MGIC Investment Corp Stock Research

Market Summary

USD12.76+0.38

Market Closed

3.07%

MTG Alerts

1 major insider sales recently.

MTG Stock Price

MTG RSI Chart

MTG Valuation

Market Cap

3.8B

Price/Earnings (Trailing)

4.42

Price/Sales (Trailing)

3.26

EV/EBITDA

3.49

Price/Free Cashflow

5.91

MTG Price/Sales (Trailing)

MTG Profitability

EBT Margin

92.94%

Return on Equity

18.64%

Return on Assets

13.93%

Free Cashflow Yield

16.92%

MTG Fundamentals

MTG Revenue

Revenue (TTM)

1.2B

Revenue Y/Y

-0.63%

Revenue Q/Q

-0.19%

MTG Earnings

Earnings (TTM)

865.3M

Earnings Y/Y

10.07%

Earnings Q/Q

-23.31%

Price Action

52 Week Range

11.2115.64

(Low)(High)

Last 7 days

-0.4%

Last 30 days

-6.4%

Last 90 days

-1.3%

Trailing 12 Months

-7.4%

MTG Financial Health

Debt/Equity

0.14

Debt/Cashflow

0.98

MTG Investor Care

Buy Backs (1Y)

10.85%

Diluted EPS (TTM)

2.79

Peers (Alternatives to MGIC Investment)

View All Peers In Detail

Name	Mkt Capsorted ascending	Revenue	Price %, 1M	Returns, 1Y	P/E	P/S	Rev 1-Yr	Inc 1-Yr
LARGE-CAP
JPM	369.9B	128.7B	-9.85%	-8.96%	9.82	2.87	5.79%	-22.05%
BAC	217.0B	95.0B	-20.85%	-35.83%	7.88	2.29	6.55%	-13.92%
WFC	137.5B	54.0B	-21.26%	-28.08%	10.43	2.55	36.10%	-38.82%
USB	52.4B	17.9B	-26.59%	-35.86%	8.99	2.92	33.05%	-26.85%
PNC	50.9B	21.1B	-20.57%	-33.97%	8.33	2.41	9.94%	6.78%
MID-CAP
NYCB	6.1B	2.1B	-1.00%	-12.77%	9.38	2.91	23.86%	9.06%
ESNT	4.2B	1.0B	-8.26%	-7.33%	5.05	4.19	-2.69%	21.94%
MTG	3.8B	1.2B	-6.45%	-7.36%	4.42	3.26	-1.09%	36.28%
TFSL	3.5B	456.2M	-11.62%	-21.53%	43.92	7.76	20.21%	11.74%
RDN	3.4B	1.2B	-0.63%	-3.01%	4.54	2.83	-10.47%	23.68%
CLBK	2.0B	309.7M	-10.81%	-15.23%	23.37	6.5	14.63%	-6.38%
SMALL-CAP
NMIH	1.8B	523.3M	-6.03%	1.36%	6.18	3.46	7.89%	26.73%
PFS	1.5B	466.2M	-16.04%	-14.13%	8.36	3.15	84.75%	4.60%
CASH	1.2B	305.1M	-17.27%	-21.00%	8.2	3.79	0.26%	-29.77%
PFC	756.0M	277.7M	-14.22%	-28.48%	7.4	2.72	14.01%	-18.93%

Financials for MGIC Investment

* denotes actual numbers (not divided by Millions)
Income Statement (Last 12 Months)					(In Millions)
Description	(%) Q/Q	2022Q4	2022Q3	2022Q2	2022Q1	2021Q4
Revenue	-0.2%	1,173	1,175	1,178	1,182	1,186
EBITDA	0.8%	1,192	1,183	1,080	964	-
EBITDA Margin	0.9%	1.02*	1.01*	0.92*	0.82*	-
Earnings Before Taxes	2.0%	1,090	1,068	954	832	802
EBT Margin	2.2%	0.93*	0.91*	0.81*	0.70*	-
Interest Expenses	-14.3%	48.00	56.00	64.00	68.00	71.00
Net Income	2.1%	865	848	756	660	635
Net Income Margin	2.2%	0.74*	0.72*	0.64*	0.56*	-
Free Cahsflow	-2.5%	647	664	704	722	-

