NEW YORK (TheStreet) -- Shares of MGIC Investment (MTG - Get Report) were gaining 1.4% to $10.50 Tuesday after the insurance company beat analysts' estimates for earnings and revenue in the first quarter.

MGIC Investment reported earnings of 26 cents a share for the first quarter, above analysts' estimates of 21 cents a share. Revenue grew 14.9% year over year to $270.2 million for the quarter, beating analysts' estimates of $243.46 million.

The company said that net premiums written for the quarter were $234.5 million, up from $218 million in the year-ago quarter. New insurance written in the quarter was $9 billion, up from $5.2 billion in the first quarter of 2014.

About 8.5 million shares of MGIC Investment were traded by 3:45 p.m. Tuesday, well above the company's average trading volume of about 4.9 million shares a day.

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 solid stock price performance, compelling growth in net income and notable return on equity. However, as a counter to these strengths, we find that revenues have generally been declining."

You can view the full analysis from the report here: MTG Ratings Report

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