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MGIC Investment Corp. - MTG STOCK NEWS

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.

MGIC Investment Corp. (NYSE: MTG) is a leading provider of private mortgage insurance and other mortgage credit risk management solutions. Headquartered in Milwaukee, Wisconsin, MGIC's primary subsidiary, Mortgage Guaranty Insurance Corporation (MGIC), has been facilitating affordable homeownership for nearly 60 years. They support lenders across the United States, Puerto Rico, and other jurisdictions by offering low-down-payment mortgage options.

MGIC's business model primarily revolves around providing private mortgage insurance to mitigate the risk of default on home loans. This insurance is crucial for lenders as it allows them to offer mortgages with lower down payments, making homeownership more accessible to a larger segment of the population. The premiums from these insurance products constitute the bulk of MGIC's revenue, complemented by investment income from managing the collected premiums.

Recently, MGIC has shown robust financial performance. For the second quarter of 2023, the company reported a net income of $191.1 million, or $0.66 per diluted share. Although this was a decrease from the $249.3 million in the same quarter of the previous year, it highlights the company's ongoing profitability and solid financial standing. The total revenue for the quarter was $290.7 million, reflecting a slight decrease from $293.1 million in the prior year. Premiums earned were $242.8 million, while net losses incurred were significantly reduced, showcasing effective risk management strategies.

MGIC has also demonstrated its commitment to shareholder value through regular financial disclosures and strategic risk management. The company has implemented various reinsurance transactions to manage its risk profile better, providing coverage on a significant portion of its risk in force as of the latest reporting periods. These reinsurance agreements help reduce the capital required to support the insured risk, enhancing overall returns.

MGIC is actively involved in the social media landscape, maintaining a presence on platforms like Twitter, YouTube, and Facebook to engage with its community and stakeholders. Their digital strategy includes a dedicated blog and various social media channels to keep the public informed about the latest developments and insights in the mortgage insurance industry.

The company's strategic focus remains on navigating the dynamic economic environment through prudent risk management and maintaining a strong financial foundation. MGIC is poised to continue its legacy of enabling affordable homeownership while delivering value to its shareholders and maintaining a significant presence in the mortgage insurance industry.

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MGIC Investment Corporation (MTG) reported a strong third quarter of 2022, with net income of $249.6 million or $0.81 per diluted share, up from $158.0 million last year. Adjusted net operating income reached $264.2 million or $0.86 per diluted share. New insurance written was $19.6 billion, a decline from previous quarters. Persistency rose to 75.7%. The company repurchased 6.1 million shares, paid a $0.10 dividend, and maintained strong capital metrics despite macroeconomic challenges.

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On October 27, 2022, MGIC Investment Corporation (NYSE: MTG) declared a quarterly cash dividend of $0.10 per share, payable on November 23, 2022. This dividend is for shareholders of record as of November 10, 2022. MGIC helps lenders provide affordable low-down-payment mortgages through private mortgage insurance, contributing to homeownership across the U.S. and Puerto Rico.

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MGIC Investment Corporation (NYSE: MTG) will release its Q3 2022 financial results on November 2, 2022, after market close. A conference call is scheduled for 10:00 a.m. ET on November 3 to discuss these results. Interested participants can register for the call to receive access details. A replay of the webcast will be available until December 5, 2022. MGIC provides private mortgage insurance to facilitate affordable low-down-payment mortgages across the U.S. and beyond.

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MGIC Investment Corporation (NYSE: MTG) announced that CEO Tim Mattke will participate in a fireside chat at the Barclays Global Financial Conference on September 13, 2022, at 11:15 a.m. Eastern Time. The event will be held at the New York Hilton Midtown and will be webcast live. Interested parties can access the webcast through the company's website. Related slides will be available on September 12, 2022. A replay will be accessible for 30 days afterward.

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Mortgage Guaranty Insurance Corporation (MGIC), a subsidiary of MGIC Investment Corporation (NYSE: MTG), has announced significant personnel changes. Shreyans Jain joins as Senior Vice President of Mortgage Risk Analytics, bringing extensive experience from PNC and Fannie Mae. Richard Chang joins as Vice President of Internal Audit from Fiserv. Additionally, Danny García-Vélez has been promoted to Group Vice President of Regional Sales & Marketing, and Leslie Schunk to Vice President of Securities Law Counsel. These strategic appointments aim to enhance MGIC's competitiveness and operational effectiveness.

