Benzinga | May 5, 2021 04:53PM EDT

Recap: MGIC Investment Q1 Earnings

Shares of MGIC Investment (NYSE:MTG) fell in after-market trading after the company reported Q1 results.

Quarterly Results

Earnings per share were unchanged 0.00% over the past year to $0.42, which were in line with the estimate of $0.42.

Revenue of $297,957,000 declined by 2.91% year over year, which missed the estimate of $302,770,000.

Outlook

Earnings guidance hasn't been issued by the company for now.

MGIC Investment hasn't issued any revenue guidance for the time being.

Recent Stock Performance

52-week high: $15.68

Company's 52-week low was at $6.05

Price action over last quarter: Up 16.55%

Company Description

MGIC Investment Corp provides private mortgage insurance and other services to mortgage lenders, covering them against defaults by homeowners on residential mortgages. The insurance premiums that these customers pay for the protection accounts for close to 90% of the company's total revenue. Investment income accounts for most of 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, and Ohio.