MGIC Investment Q3 Earnings Surpass Estimates on Higher Revenues

Zacks11-05

MGIC Investment Corporation MTG reported third-quarter 2024 operating net income per share of 77 cents, which beat the Zacks Consensus Estimate by 15%. Moreover, the bottom line increased 20.3% year ...

Source Link

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

We need your insight to fill this gap

Leave a comment

{"i18n":{"language":"en_US"},"isChannel":false,"data":{"share":"https://ttm.financial/m/news/2481638504?lang=en_US&edition=fundamental","thumbnail":"https://s.yimg.com/uu/api/res/1.2/m7h8AcPROMromz5UJ5.5yQ--~B/aD00MDA7dz02MzU7YXBwaWQ9eXRhY2h5b24-/https://media.zenfs.com/en/zacks.com/76de46512b6b2ed03cb613b33bb84828","is_english":true,"pubTime":"2024-11-05 23:31","share_image_url":"https://static.laohu8.com/5f26f4a48f9cb3e29be4d71d3ba8c038","id":"2481638504","market":"us","top_or_hot":-1,"title":"MGIC Investment Q3 Earnings Surpass Estimates on Higher Revenues","media":"Zacks","content":"<div>\n<p>MGIC Investment Corporation MTG reported third-quarter 2024 operating net income per share of 77 cents, which beat the Zacks Consensus Estimate by 15%. Moreover, the bottom line increased 20.3% year ...</p>\n\n<a href=\"https://finance.yahoo.com/news/mgic-investment-q3-earnings-surpass-153100518.html\">Source Link</a>\n\n</div>\n","source":"yahoofinance","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>MGIC Investment Q3 Earnings Surpass Estimates on Higher Revenues</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nMGIC Investment Q3 Earnings Surpass Estimates on Higher Revenues\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-11-05 23:31 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://finance.yahoo.com/news/mgic-investment-q3-earnings-surpass-153100518.html><strong>Zacks</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>MGIC Investment Corporation MTG reported third-quarter 2024 operating net income per share of 77 cents, which beat the Zacks Consensus Estimate by 15%. Moreover, the bottom line increased 20.3% year ...</p>\n\n<a href=\"https://finance.yahoo.com/news/mgic-investment-q3-earnings-surpass-153100518.html\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"MGIC","symbol_name":"Magic Software Enterprises Ltd","start_time":0,"source_url":"https://finance.yahoo.com/news/mgic-investment-q3-earnings-surpass-153100518.html","article_id":"2481638504","we_media_id":null,"thumbnails":["https://s.yimg.com/uu/api/res/1.2/m7h8AcPROMromz5UJ5.5yQ--~B/aD00MDA7dz02MzU7YXBwaWQ9eXRhY2h5b24-/https://media.zenfs.com/en/zacks.com/76de46512b6b2ed03cb613b33bb84828"],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2481638504","pubTimestamp":1730820660,"sourceInfo":{"source_id":"yahoofinance","name":"雅虎金融"},"weMediaInfo":null,"summary":"MGIC Investment Corporation MTG reported third-quarter 2024 operating net income per share of 77 cents, which beat the Zacks Consensus Estimate by 15%. Moreover, the bottom line increased 20.3% year over year.Stay up-to-date with all quarterly releases: See Zacks Earnings Calendar.The quarterly results reflected higher new insurance written and improved net investment income, partially offset by lower insurance in force.MGIC Investment recorded total operating revenues of $306 million, which increased 3% year over year on higher net investment income, net premiums earned and other revenues. The top line matched the consensus mark.MGIC Investment Corporation Price, Consensus and EPS Surprise. MGIC Investment Corporation price-consensus-eps-surprise-chart | MGIC Investment Corporation Quote. The Hartford Financial Services Group, Inc. HIG reported third-quarter 2024 adjusted operating earnings of $2.53 per share, which beat the Zack","collect":0,"end_time":0,"defaultTopTitle":"yahoo.com","property":["earning"],"viewcount":null,"language":"en","relate_stocks":{"MGIC":"Magic Software Enterprises Ltd","HIG":"哈特福德金融","MTG":"MGIC Investment Corp"},"translate_title":"MGIC Investment第三季度收益因收入增加而超出预期","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"MGIC":1,"MTG":1,"HIG":0.9},"content_text":"MGIC Investment Corporation MTG reported third-quarter 2024 operating net income per share of 77 cents, which beat the Zacks Consensus Estimate by 15%. Moreover, the bottom line increased 20.3% year over year.Stay up-to-date with all quarterly releases: See Zacks Earnings Calendar.The quarterly results reflected higher new insurance written and improved net investment income, partially offset by lower insurance in force.MGIC Investment recorded total operating revenues of $306 million, which increased 3% year over year on higher net investment income, net premiums earned and other revenues. The top line matched the consensus mark.