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MGIC Investment (NYSE:MTG) Stock, Option Chain

MGIC Investment

MGIC Investment Corp provides private mortgage insurance, other mortgage credit risk management solutions, and ancillary services. The insurance premiums that these customers pay for the protection accounts for close to majority of the company's total revenue. Investment income accounts for the remaining revenue. The company sells its insurance products in all 50 states of the United States and in Puerto Rico. Its greatest exposure is in California, Florida, Texas, Pennsylvania, Ohio, Illinois, Virginia, North Carolina, Georgia and New York.

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PLMR

MetLife, Inc. (NYSE: MET) benefits on the back of a well-performing Group Benefits business, acquisitions and partnerships, cost-cutting efforts and strong cash balance.

Zacks Rank &amp; Price Performance

MetLife carries a Zacks Rank #2 (Buy) at present.

Analyzing MetLife Stock: Is Buy Strategy the Right Move?

NMIH

The Zacks Insurance industry is undervalued than the Zacks S&amp;P 500 composite and the Zacks Finance sector. The insurance industry&#39;s price-to-book (the best multiple for valuing insurers because of their unpredictable financial results) of 1.57 was less than the Zacks S&amp;P 500 composite&#39;s P/B of 8.57 and the sector&#39;s P/B of 3.65.

4 Low Price-to-Book Stocks From the Undervalued Insurance Industry

Earnings Beats

Buybacks

KMPR

Shares of MGIC Investment Corporation (NYSE: MTG) have rallied 23.8% year to date, outperforming the industry&#39;s growth of 12.7%, the Finance sector&#39;s rise of 10.4% and the Zacks S&amp;P 500 composite&#39;s increase of 16.8%.

MGIC Investment Gains 24% YTD: More Room for Growth?

MGIC Investment Corp

WisdomTree Mortgage Plus Bond Fund

MOUNT GIBSON IRON LTD ORD by Mount Gibson Iron Ltd.

Mount Gibson Iron Ltd

MOUNT GIBSN IRON UNSP/ADR by Mount Gibson Iron Ltd.

RBC Capital analyst Scott Heleniak maintains MGIC Investment (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MTG#NYSE">MTG</a>) with a Sector Perform and lowers the price target from $28 to $27.

Price Target

RBC Capital Maintains Sector Perform on MGIC Investment, Lowers Price Target to $27

MGIC Investment (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MTG#NYSE">MTG</a>) reported quarterly earnings of $0.77 per share which beat the analyst consensus estimate of $0.66 by 16.67 percent. The company reported quarterly sales of $306.649 million which beat the analyst consensus estimate of $306.022 million by 0.20 percent. This is a 3.42 percent increase over sales of $296.505 million the same period last year.

MGIC Investment Q3 2024 Adj. EPS $0.77 Beats $0.66 Estimate, Sales $306.649M Beat $306.022M Estimate

Barclays analyst Terry Ma maintains MGIC Investment (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MTG#NYSE">MTG</a>) with a Equal-Weight and raises the price target from $23 to $24.

