These Analysts Increase Their Forecasts On MGIC Investment Following Q4 Results

Author: Avi Kapoor | February 02, 2024 02:25pm

MGIC Investment Corporation (NYSE:MTG) reported better-than-expected fourth-quarter earnings after the closing bell on Wednesday.

MGIC Investment posted adjusted earnings of 67 cents per share, beating market estimates of 57 cents per share. The company’s quarterly sales came in at $283.96 million versus expectations of $292.72 million, according to data from Benzinga Pro.

Tim Mattke, CEO of MTG and Mortgage Guaranty Insurance Corporation ("MGIC") said, "The fourth quarter capped another successful year. In 2023, we again delivered excellent financial results, and returned meaningful capital to our shareholders. During the year, we remained committed to delivering long-term value for our shareholders, disciplined in our approach to the market, and focused on through-the-cycle performance. We enter 2024 with financial strength and capital flexibility, and we are excited for the opportunities that the new year will bring."

MGIC Investment shares fell 0.4% to trade at $19.90 on Friday.

These analysts made changes to their price targets on MGIC Investment after the company reported quarterly results.

• RBC Capital raised the price target on MGIC Investment from $18 to $21. RBC Capital analyst Scott Heleniak maintained a Sector Perform rating.
• Roth MKM increased MGIC Investment price target from $21 to $24. Roth MKM analyst Harry Fong maintained a Buy rating.

 

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Posted In: MTG