Balance Sheet					(In Millions)
Description	(%) Q/Q	2022Q4	2022Q3	2022Q2	2022Q1	2021Q4
Assets	1.0%	6,214	6,154	6,600	6,845	7,325
Cash Equivalents	35.3%	327	242	410	477	285
Net PPE	-6.3%	41.00	44.00	45.00	45.00	46.00
Liabilities	-2.7%	1,571	1,614	2,027	2,234	2,464
Long Term Debt	-27.8%	663	918	935	1,147	-
Shareholder's Equity	2.3%	4,643	4,540	4,573	4,610	4,861
Retained Earnings	4.2%	4,004	3,843	3,624	3,400	3,251
Additional Paid-In Capital	0.4%	1,799	1,792	1,791	1,784	1,795
Accumulated Depreciation	-	55.00	-	-	-	-
Shares Outstanding	-2.0%	299	305	313	320	-

Cashflow (Last 12 Months)					(In Millions)
Description	(%) Q/Q	2022Q4	2022Q3	2022Q2	2022Q1	2021Q4
Cashflow From Operations	-2.6%	650	668	709	726	696
Share Based Compensation	23.1%	25.00	20.00	17.00	-	-
Cashflow From Investing	-33.6%	410	618	536	463	-160
Cashflow From Financing	15.5%	-1,032	-1,222	-1,016	-892	-527
Dividend Payments	3.5%	111	107	104	100	94.00
Buy Backs	-13.1%	386	444	510	414	291

Risks for MTG

What is the probability of a big loss on MTG?

73.5%

Probability that MGIC Investment stock will be more than 20% underwater in next one year

38.5%

Probability that MGIC Investment stock will be more than 30% underwater in next one year.

19.6%

Probability that MGIC Investment stock will be more than 40% underwater in next one year.

*Calculated based on probability distribution of losses observed in actual data in the last 5 years.

How does MTG drawdown profile look like?

Y-axis is the maximum loss one would have experienced if MGIC Investment was unfortunately bought at previous high price.

Drawdowns

Returns for MTG

Cumulative Returns on MTG

12.0%

10-Year Cumulative Returns

9.4%

7-Year Cumulative Returns

2.4%

5-Year Cumulative Returns

31.8%

3-Year Cumulative Returns

What are the long-term rolling returns for MTG?

FIve years rolling returns for MGIC Investment.

Annualized Returns

Which funds bought or sold MTG recently?

View All Details

Datesorted ascending	Fund Name	Type	% Chg	$ Change	$ Held	% Portfolio
2023-03-10	VICTORY CAPITAL MANAGEMENT INC	added	4.17	1,933,780	36,286,800	0.04%
2023-03-06	Rockefeller Capital Management L.P.	unchanged	-	1,000	15,000	-%
2023-03-01	Lakewood Asset Management LLC	new	-	34,000	34,000	0.03%
2023-02-28	Voya Investment Management LLC	reduced	-31.33	-2,047,090	4,694,910	0.01%
2023-02-24	NATIXIS	reduced	-86.22	-102,263,000	16,562,000	0.09%
2023-02-22	TEACHERS RETIREMENT SYSTEM OF THE STATE OF KENTUCKY	reduced	-2.39	-25,000	2,557,000	0.03%
2023-02-21	DGS Capital Management, LLC	added	45.68	114,238	353,626	0.23%
2023-02-21	MACQUARIE GROUP LTD	reduced	-5.39	-134,000	1,394,000	-%
2023-02-21	NORTHWESTERN MUTUAL INVESTMENT MANAGEMENT COMPANY, LLC	reduced	-37.27	-204,656	357,344	0.01%
2023-02-21	NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO	reduced	-62.49	-88,361	54,639	-%

Latest Funds Activity

Are funds buying MTG calls or puts?