Barclays Maintains Equal-Weight on MGIC Investment, Raises Price Target to $24

MetLife, Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/met#NYSE">MET</a>) benefits on the back of a well-performing Group Benefits business, acquisitions and partnerships, cost-cutting efforts and strong cash balance.
<h2>Zacks Rank &amp; Price Performance</h2>
MetLife carries a Zacks Rank #2 (Buy) at present.
The stock has gained 10% in the past three months compared with the industry&#39;s growth of 5.3%. The Zacks Finance sector and the S&amp;P 500 composite index have returned 0.8% and 2.4%, respectively, in the said time frame.
<img alt="Zacks Investment Research" src="https://staticx-tuner.zacks.com/images/articles/charts/c8/77767.jpg?v=1023352585" />
Image Source: Zacks Investment Research
<h2>Favorable Style Score</h2>
MetLife carries an impressive Value Score of A. Value Score helps find stocks that are undervalued. Back-tested results show that stocks with a Value Score of A or B, when combined with a Zacks Rank #1 (Strong Buy) or 2, offer the best opportunities in the value investing space.
<h2>Robust Growth Prospects</h2>
The Zacks Consensus Estimate for MetLife&#39;s 2024 earnings is pegged at $8.67 per share, which indicates an improvement of 18.3% from the 2023 reported figure. The consensus mark for revenues is $73.2 billion, implying a rise of 2% from the 2023 figure. MET&#39;s earnings estimates witnessed seven upward revisions over the past 60 days against no downward movement.
The consensus mark for 2025 earnings is pegged at $9.83 per share, suggesting an improvement of 13.4% from the 2024 estimate. The same for revenues is $76.5 billion, hinting at a 4.6% increase from the 2024 estimate.
<h2>Valuation</h2>
Price-to-book (P/B) is one of the multiples used for valuing insurance stocks. Compared with the multiline industry&#39;s trailing 12-month P/B ratio of 2.57, MetLife has a reading of 1.92. It is quite evident that the stock is currently undervalued.
<img alt="Zacks Investment Research" src="https://staticx-tuner.zacks.com/images/articles/charts/0a/77768.jpg?v=1057971813" />
Image Source: Zacks Investment Research
<h2>Solid Return on Equity</h2>
Return on equity in the trailing 12 months is currently 21.4%, which is higher than the industry&#39;s average of 16.2%. This substantiates the company&#39;s efficiency in utilizing shareholders&#39; funds.
<h2>Business Tailwinds</h2>
A key revenue contributor is MetLife&#39;s steady premiums, which have been recovering from pandemic-driven declines. Premiums are witnessing a steady increase in the Group Benefits business, wherein it rose 4% year over year in the first half of 2024. Growth has also been robust in its EMEA and Latin America segments, further contributing to the company&#39;s revenue stream.
MetLife&#39;s focus on streamlining its business, coupled with strategic acquisitions and partnerships, is expected to drive long-term growth. The company has expanded its presence in key areas like vision care and pet insurance through acquisitions, such as Versant Health and PetFirst. It has also strengthened its benefits offerings through partnerships with firms like Aura and Nayya.
A strategic push into private credit investments, marked by the acquisition of Raven Capital, and a collaboration with Fidelity Investments on a fixed immediate income annuity further diversify its business portfolio. Additionally, MetLife continues to reduce volatility by divesting capital-intensive units and intensifying focus on high-growth areas. &nbsp;
MetLife&#39;s cost-saving measures have resulted in notable operational improvements. Between 2015 and 2020, the company saw an improvement of 230 basis points in its direct expense ratio. This efficiency trend has continued, with the direct expense ratio remaining below the guided 12.3% in the first half of 2024.
MetLife also benefits from a strong liquidity position, with short-term debt of $390 million as of June 30, 2024, significantly overshadowed by its $20.8 billion in cash and cash equivalents. This financial strength underpins shareholder returns through repurchases and dividend payments. In April 2024, management approved a 4.8% dividend increase.
<h2>Other Stocks to Consider</h2>
Some other top-ranked stocks in the insurance space include CNO Financial Group, Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/cno#NYSE">CNO</a>), MGIC Investment Corporation (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/mtg#NYSE">MTG</a>) and Palomar Holdings, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/plmr#NASDAQ">PLMR</a>), each sporting a Zacks Rank #1 at present.
The bottom line of CNO Financial outpaced estimates in three of the trailing four quarters and missed the mark once, the average surprise being 21.21%. The Zacks Consensus Estimate for CNO&#39;s 2024 earnings suggests 11% year-over-year growth. The consensus mark for CNO Financial&#39;s 2024 earnings has moved north by 3% in the past 30 days.
MGIC Investment&#39;s earnings outpaced estimates in each of the trailing four quarters, the average surprise being 15.59%. The Zacks Consensus Estimate for MTG&#39;s 2024 earnings indicates 9.1% year-over-year growth, while the same for revenues implies an improvement of 4.7%. MGIC Investment&#39;s consensus mark for 2024 earnings has moved north by 2.2% in the past 30 days.
The bottom line of Palomar outpaced estimates in each of the trailing four quarters, the average surprise being 17.10%. The Zacks Consensus Estimate for PLMR&#39;s 2024 earnings suggests 30.9% year-over-year growth, while the same for revenues implies an improvement of 41.6%. The consensus mark for Palomar&#39;s 2024 earnings has moved north by 1.3% in the past 30 days.
Shares of CNO Financial, MGIC Investment and Palomar have gained 24.2%, 22.4% and 18.3%, respectively, in the past three months.
<a href="https://www.zacks.com/stock/news/2336089/analyzing-metlife-stock-is-buy-strategy-the-right-move?cid=CS-BENZ-FT-analyst_blog|rank_focused-2336089">To read this article on Zacks.com click here.</a>

