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 Corp. (NYSE: MTG) is a finance and insurance company focused on private mortgage insurance and mortgage credit risk management solutions through its principal subsidiary, Mortgage Guaranty Insurance Corporation (MGIC). This news page aggregates company announcements, earnings updates and other disclosures related to MGIC and its role in supporting low-down-payment mortgages for lenders throughout the United States.
Readers can find earnings releases and related conference call announcements, where MGIC Investment Corp. discusses quarterly financial results, net premiums, net investment income, insurance in force, capital metrics and non-GAAP measures such as adjusted net operating income. These items provide insight into the performance of the mortgage insurance portfolio and the company’s approach to risk and capital management.
The news feed also includes corporate actions and governance updates, such as board appointments, director changes and information about cash dividends declared on the company’s common stock. MGIC Investment Corp. has reported share repurchases and dividend decisions, giving investors additional context on capital allocation.
Sector-specific developments appear as well, including announcements about ratings actions from agencies such as Moody’s and updates on MGIC’s capabilities within mortgage technology platforms. These items highlight how the company positions its private mortgage insurance offerings and interacts with lenders and partners in the mortgage ecosystem.
For investors, analysts and market participants following MTG stock, this page offers a centralized view of company news that is relevant to mortgage insurance, capital strength, shareholder returns and governance. Users can review past announcements to understand trends in MGIC Investment Corp.’s operations and financial reporting and return regularly to see new updates as they are released.
MGIC Investment (NYSE: MTG) has commented on recent updates to the Private Mortgage Insurer Eligibility Requirements (PMIERs) by Fannie Mae and Freddie Mac. CEO Tim Mattke expressed support for the changes, emphasizing the importance of private mortgage insurance in the housing finance system. The updates, focusing on Available Assets Standards, will be implemented over a 24-month period, becoming fully effective on September 30, 2026.
If applied immediately, these changes would reduce MGIC's Available Assets by approximately 1% ($50 million) from $5.8 billion. Despite this, MGIC's PMIERs excess would remain at $2.3 billion, demonstrating the company's strong capitalization and ability to meet the new requirements.
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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