MTG
MGIC Investment CorporationNYSE
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  • Tue, Oct. 18, 8:12 AM
    • Q3 net operating income of $102.2M or $0.25 per share vs. $83.1M and $0.20 one year ago.
    • New insurance written of $14.2B up 14.4% Y/Y. Insurance in force grows 4.3% to $180.1B.
    • Primary delinquent loans of 51.433 down 20.4% Y/Y.
    • Annual persistency slips to 78.3% from 80%.
    • Book value per share of $7.48 up from $6.33.
    • Conference call at 10 ET
    • Previously: MGIC Investment beats by $0.06, beats on revenue (Oct. 18)
    • MTG +3% in thin premarket action.
    | Tue, Oct. 18, 8:12 AM
  • Tue, Oct. 18, 6:52 AM
    • MGIC Investment (NYSE:MTG): Q3 EPS of $0.25 beats by $0.06.
    • Revenue of $273.85M (+1.6% Y/Y) beats by $13.91M.
    • Press Release
    | Tue, Oct. 18, 6:52 AM
  • Mon, Oct. 17, 5:30 PM
    | Mon, Oct. 17, 5:30 PM | 4 Comments
  • Mon, Oct. 10, 8:16 AM
    • Insurance in Force $180.1B (vs. $172.7B in 2015).
      • Flow Only $170.5B (vs. $161.8B)
    • Beginning Primary Delinquent Inventory (number of loans) 51,642 (vs. 64,805)
      • Plus: New Delinquency Notices 6,019 (vs. 6,660)
      • Less: Cures 5,173 (vs. 5,445)
      • Less: Paids 1,010 (vs. 1,286)
      • Less: Rescissions and Denials 45 (vs. 92)
    • Ending Primary Delinquent Inventory 51,433 (vs. 64,642)
    • Source: Press Release
    | Mon, Oct. 10, 8:16 AM | 8 Comments
  • Fri, Sep. 9, 7:12 AM
    • Insurance in Force $179.1B (vs. $171.2B in 2015).
      • Flow Only $169.4B (vs. $160.2B)
    • Beginning Primary Delinquent Inventory (number of loans) 52,298 (vs. 66,121)
      • Plus: New Delinquency Notices 5,753 (vs. 6,242)
      • Less: Cures 5,276 (vs. 6,212)
      • Less: Paids 1,093 (vs. 1,279)
      • Less: Rescissions and Denials 40 (vs. 67)
    • Ending Primary Delinquent Inventory 51,642 (vs. 64,805)
    • Source: Press Release
    | Fri, Sep. 9, 7:12 AM | 1 Comment
  • Tue, Aug. 16, 8:20 AM
    • The $3.4B Arch Capital Group (NASDAQ:ACGL) agreed to pay for AIG's United Guaranty represented 9.5x 2015 EPS, says BTIG's Mark Palmer. Applying that multiple to his FY18 EPS estimates for Radian (NYSE:RDN), MGIC Investment (NYSE:MTG), Essent Group (NYSE:ESNT), and NMI Holdings (NASDAQ:NMIH) implies upsides of 37%, 38%, 5%, and 62%, respectively, versus their closes yesterday.
    • Essent and NMI Holdings could merit higher multiples than their slower-growing peers, he adds.
    • For more diversified Genworth (NYSE:GNW), it's hoping to break off its mortgage insurance units from its life and long-term care operations, and the sale of United Guaranty likely helped this cause.
    • Don't forget, Arch Capital likely got a good deal on its purchase as AIG was a motivated seller given the sluggish IPO market and AIG's capital return promises.
    • Previously: WSJ: AIG nears deal to sell mortgage insurance unit for $3.4B (Aug. 15)
    | Tue, Aug. 16, 8:20 AM | 1 Comment
  • Sun, Jul. 24, 12:18 PM
    • MGIC Investment (NYSE:MTG) just closed out a big week after its Q2 earnings impressed, and more gains are in store for it, along with peers like Radian Group (NYSE:RDN), NMI Holdings (NASDAQ:NMIH), and Essent Group (NYSE:ESNT), writes Leslie Norton.
    • Stringent post-crisis underwriting standards mean new business is nearly pristine: The default rate on private mortgage insurance written since 2010 is only about 50 basis points vs. 20% in 2007.