The Zacks Insurance industry is undervalued than the Zacks S&amp;P 500 composite and the Zacks Finance sector. The insurance industry&#39;s price-to-book (the best multiple for valuing insurers because of their unpredictable financial results) of 1.57 was less than the Zacks S&amp;P 500 composite&#39;s P/B of 8.57 and the sector&#39;s P/B of 3.65. Such below-market positioning hints at room for an upside in the days ahead.
<img alt="Zacks Investment Research" src="https://staticx-tuner.zacks.com/images/articles/charts/ea/75359.jpg?v=70695623" />
Image Source: Zacks Investment Research
<img alt="Zacks Investment Research" src="https://staticx-tuner.zacks.com/images/articles/charts/21/75358.jpg?v=45396998" />
Image Source: Zacks Investment Research
Thus, before their valuation increases, locating some undervalued stocks with growth potential is wise.
<h2>Driving Forces</h2>
Global commercial insurance rates remained unchanged in the second quarter of 2024, per the Marsh Global Insurance Market Index. Price hikes, operational strength, higher retention, strong renewal and the appointment of retail agents should help write higher premiums. Per Deloitte Insights, gross premiums are estimated to increase sixfold to $722 billion by 2030.
Analysts at Swiss Re Institute predict premium volume to reach $4.6 trillion in 2024 and $4.8 trillion in 2025. Per the Swiss Re Institute, property and casualty insurers are anticipated to enhance profitability in 2024, with industry-wide return on equity (ROE) at 10% so far in 2024. For 2025, the Swiss Re Institute estimates an ROE of more than 10%.
According to Verisk&#39;s Extreme Event Solutions group estimates, U.S. onshore wind property losses from Beryl were within the $2-$3 billion range. Per Allstate, estimated catastrophe losses were $587 million for July alone from 20 events.
Multiline insurers benefit from a diversified portfolio that lowers concentration risk. While higher demand for protection products benefits sales and premiums of life insurance operations, better pricing and increased exposure to intangibles and cyber threats support premium growth of non-life insurance operations. Per the 2024 global insurance outlook published in Financial Services, U.S. demand for catastrophe reinsurance is expected to grow, putting upward pressure on prices.
The insurance industry is rate-sensitive. An improving rate environment is a boon for insurers, especially long-tail insurers. The Fed held interest rates unchanged at 5.25-5.5% at the December FOMC meeting. With a large invested asset base, investment income should remain healthy, even if the Fed cuts rates later this year. Also, the insurance players are investing heavily in technology to improve scale and efficiency. This should help them generate higher margins and improve profitability.
<h2>Price Performance</h2>
The insurance industry has outperformed the Zacks S&amp;P 500 composite as well as the Finance sector in the past year. The insurance industry has gained 31.6%, compared with the Zacks S&amp;P 500 composite and the sector&#39;s increase of 27.8% and 27.1%, respectively.
<img alt="Zacks Investment Research" src="https://staticx-tuner.zacks.com/images/articles/charts/97/75360.jpg?v=1273277392" />
Image Source: Zacks Investment Research
Better pricing, prudent underwriting and increased exposure should help insurers retain the momentum and remain well-poised for the longer term.
<h2>Picking the Value Stocks</h2>
With the help of the Zacks Stock Screener, we have selected four insurance stocks with an impressive Value Score of A or B and a Zacks Rank #1 (Strong Buy) or #2 (Buy). Back-tested results have shown that stocks with a favorable Value Score and a solid Zacks Rank are the best investment options.
These stocks with growth potential have witnessed positive estimate revisions, reflecting analysts&#39; confidence in their operational efficiency and a cheaper valuation.
Axis Capital Holdings Limited (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/axs#NYSE">AXS</a>) provides various specialty insurance and reinsurance products worldwide. AXIS Capital continues to build on its Specialty Insurance, Reinsurance, and Accident and Health to pave the way for long-term growth. Apart from fortifying the casualty and professional lines in the insurance segment, its focus on deploying resources prudently while enhancing efficiencies and improving its portfolio mix and underwriting profitability bodes well. The expected long-term earnings growth rate is 27.8%. 
This insurer surpassed earnings estimates in each of the last four quarters, the average beat being 94.62%. AXS currently sports a Zacks Rank #1. AXS has a Value Score of A.
The company&#39;s return on equity in the trailing 12 months was 19.7%. AXS also has an impressive VGM Score of A.
Axis Capital&#39;s P/B ratio is 1.26. The Zacks Consensus Estimate for 2024 earnings has moved north 6.8% in the past 30 days, and the estimate indicates a year-over-year increase of 8.6%. AXS shares have gained 40.4% in the past year.
NMI Holdings Inc (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/nmih#NASDAQ">NMIH</a>) provides private mortgage insurance through its wholly-owned insurance subsidiaries in the United States. Improving mortgage insurance portfolio, higher new insurance written volume, a comprehensive reinsurance program, a solid capital position and effective capital deployment poise the insurer well for growth. The expected long-term earnings growth rate is pegged at 9.8%.
The stock currently has a P/B ratio of 1.55. The Zacks Consensus Estimate for 2024 earnings has moved north by 1.1% in the past seven days, and the estimate indicates a year-over-year increase of 16.9%. Its shares have gained 39.8% in the past year. It has a Zacks Rank of 2 and a Value Score of B.
The insurer&#39;s return on equity in the trailing 12 months was 18.2% and it surpassed earnings estimates in each of the last four quarters, the average beat being 10.15%.
MGIC Investment Corporation (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/mtg#NYSE">MTG</a>) is the largest private mortgage insurer in the United States. Higher insurance in force, resulting from an increase in new business written, higher annual persistency, a decline in loss and claims payments, lower delinquency, better housing market fundamentals and prudent capital deployment, bode well for growth. The expected long-term earnings growth rate is pegged at 6.8%.
The stock currently has a P/B ratio of 1.26. The Zacks Consensus Estimate for 2024 earnings has moved north by 2.2% in the past seven days, and the estimate for earnings per share indicates a year-over-year increase of 9.1%. Its shares have gained 43% in the past year. It has a Zacks Rank of 1 and a Value Score of B. The insurer&#39;s return on equity in the trailing 12 months was 14.9% and it surpassed earnings estimates in each of the last four quarters, the average beat being 15.59%.
Old Republic International Corporation (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/ori#NYSE">ORI</a>) specializes in insurance underwriting and related services, operating primarily in the United States and Canada. ORI&#39;s solid market presence, niche focus, low property catastrophe exposure in its General Insurance segment and robust capital position bodes well for growth. ORI continues to strengthen its balance sheet by improving its cash balance while lowering its leverage ratio. Earnings have grown 10.3% in the past five years, better than the industry average of 9%.
The stock currently has a P/B ratio of 1.51. The Zacks Consensus Estimate for 2024 earnings has moved north by 4.4% in the past 30 days, and the estimate indicates a year-over-year increase of 7.6%. Its shares have gained 29.4% in the past year. It has a Zacks Rank of 2 and a Value Score of B. The insurer&#39;s return on equity in the trailing 12 months was 12.5% and it surpassed earnings estimates in three of the last four quarters and missed in one, the average beat being 9.06%.
<a href="https://www.zacks.com/stock/news/2327035/4-low-price-to-book-stocks-from-the-undervalued-insurance-industry?cid=CS-BENZ-FT-analyst_blog|industry_focus-2327035">To read this article on Zacks.com click here.</a>

