NEW YORK (TheStreet) -- Shares of MGIC Investment (MTG) - Get Report were falling 1.22% to $11.34 Thursday morning after the insurance company missed analysts' estimates for revenue in the second quarter.
MGIC reported revenue of $243.1 million for the second quarter, which was up 5.1% from the year-ago quarter but below analysts' estimates of $247.34 million. The company reported earnings of 28 cents a share for the quarter, above analysts' estimates of 23 cents a share.
"I am pleased to report that in the second quarter of 2015 the company continued to grow our insurance in force by adding another $11.8 billion of high quality new insurance," CEO Patrick Sinks said in a statement.
"At the same time, I am encouraged by the positive trends we continue to experience on pre-2009 business relative to new delinquent notices, paid claims, and the declining delinquent inventory," Sinks added.
The company expects new insurance written in 2015 to exceed the level written in 2014, though it expects the year-over-year percentage increase to be smaller in the second half of the year compared to the first half.
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 revenue growth, notable return on equity and expanding profit margins. However, as a counter to these strengths, we find that the growth in the company's earnings per share has not been good."
You can view the full analysis from the report here: MTG Ratings Report