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.
MGIC Investment Corporation (NYSE: MTG) reported a Q1 2022 net income of $175 million, or $0.54 per diluted share, up from $150 million in Q1 2021. Adjusted net operating income was $192.9 million, or $0.60 per diluted share. New insurance written decreased to $19.6 billion, reflecting a decline in the refinance market. Delinquency inventory fell to 30,462 loans, with a 2.61% delinquency rate. Shareholders received an $0.08 dividend per share, and the company reduced debt by $212 million.
MGIC Investment Corporation (NYSE: MTG) has elected Teresita M. Lowman to its Board of Directors as well as the Business Transformation and Technology Committee. Lowman brings extensive experience in digital business transformation and technology from her prior roles at DXC Technology, HP Enterprise, and Nortel Networks. The Chairman, Curt Culver, expressed confidence in her ability to contribute to the company’s strategic goals. MGIC’s focus remains on providing affordable low-down-payment mortgages through private mortgage insurance across the U.S. and beyond.
MGIC Investment Corporation (NYSE: MTG) declared a quarterly cash dividend of $0.08 per share, payable on May 26, 2022, to shareholders of record as of May 12, 2022. This announcement reflects the company's commitment to providing returns to its shareholders while supporting mortgage insurance for families seeking affordable housing options.
Mortgage Guaranty Insurance Corporation (MGIC), a subsidiary of MGIC Investment Corporation (NYSE: MTG), announces its integration with the MISMO JSON API for mortgage insurance rate quotes. This integration facilitates lenders and tech partners to access MGIC's MiQ pricing for accurate rate quotes throughout the mortgage origination process. Leslie Malicki, Director of Product Development, highlights that their REST-based API offers high performance and efficiency compared to traditional methods, showcasing MGIC's commitment to industry standards.
MGIC Investment Corporation (NYSE: MTG) plans to release its Q1 2022 financial results after the market closes on May 4, 2022. A conference call to discuss these results is scheduled for 10:00 a.m. ET on May 5, 2022. Participants can join the call by dialing 1-866-834-4126 or through the company's investor website. A replay will be available until June 5, 2022. MGIC operates in the private mortgage insurance market, aiding lenders and promoting homeownership.
MGIC Investment Corporation (NYSE: MTG) announced the retirement of Senior Vice President of Investor Relations, Michael J. Zimmerman, after 27 years. Dianna Higgins, the current Vice President of Internal Audit, will succeed him. She has been with the company since 1996, demonstrating a strong track record in Risk Management and Audit. Higgins will initially have a transitional role as Vice President of Finance, reporting to CEO Tim Mattke, who expressed gratitude for Zimmerman's service and optimism about Higgins’ leadership capabilities.
MGIC Investment Corporation (NYSE: MTG) reported its fourth-quarter 2021 results, showing a net income of $173.9 million ($0.52 per diluted share), up from $151.4 million ($0.44 per diluted share) year-over-year. For the full year, net income reached $635.0 million ($1.85 per diluted share), compared to $446.1 million ($1.29 per diluted share) in 2020. The company wrote a record $120 billion in new insurance in 2021, increasing its insurance in force by 11%. MGIC paid a $250 million dividend and repurchased $141 million in shares. Book value per share rose to $15.18, representing a 9.4% increase from 2020.
MGIC Investment Corporation (NYSE: MTG) announced a quarterly cash dividend of $0.08 per share, payable on March 2, 2022. Shareholders of record as of February 16, 2022 will be eligible to receive the dividend. This decision reinforces MGIC's commitment to returning value to its shareholders while supporting homeownership through affordable mortgage insurance. MGIC operates across the United States and Puerto Rico, assisting lenders in offering low-down-payment mortgages.
MGIC Investment Corporation (NYSE: MTG) will announce its fourth-quarter 2021 financial results on February 2, 2022, after market close. A conference call will be hosted on February 3, 2022, at 10:00 a.m. ET to discuss the results. Interested parties can join via telephone at 1-866-834-4126 or through a webcast on the company's investor website, with a replay available until March 3, 2022.
MGIC provides private mortgage insurance, facilitating affordable low-down-payment mortgages.
Mortgage Guaranty Insurance Corporation (MGIC), a subsidiary of MGIC Investment Corporation (NYSE: MTG), has welcomed Sri Kadasinghanahalli as Vice President of Systems Development, effective October 18, 2021. Kadasinghanahalli brings extensive experience from roles at PNC Financial, Truist Financial, and SunTrust Bank, specializing in Big Data solutions and security technology. His leadership is expected to contribute to MGIC's goal of becoming a leading digital, data-driven company, as stated by Bob Candelmo, MGIC's SVP Chief Information Officer.
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