    • So what's holding the stocks back? Private mortgage insurers are in competition with an entity that doesn't care about profits, and the FHA last year cut the premiums on mortgages it insures. Upstart NMI Holdings slashed prices to gain market share, and Fannie Mae and Freddie Mac issued new capital requirements for insurers.
    • But pricing has stabilized, if you ask MGIC CEO Patrick Sinks, as well as bullish Oppenheimer fund manager Michael Levine.
    • Industry consolidation could be at hand as well. In addition to the four above, AIG's United Guaranty is in the business with about 20% of the market, Genworth Financial (NYSE:GNW) has 16%, and Arch Capital's (NASDAQ:ACGL) MI operation has 6% (for comparison, MGIC and Radian each have about 18% of the market). Old hands will remember MGIC and Radian considered a merger prior to the financial crisis.
    • Barclays' Mark DeVries and Zelman Associates' Ivy Zelman figure MGIC has more than 50% upside from the current price, and Zelamn thinks Radian could be a double. Essent, on the other hand, at 9.4x earnings and 1.4x book, looks fully valued. NMI, says Zelman, could be worth $8 vs. the current $6.
    | Sun, Jul. 24, 12:18 PM | 20 Comments
  • Wed, Jul. 20, 9:51 AM
    | Wed, Jul. 20, 9:51 AM
  • Tue, Jul. 19, 1:11 PM
    • Gainers: MTG +9%. YRD +6%.
    | Tue, Jul. 19, 1:11 PM
  • Tue, Jul. 19, 9:53 AM
    • Though a real bull market for MGIC Investment (MTG +8.3%) awaits follow-through on the government's promise to cede more market share to private mortgage insurers, says BTIG's Mark Palmer, Q2's strong report should remind investors of the company's potential, particularly in light of the cheap valuation.
    • The results confirmed media reports from last week suggesting strong volumes in the PMI industry in Q2, he says.
    • Net written premiums of $250M exceeded his estimate of $241.3M, and revenues of $263.5M topped Palmer's already-bullish forecast of $260.1M.
    • Book value rose 7.1% to $7.37 per share - even with today's big gain, the stock (at $6.91 currently) still trades at a sizable discount.
    • Palmer reiterates his Buy rating and $12 price target.
    • Up in concert with MTIG are Radian (RDN +2.7%) and Essent Group (ESNT +1.1%).
    • Previously: MGIC Investment on the move after topping estimates (July 19)
    | Tue, Jul. 19, 9:53 AM | 2 Comments
  • Tue, Jul. 19, 9:14 AM
    | Tue, Jul. 19, 9:14 AM
  • Tue, Jul. 19, 7:26 AM
    • Q2 net income of $109.2M or $0.26 per share vs. $113.7M and $0.28 one year ago.
    • New insurance written of $12.6B up 6.7% Y/Y. Insurance in force of $177.5B up 5.5%.
    • Primary delinquent loan inventory of 52,558 loans down 20.8%.
    • Consolidated risk-to-capital ratio of 13.2:1 vs. 14.8:1 a year ago.
    • $16M dividend paid to parent company during quarter, and $50.2M of 5% convertible senior notes repurchased.
    • Conference call at 10 ET
    • Previously: MGIC Investment beats by $0.06, beats on revenue (July 19)
    • MTG +5.6% premarket
    | Tue, Jul. 19, 7:26 AM
  • Tue, Jul. 19, 6:46 AM
    • MGIC Investment (NYSE:MTG): Q2 EPS of $0.26 beats by $0.06.
    • Revenue of $263.5M (+8.4% Y/Y) beats by $8.49M.
    • Press Release
    | Tue, Jul. 19, 6:46 AM
  • Mon, Jul. 18, 5:30 PM
    | Mon, Jul. 18, 5:30 PM | 6 Comments
  • Thu, Jun. 30, 10:40 AM
    • In addition to its upgrade of Radian Group, FBR also boosts MGIC Investment (MTG +0.7%) to Outperform from Market Perform.
    • With the Radian upgrade, analyst Patrick Kealey said the recent price decline makes for an excellent buying opportunity, and argued that competitive pricing concerns from the FHA are overdone.
    | Thu, Jun. 30, 10:40 AM | 4 Comments
  • Wed, Jun. 8, 7:22 AM
    • MTG May 2016 insurance in force of $176.1B gained 5.3% Y/Y.
    • Ending primary delinquent inventory of 52,990 loans fell 22.3% from 68,224 a year ago.
    | Wed, Jun. 8, 7:22 AM | 2 Comments