Calls

Puts

Are funds bullish or bearish(Calls - Puts)?

Net Call Options

No. of funds that own MTG

No. of Funds

MTG Alerts

1 major insider sales recently.

MGIC Investment News

Schedule 13G FIlings of MGIC Investment

Date Filed	Name of Filer	Percent of Class	No. of Shares	Form Type
Feb 09, 2023	fmr llc	-	0	SC 13G/A
Feb 09, 2023	vanguard group inc	13.53%	40,192,185	SC 13G/A
Feb 06, 2023	wellington management group llp	5.12%	15,208,741	SC 13G/A
Jan 24, 2023	blackrock inc.	9.6%	28,494,884	SC 13G/A
Mar 09, 2022	vanguard group inc	10.49%	33,120,155	SC 13G/A
Feb 10, 2022	vanguard group inc	9.79%	31,859,674	SC 13G/A
Feb 09, 2022	fmr llc	-	0	SC 13G/A
Feb 04, 2022	wellington management group llp	6.90%	22,466,040	SC 13G/A
Feb 01, 2022	blackrock inc.	8.5%	27,745,345	SC 13G/A
Jan 31, 2022	goldman sachs group inc	0.6%	1,945,570	SC 13G/A

MTG Fair Value

MGIC Investment fair value in different scenarios

The table shows the Fair Value estimates for MGIC Investment for various scenarios. Disclaimer: These are just estimations from a model. None of the models are good at predicting the future. Please dont buy or sell stocks based on these outputs.

Fair Value	Very Pessimistic	Pessimistic	Base Case	Optimistic	Very Optimistic
Very Low Inflation	- -	- -	- -	- -	- -
Current Inflation	17.92 40.44%	20.88 63.64%	25.15 97.10%	33.27 160.74%	38.32 200.31%
Very High Inflation	- -	- -	- -	- -	- -

Historical MGIC Investment Fair Value Estimates

Very Pessimistic Case

Pessimistic Case

Fair Value

Optimistic Case

Very Optimistic Case

Closing Stock Price

Recent SEC filings of MGIC Investment

View All Filings

Date Filed	Form Type	Document
Mar 24, 2023	ARS	ARS
Mar 24, 2023	DEF 14A	DEF 14A
Mar 10, 2023	4	Insider Trading
Mar 10, 2023	4	Insider Trading
Mar 02, 2023	4	Insider Trading
Mar 02, 2023	4	Insider Trading
Mar 02, 2023	4	Insider Trading
Mar 02, 2023	4	Insider Trading
Mar 02, 2023	4	Insider Trading
Mar 02, 2023	4	Insider Trading

Latest Insider Trading transactions for MTG

Filter Transactions

Datesorted ascending	Name	Buy/Sell	$ Value	Avg. Price	# Shares	Title
2023-03-10	Candelmo Robert J	sold (taxes)	-114,118	13.33	-8,561	svp-cio of mort gty ins corp
2023-03-10	Sperber Julie K.	sold (taxes)	-24,473	13.33	-1,836	vp-chief accounting officer
2023-03-02	CHAPLIN C EDWARD	acquired	-	-	64.3003	-
2023-03-02	Allen Analisa M	acquired	-	-	124	-
2023-03-02	LEHMAN MICHAEL E	acquired	-	-	124	-
2023-03-02	Poliner Gary A.	acquired	-	-	64.3003	-
2023-03-02	Lowman Teresita M.	acquired	-	-	117	-
2023-03-02	Kozlak Jodee A	acquired	-	-	124	-
2023-03-02	Zandi Mark	acquired	-	-	64.3003	-
2023-03-02	Hartzell Jay C.	acquired	-	-	124	-

About MGIC Investment

Timothy J. Mattke

mtg.mgic.com

710

MGIC Investment Corporation, through its subsidiaries, provides private mortgage insurance, other mortgage credit risk management solutions, and ancillary services to lenders and government sponsored entities in the United States, Puerto Rico, and Guam. The company offers primary mortgage insurance that provides mortgage default protection on individual loans, as well as covers unpaid loan principal, delinquent interest, and various expenses associated with the default and subsequent foreclosure. It also provides contract underwriting services, as well as reinsurance. The company serves originators of residential mortgage loans, including savings institutions, commercial banks, mortgage brokers, credit unions, mortgage bankers, and other lenders. MGIC Investment Corporation was founded in 1957 and is headquartered in Milwaukee, Wisconsin.

