Mgic Inv Cp Stock Price, News & Analysis

MGIC Investment Corporation (NYSE: MTG) announced its third-quarter 2020 results, reporting a net income of $130.8 million ($0.38 per diluted share), down from $176.9 million ($0.49 per diluted share) in Q3 2019. Adjusted net operating income was $149.9 million ($0.43 per diluted share), compared to $173.6 million ($0.48) last year. New insurance written increased to $32.8 billion, while insurance in force grew by 9.5%. The loss ratio improved to 15.9% from 89.2% in Q2 2020. The company declared a $0.06 dividend per share.

MGIC Investment Corporation (MTG) announced the retirement of Lisa Pendergast, Vice President and Treasurer, effective November 2, 2020. She has been with the company since 1998, contributing significantly to its treasury operations. Nathan R. Abramowski, previously Assistant Treasurer, will succeed her. Abramowski has been with MGIC since 2014, advancing from Financial Reporting Manager. The company reported $238.9 billion in primary insurance in force as of September 30, 2020, covering approximately one million mortgages.

MGIC Investment Corporation (NYSE: MTG) announced the election of Analisa M. Allen to its Board of Directors on October 29, 2020. She will also serve on the Audit and Risk Management Committees. Allen brings extensive experience in the financial services sector, having held prominent roles at JP Morgan Chase & Co. and Goldman Sachs. As of September 30, 2020, MGIC had $238.9 billion in primary insurance in force, covering approximately one million mortgages.

MGIC Investment Corporation (MTG) has declared a quarterly cash dividend of $0.06 per share, payable on November 25, 2020, to shareholders recorded by November 11, 2020. As of September 30, 2020, MGIC reported $238.9 billion of primary insurance covering over one million mortgages, helping to make affordable low-down-payment mortgages accessible for families across the U.S. and Puerto Rico.

MGIC Investment Corporation (NYSE: MTG) announced the appointment of Annette M. Adams as Senior Vice President and Chief Human Resources Officer. Previously, Adams served in various human resources roles at Kohl's Inc. and Wisconsin Health Fund. CEO Tim Mattke emphasized that Adams' expertise in fostering engaged and high-performing teams aligns with MGIC's commitment to creating a motivated workforce. Adams holds a Bachelor of Business Administration in Finance and an Executive MBA from the University of Wisconsin.

MGIC Investment Corporation (NYSE: MTG) plans to release its 3rd quarter 2020 financial results on November 4, 2020, followed by a conference call on November 5 at 10:00 a.m. Eastern Time. Selected operating statistics for September 2020 indicate a decline in beginning primary delinquent inventory from 69,326 in July to 66,626, as new delinquency notices decreased from 8,463 to 6,038. However, the percentage of new delinquency notices in forbearance remains high at 56%. The impact of COVID-19 continues to influence delinquency and forbearance rates significantly.

MGIC Investment Corporation (NYSE: MTG) announced that CEO Timothy Mattke will present at the Barclays Global Financial Services Conference on September 15, 2020, at 9 a.m. Eastern Time. The presentation will be held virtually via live webcast. Interested parties can access the webcast on the company’s website, with related slides available prior to the event. A replay will be accessible for 30 days afterward. MGIC serves lenders across the U.S. and beyond, facilitating affordable low-down-payment mortgages.

MGIC Investment Corporation (NYSE: MTG) released its Operational Summary for August 2020, detailing key metrics related to mortgage insurance. The total beginning primary delinquent inventory was 68,206 loans, down from 69,326 in July. New delinquency notices totaled 6,423, a decrease from 8,463 in July, while cures were 7,868. The report indicates that 59% of new delinquency notices were in forbearance, reflecting the ongoing impact of the COVID-19 pandemic on the mortgage industry. The company emphasizes the potential for significant changes based on economic conditions.

MGIC Investment Corporation (NYSE: MTG) announced the results of its cash tender offer for its 5.750% Senior Notes due 2023, which expired on August 12, 2020. Out of $425 million outstanding, $183.61 million (43.20%) were tendered. Holders of validly tendered notes will receive $1,082.50 per $1,000 of principal plus accrued interest, with payments expected on August 13 and August 17, 2020. The Company will finance this with previously announced debt financing. Goldman Sachs acted as the dealer manager for the offer.