Shares of MGIC Investment Corporation (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/mtg#NYSE">MTG</a>)&nbsp;have rallied 23.8% year to date, outperforming the industry&#39;s growth of 12.7%, the Finance sector&#39;s rise of 10.4% and the Zacks S&amp;P 500 composite&#39;s increase of 16.8%. With a market capitalization of $6.2 billion, the average volume of shares traded in the last three months was 1.7 million.
Solid insurance in force, a decline in loss and claims payments, lower delinquency, better housing market fundamentals and prudent capital deployment drive this Zacks Rank #1 (Strong Buy) mortgage insurer.
MTG has a solid earnings surprise history. It surpassed estimates in each of the last four quarters, the average earnings surprise being 15.59%. Earnings of MTG have risen 8.7% over the last five years.
Return on invested capital in the trailing 12 months was 11.4%, better than the industry average of 2.4%, reflecting MTG&#39;s efficiency in utilizing funds to generate income.
<img alt="Zacks Investment Research" src="https://staticx-tuner.zacks.com/images/articles/charts/4d/74483.jpg?v=1683554658" />
Image Source: Zacks Investment Research
<h3>Can the Stock Retain the Momentum?</h3>
New business, combined with increasing annual persistency, drives growth of the insurance-in-force portfolio. A higher level of new and existing home sales, increased percentage of homes purchased for cash and improved level of refinance activity in an improving housing market should help this largest private mortgage insurer in the United States retain the momentum.
MTG has been witnessing a declining pattern of claim filings. A decline in loss and claims will strengthen the balance sheet and improve the insurer&#39;s financial profile.
Banking on capital contribution, reinsurance transactions and cash position, the company has been improving its capital position. Both leverage and times interest earned ratios have been improving.
A solid capital position supports MTG in wealth distribution to shareholders via dividend hikes and share buybacks.&nbsp; The latest 13% increase in its quarterly dividend to 13 cents per share marked four straight years of dividend increases at a compound annual growth rate of 21%. The company currently has $724 million remaining in its authorization kitty through December 2026. Its share repurchase activity reflects continued strong mortgage credit performance.
The Zacks Consensus Estimate for 2024 earnings is pegged at $2.70 per share, suggesting an increase of 6.7% on 4.7% higher revenues of $1.2 billion. The consensus estimate for 2025 earnings per share is $2.72, suggesting an increase of 0.7% on 4.7% higher revenues of $1.3 billion. The long-term earnings growth rate is expected to be 6.8%.
The Zacks Consensus Estimate for 2024 and 2025 earnings has moved 7.1% and 4.6% north, respectively, in the past 30 days, reflecting analyst optimism.&nbsp;
<h3>Other Stocks to Consider</h3>
Other players in the insurance industry are CNO Financial Group (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/cno#NYSE">CNO</a>), Enact Holdings (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/act#NASDAQ">ACT</a>) and Kemper Corporation (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/kmpr#NYSE">KMPR</a>), each sporting a Zacks Rank #1.
CNO Financial earnings surpassed estimates in three of the last four quarters and missed in one, the average beat being 21.21%. Year to date, CNO has rallied 16.5%.
The Zacks Consensus Estimate for CNO&#39;s 2024 and 2025 earnings implies 11% and 6.2% year-over-year growth, respectively.
Enact Holdings earnings surpassed estimates in each of the last four quarters, the average earnings surprise being 13.96%. Year to date, ACT stock has surged 18%.
The Zacks Consensus Estimate for ACT&#39;s 2024 and 2025 earnings indicates 1% year-over-year growth each.
Kemper&#39;s earnings surpassed estimates in two of the last four quarters, missed in one and met estimates in one, the average earnings surprise being 6.93%. Year to date, KMPR stock has surged 28.6%.
The Zacks Consensus Estimate for KMPR&#39;s 2024 and 2025 earnings suggests 796.6% and 14.6% year-over-year growth, respectively.
<a href="https://www.zacks.com/stock/news/2323202/mgic-investment-mtg-gains-24-ytd-more-room-for-growth?cid=CS-BENZ-FT-analyst_blog|price_surge_/_plunge-2323202">To read this article on Zacks.com click here.</a>