MTG Income Statement

2022-12-31

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Premiums written:
Direct	$ 1,108,570	$ 1,123,117	$ 1,106,632
Assumed	8,535	8,924	10,837
Ceded	(156,373)	(163,031)	(188,727)
Net premiums written	960,732	969,010	928,742
Decrease (increase) in unearned premiums	46,401	45,409	93,201
Net premiums earned	1,007,133	1,014,419	1,021,943
Investment income, net of expenses	167,476	156,438	154,396
Net gains (losses) on investments and other financial instruments	(7,463)	5,861	12,576
Other revenue	5,639	8,957	10,231
Total revenues	1,172,785	1,185,675	1,199,146
Losses and expenses:
Losses incurred, net	(254,565)	64,577	364,774
Amortization of deferred policy acquisition costs	12,366	12,602	12,380
Other underwriting and operating expenses, net	236,697	198,445	176,398
Loss on debt extinguishment	40,199	36,914	26,736
Interest expense	48,054	71,360	59,595
Total losses and expenses	82,751	383,898	639,883
Income before tax	1,090,034	801,777	559,263
Provision for income taxes	224,685	166,794	113,170
Net income	$ 865,349	$ 634,983	$ 446,093
Earnings per share:
Basic (in dollars per share)	$ 2.83	$ 1.90	$ 1.31
Diluted (in dollars per share)	$ 2.79	$ 1.85	$ 1.29
Weighted average common shares outstanding - basic (in shares)	305,847	334,330	339,953
Weighted average common shares outstanding - diluted (in shares)	311,229	351,308	359,293

MTG Balance Sheet

2022-12-31

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Investment portfolio:
Fixed income, available-for-sale, at fair value (amortized cost, 2022 - $5,926,785; 2021 - $6,397,658)	$ 5,409,698	$ 6,587,581
Equity securities, at fair value (cost, 2022 - $15,924; 2021 - $15,838)	14,140	16,068
Other invested assets, at cost	850	3,100
Total investment portfolio	5,424,688	6,606,749
Cash and cash equivalents	327,384	284,690
Restricted cash and cash equivalents	5,529	20,268
Accrued investment income	55,178	51,902
Reinsurance recoverable on loss reserves	28,240	66,905
Reinsurance recoverable on paid losses	18,081	36,275
Premiums receivable	58,000	56,540
Home office and equipment, net	41,419	45,614
Deferred insurance policy acquisition costs	19,062	21,671
Deferred income taxes, net	124,769	0
Other assets	111,443	134,394
Total assets	6,213,793	7,325,008
Liabilities:
Loss reserves	557,988	883,522
Unearned premiums	195,289	241,690
Federal Home Loan Bank Advance	0	155,000
Senior notes	641,724	881,508
Convertible junior subordinated debentures	21,086	110,204
Other liabilities	154,966	191,702
Total liabilities	1,571,053	2,463,626
Contingencies
Shareholders' equity:
Common stock (one dollar par value, shares authorized 1,000,000; shares issued 2022 - 371,353; 2021 - 371,353; shares outstanding 2022 - 293,433; 2021 - 320,336)	371,353	371,353
Paid-in capital	1,798,842	1,794,906
Treasury stock at cost (shares 2022 - 77,920; 2021 - 51,017)	(1,050,238)	(675,265)
Accumulated other comprehensive (loss) income, net of tax	(481,511)	119,697
Retained earnings	4,004,294	3,250,691
Total shareholders' equity	4,642,740	4,861,382
Total liabilities and shareholders' equity	$ 6,213,793	$ 7,325,008