MGIC Investment Corp. (NYSE:MTG): Reports its Second Quarter Results

Denver, CO, 07/24/2013 (Avauncer.com) – Shares of MGIC Investment Corp. (NYSE:MTG) closed at $7.35 in its previous trading session. The shares gained by 10.19%. MTG 52 week price range came to be at $0.66 to $7.65. The shares were thinly traded, with a volume of 32.63 million shares, while the average volume of shares 8.63 million shares.

MGIC, the nation’s largest private mortgage insurer through its subsidiaries serves lenders throughout the United States, and other locations by making affordable low down payment mortgages.

MGIC, mortgage insurer, returned to profit in its second quarter. The profit generated has been a surprising element as the company’s stock jumped to the highest peak in more than two years. Mortgage rates are relatively low and the home prices are much affordable now since the past years. This is exciting common people to invest & buy homes before the rates jump further and escalates the home price. Shares of MGIC surged 70 cents. The stock reached $7.54 earlier in the session, which is the highest level since June 2011. MGIC has earned for the period ended June 30, around 4 percent per share.

Recently MGIC has reported its quarterly earnings. The company reported $0.04 EPS for the quarter beating the analyst estimate. The analyst reiterated a “hold” rating on the shares of MGIC.

The CEO of the company stated that the credit quality and performance have been improving to the level of satisfaction. There has been increase of about 45 percent for the first half of 2013. He also stated that the number of delinquent loans were fewer reflecting a loss of $196.3 million in the second quarter of 2013. The delinquent loans since the quarter ended decreased 24% year over year, which is at the lowest point in the last five years. New insurance climbed to $8 billion as compared to $5.9 billion.

Its total revenue for the second quarter was $263.9 million, compared with $321.1 million in the second quarter last year.