I last wrote about
MGIC Investment Corporation (MTG
) in September. The company recently reported
net income for the quarter ended September 30, 2006 of $130.0 million, compared with the $142.4 million for the same quarter a year ago, a decrease of 8.7%. Diluted earnings per share was $1.55 for the quarter ending September 30, 2006, compared to $1.55 for the same quarter a year ago.
It is interesting to note that book value per share increased from $47.31 to $50.85 from Dec. 05 to Sept. 06, an increase of 7.48%.
Thus, MTG is on track to achieve better book value per share growth than I had conservatively predicted (8.5% per annum) in my previous analysis.
Additionally, management has been doing great job at buying back shares.
MTG 1-yr chart: