MGIC Investment reports Q1 EPS 42c, consensus 39c
Reports Q1 revenue $291.7M, consensus $285.95M. Patrick Sinks, CEO of MTG and Mortgage Guaranty Insurance Corporation said, "In the first quarter our insurance in force increased primarily due to strong persistency and the addition of $10.1B of high quality new insurance writings. The current conditions of the employment and housing markets contributed to the continued decline in the primary delinquent inventory and low level of new delinquent notices received." Sinks added that, "Given our strong capital position, we were able to increase the dividend paid to the holding company to $70M in the first quarter and received authorization by our Board to repurchase, over time, an additional $200M of common stock."