Magic Software Enterprises (MGIC) Stock

Magic Software (MGIC) came out with quarterly earnings of $0.23 per share, missing the Zacks Consensus Estimate of $0.24 per share. This compares to earnings of $0.21 per share a year ago.

OR YEHUDA, Israel, Nov. 18, 2024 (GLOBE NEWSWIRE) -- Magic Software Enterprises Ltd. (NASDAQ and TASE: MGIC) (“the Company”), a global provider of IT consulting services and end-to-end integration and application development platforms solutions, announced today its financial results for the third quarter and first nine months period ended September 30, 2024.

MTG's third-quarter earnings reflect higher new insurance written and improved net investment income, partially offset by lower insurance in force.

MGIC Investment shares have gained 34% over the past year, but recently pulled back 10% due to concerns over the US housing market. Q3 earnings report showed $0.77 in adjusted EPS and a 3% revenue increase, driven by higher net investment income and flat policy exposure. MTG benefits from high home prices and low delinquencies, with strong capital returns to shareholders via buybacks and dividends.

Third Quarter 2024 Net Income of $200.0 million or $0.77 per Diluted Share Third Quarter 2024 Adjusted Net Operating Income (Non-GAAP) of $200.7 million or $0.77  per Diluted Share MILWAUKEE , Nov. 4, 2024 /PRNewswire/ -- MGIC Investment Corporation (NYSE: MTG) today reported operating and financial results for the third quarter of 2024. Tim Mattke, CEO of MTG and Mortgage Guaranty Insurance Corporation ("MGIC") said, "We are very pleased with our third quarter financial results, generating net income of $200 million and delivering a 15.6% return on equity.

MILWAUKEE , Oct. 24, 2024 /PRNewswire/ -- MGIC Investment Corporation (NYSE: MTG) announced that its Board of Directors declared a quarterly cash dividend of $0.13 per share, payable on November 21, 2024, to shareholders of record as of November 7, 2024.  About MGIC Mortgage Guaranty Insurance Corporation ("MGIC") (www.mgic.com), the principal subsidiary of MGIC Investment Corporation, serves lenders throughout the United States, helping families achieve homeownership sooner by making affordable low-down-payment mortgages a reality through the use of private mortgage insurance.

Magic Software remains a Buy leading up to Q3, with potential for a 26% price CAGR over three years, supported by undervaluation and dividend yield. Q3 earnings could act as a moderate catalyst. Management is guiding for revenue contraction that I think could be outperformed, with good EPS growth likely, making it a buying opportunity. Geopolitical tensions (especially risks of a large war around Israel) and macroeconomic conditions could disrupt operations and sentiment, posing significant risks to the investment thesis.

OLDWICK, N.J.--(BUSINESS WIRE)--AM Best has upgraded the Financial Strength Rating to A (Excellent) from A- (Excellent) and the Long-Term Issuer Credit Rating to “a” (Excellent) from “a-” (Excellent) of the operating subsidiaries of MGIC Investment Corporation [NYSE: MTG]. The operating subsidiaries are Mortgage Guaranty Insurance Corporation, MGIC Indemnity Corporation, and MGIC Assurance Corporation (collectively referred to as MGIC). All companies are domiciled in Milwaukee, WI. In addition,.

MILWAUKEE , Aug. 21, 2024 /PRNewswire/ -- Mortgage Guaranty Insurance Corporation (MGIC), the principal subsidiary of MGIC Investment Corporation (NYSE: MTG), comments on the updates by the government sponsored enterprises (GSEs), Fannie Mae and Freddie Mac, to the Private Mortgage Insurer Eligibility Requirements (PMIERs) Available Assets Standards. "We are proud of the critical role private mortgage insurance (MI) plays in the housing finance system.