Oct. 15, 2015, 7:30 AM
- MGIC Investment (NYSE:MTG) earned a whopping $822.9M or $1.78 per share in Q3 thanks to a reversal in the company's DTA. Excluding this, earnings of $124.7M or $0.29 per share compared to $72M and $0.18 one year ago. The DTA move also boosted book value per share by $2.23.
- Turning to operations, NIW of $12.4B gained 19.5% Y/Y. insurance in force of $172.7B up 6.3%. Primary delinquent inventory of 64,642 loans fell 22.3%.
- Annual persistency of 80% vs. 82.8% in Q2. Consolidated risk-to-capital ratio of 13.6:1 fell from 17:1. GAAP loss ratio dropped to 32% from 55.1%. GAAP underwriting expense ratio of 14.4% fell 50 basis points.
- Conference call at 10 ET
- Previously: MGIC Investment beats by $0.08, beats on revenue (Oct. 15)
- Shares +4.8% premarket
Oct. 15, 2015, 6:52 AM
- MGIC Investment (NYSE:MTG): Q3 EPS of $0.29 beats by $0.08.
- Revenue of $269.51M (+14.6% Y/Y) beats by $19.16M.
Oct. 14, 2015, 5:30 PM
Oct. 12, 2015, 9:55 AM
- KBW upgrades MGIC Investment (MTG +2%) to Outperform from Market Perform. The $11.50 price target is nearly 20% above Friday's close.
- Also maybe helping today, BTIG's Mark Palmer reiterates his Buy rating and $12 price target, telling investors to discount a near-term slowdown in NIW growth, and instead focus on a bigger-picture shift in which private mortgage insurers are set to assume a much larger share of U.S mortgage insurance business as the government steps back.
Sep. 18, 2015, 11:38 AM
- You wouldn't know it from the price action today, but at least two sell-side analysts came away impressed from presentations made by MGIC Investment (MTG -2.4%) and Radian (RDN -1.5%) at the Barclays financial services conference yesterday.
- Compass Point's Amy DeBone says both were upbeat about NIW growth opportunities (Compass Point rates both Buys), with that being a long-term catalyst. Declining loss ratios should continue to be short-term catalysts for both.
- Separately, Susquehanna's Jack Micenko also takes note of managements' optimism for deeper coverage.
- MGIC presentation slides
- Radian presentation slides
Sep. 9, 2015, 2:40 PM
- Primary new insurance written in August of $4B vs. $3.5B in August of 2014.
- Ending primary delinquent inventory of 64,805 loans down from 66,121 a month earlier and 83,748 one year ago.
- MTG -0.1%
Jul. 16, 2015, 8:36 AM
- Q2 net income of $113.7M or $0.28 per share vs. $45.5M and $0.12 one year ago.
- New insurance written of $11.8B up 42% Y/Y. Insurance in force of $168.8B up 5.9%. Primary delinquent inventory of 66,357 loans down 22.3%. Annual persistency of 80.4% vs. 82.4%. Risk-to-capital ratio of 14.8:1 vs. 17.3:1.
- Percentage of loans delinquent, excluding bulk loans, of 5.48% vs. 7.3% one year ago.
- Losses incurred of $90.2M vs. $141.1M a year ago.
- Management expects full-year NIW to exceed that of 2014, but not as high of an amount as seen in H1. Full-year persistency is expected to be 80-85%. Delinquent inventory should gradually decrease. The company anticipates being in compliance with PMIERS when they become effective at year-end
- Conference call at 10 ET
- Previously: MGIC Investment beats by $0.05, misses on revenue (July 16)
- MTG flat premarket
Jul. 16, 2015, 7:03 AM
- MGIC Investment (NYSE:MTG): Q2 EPS of $0.28 beats by $0.05.
- Revenue of $243.1M (+5.1% Y/Y) misses by $4.24M.
Jul. 15, 2015, 5:30 PM
Jul. 8, 2015, 8:09 AM
- MTG primary new insurance written in June of $4.5B compares to $3.2B a year ago.
- Ending primary delinquent inventory of 66,357 loans vs. 68,224 a month earlier and 85,416 a year ago.
Jun. 29, 2015, 5:01 PM
- Manulife (NYSE:MFC) has the greatest sensitivity to rising rates of all the picks on the list, says Barclays, which also sees upside potential even before rate liftoff, particularly as the insurer deploys excess capital.
- The Street is underestimating MGIC Investment's (NYSE:MTG) earnings growth trajectory in a subnormalized loss environment.
- Nasdaq OMX (NASDAQ:NDAQ) remains a top pick thanks to: 1) attractive valuation; 2) recurring and diversified revenue base; 3) strong free cash flow supporting capital returns.
- Prologis (NYSE:PLD) has strong earnings growth and compelling valuation compared to net asset value.
- Citigroup (NYSE:C) should outperform its big-cap peers thanks to: 1) Finally meaningful capital deployment after this year's CCAR; 2) increased focus on execution in core markets; 3) big footprint in faster-growing emerging markets; 4) utilization of the $48B DTA; 5) continued reduction in Citi Holdings.
- Also making the list: Prudential Financial (NYSE:PRU) and SVB Financial (NASDAQ:SIVB).
- Source: StreetInsider
Jun. 8, 2015, 11:36 AM
- MTG May primary insurance written of $3.7B vs. $2.8B one year ago.
- Ending delinquent inventory of 68,224 loans vs. 69,630 at start of month and 86,415 one year ago.
May 14, 2015, 2:48 PM
- While the volume of new originations with PMI was flat in Q1 from a quarter earlier, private mortgage insurers wrote just $45.24B worth, down 5.3%, according to Inside Mortgage Finance. FHA and VA loans were up by 5.5% and 6%, respectively, over the same time frame.
- The private mortgage insurers' market share dipped to 35.2%, the second-straight quarterly decline, and off from a post-crash peak of 41.1%.
- The trend over the last few years has been for the FHA to lose market share, but the program saw a surge in refis in March, suggesting January's premium cut is taking effect.
- Watching closely: Radian (RDN +0.3%), MGIC Investment (MTG +1.6%), Essent Group (ESNT +1.4%), NMI Holdings (NMIH +1%).
May 8, 2015, 8:19 AM
- MTG primary new insurance written of $3.6B in April vs. $2.3B a year ago.
- Ending primary delinquent inventory of 69,630 down from 72,236 one month earlier, and 87,987 a year ago.
Apr. 21, 2015, 7:27 AM
- Q1 net income of $133.1M or $0.32 per share vs. $60M and $0.15 one year ago.
- Net premiums written of $234.5M vs. $218M a year ago. New insurance written of $9B vs. $5.2B. Persistency of 81.6% vs. 81.1%.
- Primary insurance in force of $166.1B vs. $157.9B a year ago. Percentage of loans delinquent, excluding bulk loans, of 5.98% down from 7.92%.
- Losses incurred of $81.8M vs. $122.6M a year ago.
- Conference call at 10 ET
- Previously: MGIC Investment beats by $0.05, beats on revenue (April 21)
- MTG +1.45% premarket
Apr. 21, 2015, 7:03 AM
- MGIC Investment (NYSE:MTG): Q1 EPS of $0.26 beats by $0.05.
- Revenue of $270.2M (+14.9% Y/Y) beats by $26.74M.
MGIC Investment Corp. provides private mortgage insurance in the United States. Its products include mortgage insurance and pool mortgage insurance. The mortgage insurance product may be written on a flow basis, in which loans are insured in individual, loan-by-loan transactions or may be... More
Industry: Surety & Title Insurance
Country: United States