0.25 Earnings per Share for the quarter. The results exceeded Wall Street expectations beating the analyst consensus estimate by $0.05. Analysts had a consensus of $0.20. The company posted revenue of $273.90 million in the period, compared to analysts expectations of $259.57 million. MTG’s revenue was up 1.6% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.29 EPS.
Many Wall Street Analysts have commented on MGIC Investment Corp.. MGIC Investment Corp. was Initiated by BofA/Merrill to “Buy” on Oct 17, 2016.
MGIC Investment Corp. opened for trading at $8.02 and hit $8.14 on the upside on Friday, eventually ending the session at $7.99, with a gain of 0.38% or 0.03 points. The heightened volatility saw the trading volume jump to 31,69,721 shares. Company has a market cap of $2,722 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.