Docoh
Loading...

MTG MGIC Investment

MGIC Investment Corp. is a private mortgage insurer that serves lenders throughout the United States, and Puerto Rico. It also provides lenders with underwriting and other services and products related to home mortgage lending through its subsidiaries, such as Mortgage Guaranty Insurance Corp. and MGIC Indemnity Corp. The company was founded by Max Karl in 1957 and is headquartered in Milwaukee, WI.

Company profile

Ticker
MTG
Exchange
Website
CEO
Timothy Mattke
Employees
Incorporated
Location
Fiscal year end
Industry (SIC)
SEC CIK
IRS number
391486475

MTG stock data

(
)

Calendar

23 Feb 21
13 Apr 21
31 Dec 21
Quarter (USD)
Dec 20 Sep 20 Jun 20 Mar 20
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD)
Dec 20 Dec 19 Dec 18 Dec 17
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS

Financial data from company earnings reports.

Cash burn rate (estimated) Burn method: Change in cash Burn method: Operating income/loss Burn method: FCF (opex + capex)
Last Q Avg 4Q Last Q Avg 4Q Last Q Avg 4Q
Cash on hand (at last report) 296.68M 296.68M 296.68M 296.68M 296.68M 296.68M
Cash burn (monthly) 30.71M (positive/no burn) (positive/no burn) (positive/no burn) (positive/no burn) (positive/no burn)
Cash used (since last report) 105.73M n/a n/a n/a n/a n/a
Cash remaining 190.95M n/a n/a n/a n/a n/a
Runway (months of cash) 6.2 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
31 Mar 21 Jodee A Kozlak Share Units Common Stock Grant Aquire A No No 13.85 962.695 13.33K 22,770.448
3 Mar 21 Daniel A. Arrigoni Share Units Common Stock Grant Aquire A No No 0 38.004 0 8,025.224
3 Mar 21 Analisa M Allen Share Units Common Stock Grant Aquire A No No 0 57.068 0 12,050.94
3 Mar 21 C Edward Chaplin Share Units Common Stock Grant Aquire A No No 0 248.033 0 52,376.345
3 Mar 21 Gary A. Poliner Share Units Common Stock Grant Aquire A No No 0 631.948 0 133,446.14

Data for the last complete 13F reporting period. To see the most recent changes to ownership, click the ownership history button above.

13F holders
Current Prev Q Change
Total holders 321 300 +7.0%
Opened positions 67 36 +86.1%
Closed positions 46 47 -2.1%
Increased positions 100 95 +5.3%
Reduced positions 111 121 -8.3%
13F shares
Current Prev Q Change
Total value 4.44B 2.75B +61.1%
Total shares 353.41M 310.76M +13.7%
Total puts 335.4K 442.8K -24.3%
Total calls 1.35M 1.04M +29.8%
Total put/call ratio 0.2 0.4 -41.6%
Largest owners
Shares Value Change
Vanguard 34.22M $429.46M +2.1%
BLK Blackrock 30.37M $381.12M +100.4%
Wellington Management 27.9M $350.13M +9.3%
GS Goldman Sachs 25.59M $321.17M +22.1%
FMR 22.64M $284.16M -17.3%
Goldman Sachs & Co 19.45M $244.05M NEW
STT State Street 12.1M $151.9M +74.2%
LSV Asset Management 10.23M $128.42M -6.7%
Barrow Hanley Mewhinney & Strauss 6.56M $82.36M -16.5%
Natixis 6.24M $78.35M +3.0%
Largest transactions
Shares Bought/sold Change
Goldman Sachs & Co 19.45M +19.45M NEW
BLK Blackrock 30.37M +15.22M +100.4%
Norges Bank 6.15M +6.15M NEW
STT State Street 12.1M +5.16M +74.2%
FMR 22.64M -4.75M -17.3%
GS Goldman Sachs 25.59M +4.63M +22.1%
MNGPF Man 75.81K -4.11M -98.2%
140 Summer Partners 4.03M +4.03M NEW
Select Equity 0 -3.48M EXIT
MS Morgan Stanley 3.68M +3.04M +480.4%

Financial report summary

?
Competition
Arch CapitalNMI
Risks
  • The COVID-19 pandemic may continue to materially impact our financial results and may also materially impact our business, liquidity and financial condition.
  • Downturns in the domestic economy or declines in home prices may result in more homeowners defaulting and our losses increasing, with a corresponding decrease in our returns.
  • 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
  • Net income of $446.1 million for 2020 decreased by $227.7 million when compared to the prior year, and diluted income per share of $1.29 decreased by 30% when compared to the prior year. These decreases primarily reflect an increase in losses incurred, a loss on debt extinguishment, a decrease in net premiums earned, and a decrease in investment income, net of expenses. Diluted income per share decreased due to a decline in net income, partially offset by a decrease in the number of diluted weighted average shares outstanding.
  • Adjusted net operating income for 2020 was $456.8 million (2019: $669.7 million) and adjusted net operating income per diluted share was $1.32 (2019: $1.84). Adjusted net operating income for 2020 included an adjustment for a loss on debt extinguishment and for both 2020 and 2019, included an adjustment for net realized investment gains.
  • NPE decreased slightly due to lower premium rates on our IIF and a decrease in profit commission from our QSR transactions that was a result of higher ceded losses incurred, partially offset by higher average IIF and an increase in accelerated premiums from single premium policy cancellations.
Content analysis
?
Positive
Negative
Uncertain
Constraining
Legalese
Litigous
Readability
H.S. sophomore Avg
New words: accident, advantage, Aid, analytical, APR, artificial, attachment, attendance, attention, authentic, bottom, BRG, category, children, cleaning, collaboration, confirmed, consultation, consulting, contact, contacted, Council, covid, cybersecurity, Debenture, detachment, digital, disease, distressed, diversified, element, emphasizing, energy, environmental, ESG, evidenced, excel, exit, extreme, fall, forbearance, forum, gather, gathered, gathering, hardship, hazard, hedging, heightened, hosted, Human, ICE, IDEAL, image, inability, incentivize, insight, intelligence, introduction, inviting, leisure, lifetime, Listening, medium, merged, merger, messaging, modern, morale, moratorium, networking, ninety, Nominating, Nonrefundable, occupancy, onsite, outbreak, outreach, package, pandemic, paper, paragraph, Paycheck, payroll, permissible, pride, prime, reevaluate, rehire, rehired, Relaxed, reliant, resource, resume, retention, rich, rose, safe, screening, segment, sentiment, site, sixty, social, software, solution, sound, speaker, stakeholder, stay, stemming, strictly, Subtopic, temporarily, transform, transformed, transforming, transmission, transportation, travel, unaware, union, unique, unprecedented, USD, video, virtual, vision, voice, waived, wealth, widening, withdrew, workday, workplace, World, XOL
Removed: accrual, ARM, assumption, building, carryforward, confidential, contingently, denial, drawn, exercised, expectation, expiring, favorably, Goldman, hurricane, IADA, improving, initiative, interchangeably, internally, Internet, leased, matured, Michigan, nearest, offering, operated, priced, prudently, pursue, Radian, recaptured, reclassification, reflecting, refund, remeasurement, removal, rent, reversed, revolving, rounded, specialty, unsecured, unused, Wellington