BTIG analyst Ryan Gilbert maintains MGIC Investment (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MTG#NYSE">MTG</a>) with a Buy and raises the price target from $22 to $25.

BTIG Maintains Buy on MGIC Investment, Raises Price Target to $25

Roth MKM analyst Harry Fong maintains MGIC Investment (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MTG#NYSE">MTG</a>) with a Buy and raises the price target from $24 to $30.

Roth MKM Maintains Buy on MGIC Investment, Raises Price Target to $30

Barclays analyst Terry Ma maintains MGIC Investment (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MTG#NYSE">MTG</a>) with a Equal-Weight and raises the price target from $21 to $23.

Barclays Maintains Equal-Weight on MGIC Investment, Raises Price Target to $23

MGIC Investment (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MTG#NYSE">MTG</a>) reported quarterly earnings of $0.77 per share which beat the analyst consensus estimate of $0.64 by 20.31 percent. The company reported quarterly sales of $305.277 million which beat the analyst consensus estimate of $301.030 million by 1.41 percent. This is a 5.02 percent increase over sales of $290.675 million the same period last year.

MGIC Investment Q2 2024 Adj. EPS $0.77 Beats $0.64 Estimate, Sales $305.277M Beat $301.030M Estimate

MGIC Investment Corporation&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MTG#NYSE">MTG</a>)&nbsp;announced that its Board of Directors declared a quarterly cash dividend of&nbsp;$0.13 per share, an increase of 13% from the last quarterly dividend paid of $0.115 per share. This quarter's dividend will be payable on&nbsp;August 22, 2024, to shareholders of record as of&nbsp;August 8, 2024.&nbsp;

MGIC Investment Corp Increases Quarterly Dividend From $0.115 To $0.13 Per Share

Barclays analyst Terry Ma maintains MGIC Investment (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MTG#NYSE">MTG</a>) with a Equal-Weight and raises the price target from $20 to $21.

Barclays Maintains Equal-Weight on MGIC Investment, Raises Price Target to $21

Top Wall Street analysts changed their outlook on these top names. For a complete view of all analyst rating changes, including upgrades and downgrades, please see our <a href="https://www.benzinga.com/analyst-ratings/">analyst ratings page</a>.
<ul>
<li>Guggenheim analyst Howard Ma upgraded the rating for MongoDB, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MDB#NASDAQ">MDB</a>) from Sell to Neutral. MongoDB shares fell 23.9% to close at $236.06 on Friday. <a href="https://www.benzinga.com/quote/MDB/analyst-ratings">See how other analysts view this stock</a>.</li>
<li>Keefe, Bruyette &amp; Woods analyst Bose George upgraded Radian Group Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RDN#NYSE">RDN</a>) from Market Perform to Outperform, while raising the price target from $35 to $36. Independent Bank shares rose 0.9% to settle at $31.24 on Friday. <a href="https://www.benzinga.com/quote/RDN/analyst-ratings">See how other analysts view this stock</a>.</li>
<li>RBC Capital analyst Nik Modi upgraded the rating for Kimberly-Clark Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KMB#NYSE">KMB</a>) from Sector Perform to Outperform and boosted the price target from $126 to $165. Kimberly-Clark shares rose 2.8% to settle at $133.30 on Friday. See how other analysts view this stock. <a href="https://www.benzinga.com/quote/KMB/analyst-ratings">See how other analysts view this stock</a>.</li>
<li>Keefe, Bruyette &amp; Woods analyst Bose George upgraded MGIC Investment Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MTG#NYSE">MTG</a>) from Market Perform to Outperform, while increasing the price target from $24 to $25. MGIC Investment shares rose 1.6% to close at $21.00 on Friday. <a href="https://www.benzinga.com/quote/MTG/analyst-ratings">See how other analysts view this stock</a>.</li>
<li>HSBC analyst Stephen Bersey upgraded the rating for Asana, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ASAN#NYSE">ASAN</a>) from Reduce to Hold. Asana shares fell 0.6% to settle at $13.05 on Friday. <a href="https://www.benzinga.com/quote/ASAN/analyst-ratings">See how other analysts view this stock</a>.</li>
</ul>
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Long Ideas