\n\nMGIC Investment Corporation Price, Consensus and EPS Surprise\n  \nMGIC Investment Corporation price-consensus-eps-surprise-chart | MGIC Investment Corporation Quote\n\nOperational Update\nInsurance in force decreased 0.5% from the prior-year quarter to $292.8 billion. The figure matched the Zacks Consensus Estimate as well as our estimate.The insurer witnessed a 1.5% increase in primary delinquency to 25,089 loans.Net premiums written decreased 0.2% year over year to $234 million. The figure was lower than our estimate of $237.3 million.Net investment income increased 12.1% year over year to $62 million. Our estimate was $64.5 million. The Zacks Consensus Estimate was pegged at $64 million.Persistency — the percentage of insurance remaining in force from one year prior — was 85.3%   as of Sept. 30, 2024, down from 86.3% in the year-ago quarter.New insurance written was $17.2 billion, up 17.8% year over year.Net underwriting and other expenses totaled $53.3 million, up 0.6% year over year.For the quarter under review, the loss ratio was 4% compared with 0% for the third quarter of 2023.\nFinancial Update\nBook value per share, a measure of net worth, increased 19% year over year to $20.66 as of Sept. 30, 2024.Shareholder equity was $5.3 billion as of Sept. 30, 2024, up 4.3% from 2023-end.MGIC Investment's PMIERs Available Assets totaled $6 billion, or $2.5 billion above its Minimum Required Assets as of Sept. 30, 2024.Assets were $6.7 billion as of Sept. 30, 2024, up 2.1% from 2023-end. Debt was $644 million as of Sept. 30, 2024, up 0.1% from the 2023-end level.\nCapital Deployment\nThe company bought back 5.2 million shares in the third quarter for $122.9 million. In the 12 months ended Sept. 30, 2024, MGIC Investment paid $650 million in dividends to the holding company.In October, MTG repurchased an additional 2.9 million shares for $72.4 million.The board also declared a dividend of 13 cents per share to shareholders to be paid on Nov. 21, 2024, to shareholders of record as of Nov. 7, 2024.\nZacks Rank\nMGIC Investment currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.\nPerformance of Some Other Multi-Line Insurers\nThe Hartford Financial Services Group, Inc. HIG reported third-quarter 2024 adjusted operating earnings of $2.53 per share, which beat the Zacks Consensus Estimate by 1.6%. The bottom line increased 10.5% year over year. Operating revenues of HIG amounted to $4.7 billion, which improved 10.9% year over year in the quarter under review. The top line beat the consensus mark by 1.1%. Earned premiums of Hartford Financial rose 8% year over year to $5.7 billion in the third quarter but missed the Zacks Consensus Estimate by 0.4%. The metric was driven by a 10.7% and 1.6% year-over-year rise in P&C and Group Benefits’ earned premiums, respectively.Pre-tax net investment income of $659 million grew 10% year over year and beat the consensus mark by 5.9%. Total benefits, losses and expenses increased 8.3% year over year to $5.8 billion in the quarter under review. Pretax income of $952 million increased 17.1% year over year in the third quarter.Prudential Financial, Inc. PRU reported third-quarter 2024 adjusted operating income of $3.48 per share, which beat the Zacks Consensus Estimate by 0.2%. However, the bottom line decreased 3.8% year over year. Total revenues of $19.5 billion surged 94% year over year and beat the Zacks Consensus Estimate by 33.7%. Total benefits and expenses amounted to $17.8 billion, which doubled year over year in the third quarter. Prudential Global Investment Management’s (PGIM) adjusted operating income of $241 million in the reported quarter increased 14.2% year over year. The figure was higher than our estimate of $221.4 million. The Zacks Consensus Estimate was $223 million. PGIM assets under management of $1.400 trillion increased 15% year over year. The U.S. Businesses delivered an adjusted operating income of $1.108 billion, which increased 1.8% year over year. The figure was higher than both Zacks Consensus Estimate and our estimate of $1 billion. International Businesses adjusted operating income decreased 5.5% year over year to $766 million in the third quarter.Everest Group, Ltd.’s EG third-quarter 2024 operating income of $14.62 per share missed the Zacks Consensus Estimate by 22.7%. The bottom line jumped 3.4% year over year. Everest Group’s total operating revenues of $4.3 billion climbed 6.5% year over year on higher premiums earned and net investment income. The top line however missed the consensus mark by 4.4%. Gross written premiums improved 0.8% year over year to $4.2 billion, driven by 1.7% growth in Reinsurance, partially offset by a 2.1% decline in Insurance. Our estimate was $5.3 billion. Net investment income was $496 million, which surged 22.2% year over year. Our estimate was $412 million. The Zacks Consensus Estimate was pegged at $478 million. Total claims and expenses rose 13.5% to $3.7 billion. Our estimate was $3.9 billion. Underwriting income was $272 million, which declined 9.6% year over year.\nWant the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report\nThe Hartford Financial Services Group, Inc. (HIG) : Free Stock Analysis Report\nMGIC Investment Corporation (MTG) : Free Stock Analysis Report\nPrudential Financial, Inc. (PRU) : Free Stock Analysis Report\nEverest Group, Ltd. (EG) : Free Stock Analysis Report\nTo read this article on Zacks.com click here.\nZacks Investment Research","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.1","shortVersion":"4.29.1","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2481638504"}