NEW YORK (TheStreet) -- Shares of MGIC Investment Corp. (MTG) are down by-3.71% to $8.04 at the beginning of trading today, after the company reported net earnings and revenue that didn't meet analysts' expectations.
The U.S. private mortgage insurer said diluted earnings per share were 12 cents for the 2014 second quarter, an increase from the 4 cents reported for the year ago quarter.
Analysts polled by Thomson Reuters were expecting earnings per share of 14 cents for the quarter, RTT News reports.
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MGIC Investment posted a decline in total revenue for the most recent quarter to $231.2 million versus $263.9 million for the 2013 second quarter. Analysts had anticipated an increase in revenue to $237.13 million for the 2014 second quarter. Separately, TheStreet Ratings team rates MGIC INVESTMENT CORP/WI as a Hold with a ratings score of C-. TheStreet Ratings Team has this to say about their recommendation: "We rate MGIC INVESTMENT CORP/WI (MTG) a HOLD. The primary factors that have impacted our rating are mixed some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its impressive record of earnings per share growth, compelling growth in net income and expanding profit margins. However, as a counter to these strengths, we find that revenues have generally been declining. MTG data by YCharts
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