Welcome to our dedicated page for Mgic Inv Cp news (Ticker: MTG), a resource for investors and traders seeking the latest updates and insights on Mgic Inv Cp stock.
MGIC Investment Corporation (MTG) delivers private mortgage insurance solutions that enable sustainable homeownership through risk management innovation. This news hub provides investors and industry professionals with essential updates on MTG's strategic initiatives and market position.
Access authoritative coverage of earnings announcements, regulatory developments, and operational milestones. Our curated collection includes press releases on underwriting innovations, reinsurance partnerships, and housing finance trends directly impacting MTG's performance.
Key updates feature:
Financial disclosures: Quarterly earnings and annual reports
Strategic developments: Technology implementations and risk modeling enhancements
Regulatory compliance: Updates on capital requirements and insurer eligibility standards
Market expansion: Service area updates and lender partnership announcements
Bookmark this page for streamlined access to MTG's evolving role in mortgage credit protection. Verify time-sensitive details through official SEC filings and company communications.
MGIC Investment (NYSE: MTG) reported strong financial results for Q2 2024.
Net income was $204.2 million, or $0.77 per diluted share, compared to $191.1 million in Q2 2023. Adjusted net operating income was $204.9 million, or $0.77 per diluted share, up from $196.0 million last year. New insurance written increased to $13.5 billion from $12.4 billion in Q2 2023.
The company paid a dividend of $0.115 per common share and repurchased 7.6 million shares. MGIC declared a dividend of $0.13 per common share, payable on August 22, 2024.
CEO Tim Mattke emphasized the company's focus on long-term value and agility in market dynamics. A traditional excess of loss reinsurance transaction was executed, providing up to $187.2 million in coverage for 2024 NIW.
Book value per common share rose to $19.58 from $17.09 in Q2 2023. The company announced a new share repurchase program, authorizing up to $750 million of common stock repurchases by December 31, 2026.
MGIC Investment (NYSE: MTG) has announced a 13% increase in its quarterly cash dividend. The new dividend of $0.13 per share is up from the previous $0.115 per share. This increased dividend will be payable on August 22, 2024, to shareholders of record as of August 8, 2024. The decision to raise the dividend was made by the company's Board of Directors, signaling confidence in MGIC's financial position and commitment to returning value to shareholders.
MGIC Investment (NYSE: MTG) will release its Q2 2024 financial results after market close on July 31, 2024. The company has scheduled a conference call and webcast for August 1, 2024, at 10:00 a.m. ET to discuss the results. Interested participants can register to receive a unique PIN and dial-in number. The webcast will be accessible via the company's investor website and a replay will be available until August 30, 2024.
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.
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