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MGIC Investment (MTG)

Mortgage Guaranty Insurance Corporation 'MGIC', the principal subsidiary of MGIC Investment Corporation, serves lenders throughout the United States, Puerto Rico, and other locations helping families achieve homeownership sooner by making affordable low-down-payment mortgages a reality through the use of private mortgage insurance.

Company profile

Ticker
MTG
Exchange
Website
CEO
Timothy Mattke
Employees
Incorporated
Location
Fiscal year end
Industry (SIC)
SEC CIK
Subsidiaries
MGIC Assurance Corporation • MGIC Credit Assurance Corporation • MGIC Indemnity Corporation • MGIC Insurance Services Corporation • MGIC Investor Services Corporation • MGIC Mortgage Services, LLC • MGIC Reinsurance Corporation • Mortgage Guaranty Insurance Corporation ...
IRS number
391486475

MTG stock data

Analyst ratings and price targets

Last 3 months
Current price
Average target
$17.00
Low target
$16.00
High target
$18.00
B of A Securities
Upgraded
Buy
$18.00
18 Aug 22
RBC Capital
Upgraded
Outperform
$16.00
23 Jun 22

Calendar

2 Aug 22
18 Aug 22
31 Dec 22
Quarter (USD) Jun 22 Mar 22 Dec 21 Sep 21
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD) Dec 21 Dec 20 Dec 19 Dec 18
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Cash burn rate (est.) Burn method: Change in cash Burn method: Operating income Burn method: FCF (opex + capex)
Last Q Avg 4Q Last Q Avg 4Q Last Q Avg 4Q
Cash on hand (at last report) 419.26M 419.26M 419.26M 419.26M 419.26M 419.26M
Cash burn (monthly) 23.55M (no burn) (no burn) (no burn) (no burn) (no burn)
Cash used (since last report) 38.8M n/a n/a n/a n/a n/a
Cash remaining 380.46M n/a n/a n/a n/a n/a
Runway (months of cash) 16.2 n/a n/a n/a n/a n/a

Beta Read what these cash burn values mean

Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
25 Jul 22 Nathaniel H Colson Common Stock Payment of exercise Dispose F No No 13.57 9,400 127.56K 127,092
25 Jul 22 Timothy J. Mattke Common Stock Payment of exercise Dispose F No No 13.57 35,251 478.36K 791,425
25 Jul 22 Salvatore A Miosi Common Stock Payment of exercise Dispose F No No 13.57 28,200 382.67K 508,757
25 Jul 22 James J. Hughes Common Stock Other Acquire J Yes No 0 19,875 0 227,938
25 Jul 22 James J. Hughes Common Stock Other Dispose J No No 0 19,875 0 108,000
25 Jul 22 James J. Hughes Common Stock Payment of exercise Dispose F No No 13.57 17,625 239.17K 127,875
26 May 22 Analisa M Allen Common Stock Grant Acquire A No No 0 48.762 0 8,178.783
26 May 22 Analisa M Allen Share Units Common Stock Grant Acquire A No No 0 24.636 0 4,132.294
28 Mar 22 James J. Hughes Common Stock Other Acquire J Yes No 0 54,060 0 208,063
28 Mar 22 James J. Hughes Common Stock Other Dispose J No No 0 54,060 0 145,500
13F holders Current Prev Q Change
Total holders 332 350 -5.1%
Opened positions 34 59 -42.4%
Closed positions 52 30 +73.3%
Increased positions 104 128 -18.8%
Reduced positions 141 116 +21.6%
13F shares Current Prev Q Change
Total value 3.94B 4.14B -4.9%
Total shares 312.44M 307.05M +1.8%
Total puts 1.14M 573.1K +99.2%
Total calls 98.5K 118.1K -16.6%
Total put/call ratio 11.6 4.9 +138.9%
Largest owners Shares Value Change
Vanguard 35.84M $451.62M +8.5%
BLK Blackrock 27.15M $342.15M -2.6%
GS Goldman Sachs 20.23M $254.86M +93.4%
Goldman Sachs & Co 19.45M $244.05M 0.0%
FMR 17.73M $223.46M -0.1%
Wellington Management 16.57M $208.79M -6.5%
Dimensional Fund Advisors 10.53M $132.65M +20.6%
STT State Street 10.47M $131.92M -6.3%
JPM JPMorgan Chase & Co. 10.43M $131.42M +8.6%
LSV Asset Management 8.52M $107.31M -1.3%
Largest transactions Shares Bought/sold Change
GS Goldman Sachs 20.23M +9.77M +93.4%
BNS Bank Of Nova Scotia 4.97M -4.83M -49.3%
Vanguard 35.84M +2.82M +8.5%
NA National Bank of Canada 3.07M +2.33M +312.1%
BMO Bank of Montreal 2.06M +2M +3679.0%
Dimensional Fund Advisors 10.53M +1.8M +20.6%
Donald Smith & Co. 3.22M +1.68M +109.8%
Arrowstreet Capital, Limited Partnership 4.22M -1.56M -27.0%
Two Sigma Investments 52.31K -1.48M -96.6%
Caisse De Depot Et Placement Du Quebec 1.2M +1.2M NEW

Financial report summary

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Competition
Arch CapitalNMI
Risks
  • We may not continue to meet the GSEs’ private mortgage insurer eligibility requirements and our returns may decrease if we are required to maintain more capital in order to maintain our eligibility.
  • Because we establish loss reserves only upon a loan delinquency rather than based on estimates of our ultimate losses on risk in force, losses may have a disproportionate adverse effect on our earnings in certain periods.
  • Because loss reserve estimates are subject to uncertainties, paid claims may be substantially different than our loss reserves.
  • The amount of insurance we write could be adversely affected if lenders and investors select alternatives to private mortgage insurance.
  • Changes in the business practices of the GSEs, federal legislation that changes their charters or a restructuring of the GSEs could reduce our revenues or increase our losses.
  • Reinsurance may not always be available or affordable.
  • We are subject to comprehensive regulation and other requirements, which we may fail to satisfy.
  • If the volume of low down payment home mortgage originations declines, the amount of insurance that we write could decline.
  • State capital requirements may prevent us from continuing to write new insurance on an uninterrupted basis.
  • We are susceptible to disruptions in the servicing of mortgage loans that we insure and we rely on third-party reporting for information regarding the mortgage loans we insure.
  • Changes in interest rates, house prices or mortgage insurance cancellation requirements may change the length of time that our policies remain in force.
  • Pandemics, hurricanes and other natural disasters may impact our incurred losses, the amount and timing of paid claims, our inventory of notices of default and our Minimum Required Assets under PMIERs.
  • The premiums we charge may not be adequate to compensate us for our liabilities for losses and as a result any inadequacy could materially affect our financial condition and results of operations.
  • Competition or changes in our relationships with our customers could reduce our revenues, reduce our premium yields and / or increase our losses.
  • We are involved in legal proceedings and are subject to the risk of additional legal proceedings in the future.
  • If our risk management programs are not effective in identifying, or adequate in controlling or mitigating, the risks we face, or if the models used in our businesses are inaccurate, it could have a material adverse impact on our business, results of operations and financial condition.
  • We rely on our management team and our business could be harmed if we are unable to retain qualified personnel or successfully develop and/or recruit their replacements.
  • The mix of business we write affects our Minimum Required Assets under the PMIERs, our premium yields and the likelihood of losses occurring.
  • Our holding company debt obligations materially exceed our holding company cash and investments.
  • Your ownership in our company may be diluted by additional capital that we raise or if the holders of our outstanding convertible debt convert that debt into shares of our common stock.
  • The price of our common stock may fluctuate significantly, which may make it difficult for holders to resell common stock when they want or at a price they find attractive.
  • We could be adversely affected if personal information on consumers that we maintain is improperly disclosed, our information technology systems are damaged or their operations are interrupted, or our automated processes do not operate as expected.
  • Our success depends, in part, on our ability to manage risks in our investment portfolio.
  • The Company may be adversely impacted by the transition from LIBOR as a reference rate.
Management Discussion
  • Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
  • As discussed under “Forward Looking Statements and Risk Factors” below, actual results may differ materially from the results contemplated by forward looking statements. These forward looking statements speak only as of the date of this filing and are subject to change without notice. We are not undertaking any obligation to update any forward looking statements or other statements we may make in the following discussion or elsewhere in this document even though these statements may be affected by events or circumstances occurring after the forward looking statements or other statements were made. Therefore, no reader of this document should rely on these statements being current as of any time other than the time at which this document was filed with the Securities and Exchange Commission.
  • (1) See “Explanation and reconciliation of our use of Non-GAAP financial measures.”

Content analysis

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Positive
Negative
Uncertain
Constraining
Legalese
Litigous
Readability
H.S. sophomore Avg
New words: creation, defendant, exit, flat, inaccurate, military, panel, prudent, published, recommendation, redemption, retaliation, Shareholder, traditional, underserved, variation
Removed: Administration, agreement, appraised, attributable, exceeding, extended, fewer, improperly, inforce, linked, preferenced, Presidential, restrictive, unobservable