Welcome to our dedicated page for MGIC Investment news (Ticker: $MTG), a resource for investors and traders seeking the latest updates and insights on MGIC Investment stock.
Our selection of high-quality news articles is accompanied by an expert summary from Rhea-AI, detailing the impact and sentiment surrounding the news at the time of release, providing a deeper understanding of how each news could potentially affect MGIC Investment's stock performance. The page also features a concise end-of-day stock performance summary, highlighting the actual market reaction to each news event. The list of tags makes it easy to classify and navigate through different types of news, whether you're interested in earnings reports, stock offerings, stock splits, clinical trials, fda approvals, dividends or buybacks.
Designed with both novice traders and seasoned investors in mind, our page aims to simplify the complex world of stock market news. By combining real-time updates, Rhea-AI's analytical insights, and historical stock performance data, we provide a holistic view of MGIC Investment's position in the market.
MGIC Investment reported a strong first quarter for 2024 with a net income of $174.1 million or $0.64 per diluted share. Adjusted net operating income was $178.4 million or $0.65 per diluted share. The company experienced a return on equity of 13.7% and increased book value per share by 14.5% year-over-year. MGIC continues to benefit from favorable credit trends and the resiliency of the housing market, maintaining confidence in their market position and business strategies.
Key financial metrics show a slight decrease in new insurance written, an increase in net premiums earned, and improvements in annual persistency. Losses incurred, net, primary delinquency inventory, and primary IIF delinquency rate also saw positive trends. The company's underwriting expense ratio improved, along with an increase in return on equity and book value per share.
The company also highlighted positive actions such as dividend payments, share repurchases, credit rating upgrades, and dividend payments to shareholders. Additionally, MGIC approved a share repurchase program of up to $750 million.