- MGIC Investment's (MTG +1.3%) Q3 earnings got a boost from a loss reserve release that cut losses by $59M compared with the year-ago period, writes BTIG analyst Mark Palmer in a note.
- Q3 new insurance written of $14.5B exceeds Palmer's estimate of $13.7B.
- Palmer notes that MTG's insurance subsidiary paid a $60M dividend to the holding company due to a strong capital position and after new Private Mortgage Insurer Eligibility Requirements were finalized.
- Q3 net premiums earned of $250.4M surpass consensus estimate of $237.9M.
- With MTG trading at 1.31x book value, still well below its valuation in late January, and book value per share up 5.3% during the quarter, "We expect the stock to rally nicely today," Palmer writes.
- Previously: MGIC Investment climbs 4.3% premarket after Q3 beat (Oct. 17)
- Previously: MGIC Investment beats by $0.12, beats on revenue (Oct. 17)
MGIC Investment's Q3 helped by loss reserve release: BTIG
Recommended For You
About MTG Stock
Related Stocks
Symbol | Last Price | % Chg |
---|---|---|
MTG | - | - |
MGIC Investment Corporation |