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MGIC Investment's Q3 helped by loss reserve release: BTIG

Oct. 17, 2018 10:57 AM ETMGIC Investment Corporation (MTG) StockMTGBy: Liz Kiesche, SA News Editor3 Comments
  • 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)

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