Upgrades

ASAN

This MongoDB Analyst Is No Longer Bearish; Here Are Top 5 Upgrades For Monday

Top Wall Street analysts changed their outlook on these top names. For a complete view of all analyst rating changes, including upgrades and downgrades, please see our <a href="https://www.benzinga.com/analyst-ratings/">analyst ratings page</a>.
<ul>
<li>RBC Capital boosted the price target for Kimberly-Clark Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KMB#NYSE">KMB</a>) from $126 to $165. RBC Capital analyst Nik Modi upgraded the stock from Sector Perform to Outperform. Kimberly-Clark shares rose 2.8% to close at $133.30 on Friday. <a href="https://www.benzinga.com/quote/KMB/analyst-ratings">See how other analysts view this stock</a>.</li>
<li>Needham cut the price target for SentinelOne, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/S#NYSE">S</a>) from $31 to $25. Needham analyst Alex Henderson maintained a Buy rating. SentinelOne shares dipped 13.3% to close at $16.83 on Friday. <a href="https://www.benzinga.com/quote/S/analyst-ratings">See how other analysts view this stock</a>.</li>
<li>Piper Sandler lowered Autodesk, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ADSK#NASDAQ">ADSK</a>) price target from $260 to $239. Piper Sandler analyst Clarke Jeffries maintained a Neutral rating. Autodesk shares rose 0.9% to close at $201.70 on Friday. <a href="https://www.benzinga.com/quote/ADSK/analyst-ratings">See how other analysts view this stock.</a></li>
<li>Baird cut the price target for The Boeing Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BA#NYSE">BA</a>) from $300 to $240. Baird analyst Peter Arment maintained an Outperform rating. Boeing shares rose 2.8% to close at $177.61 on Friday. <a href="https://www.benzinga.com/quote/BA/analyst-ratings">See how other analysts view this stock</a>.</li>
<li>B of A Securities increased Hims &amp; Hers Health, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HIMS#NYSE">HIMS</a>) price target from $17.25 to $22. B of A Securities analyst Michael Cherny maintained a Buy rating. Hims &amp; Hers Health shares fell 4.7% to close at $19.42 on Friday. <a href="https://www.benzinga.com/quote/HIMS/analyst-ratings">See how other analysts view this stock.</a></li>
<li>Deutsche Bank boosted Motorola Solutions, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MSI#NYSE">MSI</a>) price target from $375 to $385. Deutsche Bank analyst Matthew Niknam maintained a Buy rating. Motorola Solutions shares rose 1.5% to close at $364.91 on Friday. <a href="https://www.benzinga.com/quote/MSI/analyst-ratings">See how other analysts view this stock.</a></li>
<li>Evercore ISI Group raised the price target for Walmart Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WMT#NYSE">WMT</a>) from $70 to $72. Evercore ISI Group analyst Greg Melich maintained an Outperform rating. Walmart shares gained 1.3% to close at $65.76 on Friday. <a href="https://www.benzinga.com/quote/WMT/analyst-ratings">See how other analysts view this stock.</a></li>
<li>Goldman Sachs raised Expro Group Holdings N.V. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XPRO#NYSE">XPRO</a>) price target from $22 to $23. However, Goldman Sachs analyst Neil Mehta downgraded the stock from Buy to Neutral. Expro Group Holdings shares rose 1.1% to close at $21.95 on Friday. <a href="https://www.benzinga.com/quote/XPRO/analyst-ratings">See how other analysts view this stock</a>.</li>
<li>BTIG cut SmartRent, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SMRT#NYSE">SMRT</a>) price target from $4.3 to $4. BTIG analyst Soham Bhonsle maintained a Buy rating. SmartRent shares fell 1.7% to close at $2.36 on Friday. <a href="https://www.benzinga.com/quote/SMRT/analyst-ratings">See how other analysts view this stock</a>.</li>
<li>Keefe, Bruyette &amp; Woods boosted MGIC Investment Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MTG#NYSE">MTG</a>) price target from $24 to $25. Keefe, Bruyette &amp; Woods analyst Bose George upgraded the stock from Market Perform to Outperform. MGIC Investment shares gained 1.6% to close at $21.00 on Friday. <a href="https://www.benzinga.com/quote/MTG/analyst-ratings">See how other analysts view this stock</a>.</li>
</ul>
Check This Out: <a href="https://www.benzinga.com/trading-ideas/long-ideas/24/06/39134013/top-3-energy-stocks-that-could-blast-off-this-month">Top 3 Energy Stocks That Could Blast Off This Month</a>

Pre-Market Outlook

ADSK

Hims & Hers Health, Inc. Class A Common Stock

HIMS

SMRT

XPRO

Kimberly-Clark To Rally Around 24%? Here Are 10 Top Analyst Forecasts For Monday

Keefe, Bruyette &amp; Woods analyst Bose George upgrades MGIC Investment (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MTG#NYSE">MTG</a>) from Market Perform to Outperform and raises the price target from $24 to $25.

Keefe, Bruyette & Woods Upgrades MGIC Investment to Outperform, Raises Price Target to $25

UBS analyst Douglas Harter maintains MGIC Investment (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MTG#NYSE">MTG</a>) with a Neutral and raises the price target from $21 to $22.