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MGIC Investment Corporation (MTG) reported strong financial results for Q2 2022, with a net income of $249.3 million or $0.80 per diluted share, an increase from $153.1 million or $0.44 in Q2 2021. Adjusted net operating income was $254.4 million or $0.81 per share. New insurance written totaled $24.3 billion, up from $19.6 billion in Q1 2022. The company reduced delinquency inventory by 12% year-over-year. Total consolidated assets decreased to $6.6 billion, reflecting a drop in the investment portfolio's fair value due to rising market interest rates.

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MGIC Investment Corporation (NYSE: MTG) declared a quarterly cash dividend of $0.10 per share, marking a 25% increase from the previous dividend of $0.08. This payment is set for August 25, 2022, to shareholders on record by August 11, 2022. The increase reflects the company's strong performance and commitment to returning value to shareholders.

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MGIC Investment Corporation (NYSE: MTG) plans to release its second quarter 2022 financial results after the market closes on August 3, 2022. A conference call/webcast is scheduled for 10:00 a.m. Eastern Time on August 4, 2022 to discuss the results for the quarter ended June 30, 2022. The company encourages participants to register in advance to receive the dial-in number and unique PIN. A replay of the webcast will be accessible until September 5, 2022.

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MGIC Investment Corporation (NYSE: MTG) announced it will redeem all outstanding 5.75% Senior Notes due 2023 on July 15, 2022. The redemption will occur at par plus a make-whole premium and accrued unpaid interest. Approximately $242.3 million of these Notes remains outstanding as of the announcement date. This action reflects the company's strategy to manage its debt portfolio effectively.

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Mortgage Guaranty Insurance Corporation (MGIC) announced the promotions of Christina Ficks to Vice President – Customer Experience and Erik Leaver to Vice President – Mortgage Modeling Analytics. Ficks, with MGIC since 2017, has been integral in technology integration and automation. Leaver joined in 2020 and has advanced MGIC's risk modeling capabilities. Both promotions aim to enhance MGIC's service to customers and shareholders, reflecting the company's commitment to improving digital customer experiences in the mortgage insurance sector.

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FAQ

What is the current stock price of MGIC Investment (MTG)?

The current stock price of MGIC Investment (MTG) is $25.04 as of October 31, 2024.

What is the market cap of MGIC Investment (MTG)?

The market cap of MGIC Investment (MTG) is approximately 6.5B.

What services does MGIC Investment Corp. provide?

MGIC Investment Corp. provides private mortgage insurance, mortgage credit risk management solutions, and ancillary services to lenders across the United States and other regions.

Where is MGIC Investment Corp. headquartered?

MGIC Investment Corp. is headquartered in Milwaukee, Wisconsin.

What was MGIC's net income for the second quarter of 2023?

MGIC reported a net income of $191.1 million, or $0.66 per diluted share, for the second quarter of 2023.

How does MGIC primarily generate revenue?

MGIC generates revenue mainly from premiums paid on private mortgage insurance and investment income from managing these premiums.

What recent achievement showcases MGIC's risk management strategies?

For the second quarter of 2023, MGIC significantly reduced net losses incurred, demonstrating effective risk management strategies.

In which regions does MGIC operate?

MGIC operates throughout the United States, Puerto Rico, and other jurisdictions.

How does MGIC engage with its community and stakeholders?

MGIC engages with its community and stakeholders through various social media platforms, including Twitter, YouTube, and Facebook, and maintains a dedicated blog.

What strategic focus does MGIC maintain?

MGIC focuses on navigating the dynamic economic environment through prudent risk management and maintaining a strong financial foundation.

What is the purpose of MGIC's reinsurance transactions?

MGIC's reinsurance transactions aim to manage its risk profile better by reducing the capital required to support the insured risk and enhancing overall returns.

What is MGIC's primary objective?

MGIC's primary objective is to facilitate affordable homeownership by providing low-down-payment mortgage options through private mortgage insurance.

MGIC Investment Corp.

NYSE:MTG

MTG Rankings

MTG Stock Data

6.49B
259.23M
1.37%
97.96%
3.51%
Insurance - Specialty
Surety Insurance
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United States of America
MILWAUKEE