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MGIC Investment Corporation (NYSE:MTG ) Q3 2023 Earnings Conference Call November 1, 2023 10:00 AM ET Company Participants Dianna Higgins - Head of IR Tim Mattke - CEO Nathan Colson - CFO Conference Call Participants Bose George - KBW Nate Richam - Bank of America Scott Heleniak - RBC Capital Markets Eric Hagen - BTIG Operator Ladies and gentlemen, thank you for standing by, and welcome to the MGIC Investment Corporation Third Quarter 2023 Earnings Call. At this time, all lines have been placed on mute to prevent any background noise.
MGIC Investment (MTG) third-quarter earnings reflect higher insurance in force, premiums and net investment income, partially offset by an increase in expense.
The headline numbers for MGIC (MTG) give insight into how the company performed in the quarter ended September 2023, but it may be worthwhile to compare some of its key metrics to Wall Street estimates and the year-ago actuals.
MGIC (MTG) might move higher on growing optimism about its earnings prospects, which is reflected by its upgrade to a Zacks Rank #1 (Strong Buy).
Better pricing, product redesigns, technological advancement, high inflation and rate rise are expected to aid multiline insurers like MET, AIG, HIG, EG and MTG.
Solid insurance in force, a decline in loss and claims payments and lower delinquency poise MGIC Investment (MTG) for growth. However, an increase in underwriting and other expenses weigh on margins.
MGIC Investment (MTG) Q2 results reflect higher insurance in force and net investment income, partially offset by higher expenses and lower premiums.
The headline numbers for MGIC (MTG) give insight into how the company performed in the quarter ended June 2023, but it may be worthwhile to compare some of its key metrics to Wall Street estimates and the year-ago actuals.
MGIC Investment (MTG) came out with quarterly earnings of $0.68 per share, beating the Zacks Consensus Estimate of $0.55 per share. This compares to earnings of $0.81 per share a year ago.
Shares of MGIC Investment Corp. MTG, +0.33% rose 0.4% toward a 15-year high, after the mortgage insurance company raised its dividend by 15%. Shareholders of record on Aug. 10 will be paid, on Aug. 24, a quarterly dividend of 11.5 cents a share, which is up from a previous dividend of 10.0 cents a share.