UBS Maintains Neutral on MGIC Investment, Raises Price Target to $22

EverQuote (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/ever#NASDAQ">EVER</a>) delivered first-quarter 2024 earnings per share of 5 cents in contrast to the Zacks Consensus Estimate of a loss of 7 cents as well as the year-ago quarter&#39;s loss of 8 cents per share. 
Though the top line of $91 million declined 16.5% year over year, it beat the Zacks Consensus Estimate by 12.8%. 
Both the metrics exceeded expectations, likely reflecting the early stages of auto carrier recovery.
<h3>EverQuote, Inc. Price, Consensus and EPS Surprise <a href="https://www.zacks.com/stock/chart/EVER/price-consensus-eps-surprise-chart?icid=chart-EVER-price-consensus-eps-surprise-chart"> </a></h3>
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<div class="chart_embed">
<h3><a href="https://www.zacks.com/stock/chart/EVER/price-consensus-eps-surprise-chart?icid=chart-EVER-price-consensus-eps-surprise-chart"><img alt="EverQuote, Inc. Price, Consensus and EPS Surprise" src="https://staticx-tuner.zacks.com/images/charts/d1/1715092618.png" style="height:265px; width:578px" title="" /> </a></h3>
EverQuote, Inc. price-consensus-eps-surprise-chart | EverQuote, Inc. Quote
</div>
<h3>Behind the Headlines</h3>
Revenues from the Automotive insurance vertical were $77.5 million, down 13.6% year over year. The Zacks Consensus Estimate was pegged at $67 million. Our estimate was $64.6 million. 
Revenues in the Home and Renters insurance vertical totaled $12.7 million, which increased 34.2% year over year. The Zacks Consensus Estimate was pegged at $13.3 million. Our estimate was $15.3 million. 
Revenues in the Other insurance vertical totaled $0.1 million, which plunged 16.3% year over year. 
Total costs and operating expenses decreased 20% to $89.3 million, mainly due to the cost of&nbsp; revenues and lower sales and marketing, general and administrative and research and development expenses. Our estimate was $77.5 million. 
EverQuote&#39;s variable marketing margin decreased 13.4% year over year in the quarter under review to $30.8 million. Our estimate was $27.6 million, while the Zacks Consensus Estimate was pegged at $26.4 million. 
Adjusted EBITDA was $7.6 million, up 41.2% year over year. Our estimate was $4.5 million.
<h3>Financial Update</h3>
EverQuote exited the first quarter of 2024 with cash and cash equivalents of $48.6 million, up 28% from 2023-end. Total assets were $135.4 million, up 22.1% from 2022-end. Total stockholders&#39; equity increased 9.2% to $88.3 million. 
Cash from operations was $10.4 million in the reported quarter versus an outflow of $1.2 million in the year-ago quarter.
<h3>Q2 Guidance</h3>
EverQuote estimates revenues in the range of $100-$105 million, a variable marketing margin of $31-$33 million and adjusted EBITDA in the range of $7 million-$9 million.
<h3>Zacks Rank</h3>
EVER currently carries a Zacks Rank #2 (Buy).
<h3>Performance of Other Insurers</h3>
MGIC Investment Corporation (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/mtg#NYSE">MTG</a>) reported first-quarter 2024 operating net income per share of 65 cents, which beat the Zacks Consensus Estimate by 8.3%. The better-than-expected earnings were driven by higher net investment income and lower underwriting and other expenses. The insurer continues to benefit from favorable credit trends and the resiliency of the housing market.&nbsp; The bottom line improved 20.3% year over year. 
MGIC Investment recorded total operating revenues of $303 million, which increased 3.8% year over year on higher net investment income. The top line, however, missed the consensus mark by 0.4%. 
Insurance in force declined 0.5% from the prior-year quarter to $290.9 billion. The company missed our estimate of $292.6 billion. The insurer witnessed a 2.5% decrease in primary delinquency to 24,142 loans. New insurance written was $9.1 billion, up 11% year over year, benefiting from favorable credit trends and the resiliency of the housing market. 
Radian Group Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/rdn#NYSE">RDN</a>) reported first-quarter 2024 adjusted operating income of $1.03 per share, which beat the Zacks Consensus Estimate by 24%. The bottom line increased 5.1% year over year. The results reflected improved persistency and a rise in premiums and insurance written, partially offset by higher expenses. 
Operating revenues rose 4.8% year over year to $318.9 million, primarily due to higher net premiums earned, services revenues and net investment income. 
MI New Insurance Written rose 2.4% year over year to $11.5 billion. Primary mortgage insurance in force was $271 billion as of Mar 31, 2024, up 4% year over year. The expense ratio was 25, which improved 90 bps from the year-ago quarter. 
Everest Group, Ltd.&#39;s (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/eg#NYSE">EG</a>) first-quarter 2024 operating income of $16.32 per share beat the Zacks Consensus Estimate by 2.1%. The bottom line jumped 44.3% year over year. Everest Group&#39;s total operating revenues of $4.14 billion climbed 26% year over year on higher premiums earned and net investment income. The top line missed the consensus mark by 1.4%. 
Pre-tax underwriting income was $409 million, which soared 50% year over year. Pre-tax catastrophe losses net of estimated recoveries and reinstatement premiums were $85 million, narrower than the loss of $110 million in the year-ago quarter. The loss was due to the Francis Scott Key Bridge Collapse in Baltimore. The combined ratio improved 240 basis points year over year to 88.8 in the reported quarter. The figure matched the Zacks Consensus Estimate, while our estimate was 85.5.
<a href="https://www.zacks.com/stock/news/2269879/everquote-ever-q1-earnings-top-estimates-revenues-fall-y-y?cid=CS-BENZ-FT-analyst_blog|earnings_article-2269879">To read this article on Zacks.com click here.</a>

