NEW YORK (TheStreet) -- Shares of MGIC Investment (MTG - Get Report) were rising on heavy trading volume mid-afternoon Tuesday after the company posted earnings and revenue above analysts' projections.

Before the market open, the Milwaukee-based mortgage insurance company reported adjusted earnings of 25 cents per diluted share, topping analysts' estimates of 19 cents per share.

Total revenue for the quarter was $273.9 million, higher than Wall Street's projections of $259.8 million.

"I am pleased to report that our insurance in force continued to grow as we added $14.2 billion of high quality new insurance, the newer books of business continue to generate low levels of new delinquent notices, the legacy books continue to runoff, and we maintained our traditionally low expense ratio," CEO Patrick Sinks said in a statement.

More than 7.21 million of the company's shares traded so far today compared to its average volume of 3.79 million shares per day. 

Separately, TheStreet Ratings Team has a "Hold" rating with a score of C+ on the stock.

The primary factors that have impacted the rating are mixed. The company's strengths can be seen in multiple areas, such as its revenue growth, notable return on equity and attractive valuation levels.

But the team also finds weaknesses including a generally disappointing performance in the stock itself, unimpressive growth in net income and feeble growth in the company's earnings per share.

Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.

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