Small Cap

EVER

EverQuote Q1 Earnings Top Estimates, Revenues Fall Y/Y

MGIC Investment (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MTG#NYSE">MTG</a>) reported quarterly earnings of $0.65 per share which beat the analyst consensus estimate of $0.60 by 8.33 percent. This is a 20.37 percent increase over earnings of $0.54 per share from the same period last year. The company reported quarterly sales of $294.361 million which missed the analyst consensus estimate of $300.512 million by 2.05 percent. This is a 3.66 percent increase over sales of $283.965 million the same period last year.

Earnings Misses

MGIC Investment Q1 2024 Adj EPS $0.65 Beats $0.60 Estimate, Sales $294.361M Miss $300.512M Estimate

MGIC Investment Announces Additional $750M Share Repurchase Program

Keefe, Bruyette &amp; Woods analyst Bose George downgrades MGIC Investment (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MTG#NYSE">MTG</a>) from Outperform to Market Perform and raises the price target from $23.5 to $24.

Downgrades

Keefe, Bruyette & Woods Downgrades MGIC Investment to Market Perform, Raises Price Target to $24

MGIC Investment Non-GAAP EPS of $0.77 beats by $0.10, revenue of $306.65M beats by $0.39M

MGIC Investment Q3: Home Prices Limit Potential Losses, But Hold Due To Valuation Concerns

KBW analyst Bose George maintained a Buy rating on MGIC Investment (MTG – Research Report) today and set a price target of $29.00. The company's sh...

KBW Sticks to Their Buy Rating for MGIC Investment (MTG)

MGIC Investment declares $0.13 dividend

MGIC Investment Corporation 2024 Q3 - Results - Earnings Call Presentation

MGIC Investment Corporation (MTG) Q3 2024 Earnings Call Transcript

MGIC Investment Corp (MTG) has disclosed a new risk, in the Costs category. MGIC Investment Corporation faces a significant financial risk due to i...

MGIC Investment Faces Financial Strain: Reliance on Subsidiary Dividends Poses Risk to Debt Obligations

Analysts have been eager to weigh in on the Financial sector with new ratings on Fifth Third Bancorp (FITB – Research Report), MGIC Investment (MTG...

Analysts Conflicted on These Financial Names: Fifth Third Bancorp (FITB), MGIC Investment (MTG) and Apollo Global Management (APO)

Mihir Bhatia, an analyst from Bank of America Securities, reiterated the Buy rating on MGIC Investment (MTG – Research Report). The associated pric...

MGIC Investment's Strong Q3 Performance and Strategic Capital Return Bolster Buy Rating

Dividend Champion, Contender, And Challenger Highlights: Week Of November 17

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Insurance

Press Releases

MGIC Investment Announces Additional $750 Million Share Repurchase Program and Quarterly Dividend of $0.115 Per Share

MGIC Investment Corporation Reports First Quarter 2024 Results

MGIC Investment Corporation Schedules 2nd Quarter 2024 Earnings Call

MGIC Investment Corporation Announces an Increase to Quarterly Dividend

MGIC Investment Corporation Reports Second Quarter 2024 Results

MGIC Comments on the Recently Adopted PMIERs Updates

AM Best Upgrades Credit Ratings of Operating Subsidiaries of MGIC Investment Corporation

MGIC Investment Corporation Schedules 3rd Quarter 2024 Earnings Call

MGIC Investment Corporation Announces Quarterly Dividend of $0.13 Per Share

MGIC Investment Corporation Reports Third Quarter 2024 Results

MGIC

Enact Holdings

Federal Agricultural Mortgage Corporation Common Stock

Federal Agricultural

Better Home & Finance

CNFinance Holdings Limited American Depositary Shares, each representing twenty (20) Ordinary Shares

CNFinance Hldgs

Mr. Cooper Gr

Essent Group

Finance of America Companies Inc. Class A Common Stock

Finance of America

Greystone Housing Impact Investors LP Beneficial Unit Certificates representing assignments of limited partnership interests

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