MGIC Investment Corporation (MTG) reported six big insider buys for March 7. With all five members of the executive leadership team investing in at least 25,000 shares and one director adding 10,000 shares in MTG. Together the corporate governance bought 250,000 shares for a grand total of $1,219,500.
The two most notable buys came from the CFO and Executive Vice President J. Michael Lauer and CEO and Chairman Curt Culver. Lauer started his day by adding 50,000 shares to his stake at $3.79 per share. Later in the day Lauer added another 50,000 at $5.15 a share. By the end of the day Lauer spent $447,000 and is now in control of 930,391 shares of MTG. CEO Culver made one buy of 50,000 shares for $5.15 making his transaction amount $257,500 for the day. Culver now owns 1,820,901 shares of MGIC Investment.
Culver has been with MGIC Investment since 1982. He is also a director of Wisconsin Electric Power Company and Wisconsin Energy Corporation (WEC). Lauer has been with the company since 1989 and is in charge of finance and investor relations. Lauer is also a member of the Financial Executives Institute.
MGIC Investment Corporation is based out of Milwaukee, Wis., and is the nation’s largest private mortgage lender. The company offers mortgage insurance and risk management products and services to mortgage lenders as well as financial services to investors. MGIC Investment is also the parent company of Mortgage Guaranty Insurance Corporation (MGIC). MGIC Investment has a market cap of $1.01 billion.
MGIC Investment struggled in 2012, reporting a net loss for the fourth quarter of $386.7 million. This quarterly loss includes the one-time charge of $267.5 million that was used to settle the Freddie Mac pool dispute. Loss reserve estimates were also increased by $100 million in order to reflect the likely settlements regarding contract disputes with Countrywide and another mortgage lender.
“I am pleased that we have settled our Freddie Mac dispute and have made substantial progress towards resolving the Countrywide dispute,” said Culver. “In tandem with these efforts we are continuing to execute our strategy of writing new business through a combination of MGIC and, as it is needed, its wholly owned subsidiary, MGIC Indemnity Corporation.”
These insider buys mark the end of a troublesome 2012 and a renewed hope for 2013 growth.
MGIC Investments is currently held by five gurus followed by GuruFocus: John Griffin, Chuck Royce, Louis Moore Bacon, Jim Simons and Jeremy Grantham.
With its shares down 0.61% today, MGIC Investment Corporation trades at $4.89.
For more information on the insider trades in MTG, look at Curt Culver’s Insider Trades and J. Michael Lauer’s Insider Trades.
The two most notable buys came from the CFO and Executive Vice President J. Michael Lauer and CEO and Chairman Curt Culver. Lauer started his day by adding 50,000 shares to his stake at $3.79 per share. Later in the day Lauer added another 50,000 at $5.15 a share. By the end of the day Lauer spent $447,000 and is now in control of 930,391 shares of MTG. CEO Culver made one buy of 50,000 shares for $5.15 making his transaction amount $257,500 for the day. Culver now owns 1,820,901 shares of MGIC Investment.
Culver has been with MGIC Investment since 1982. He is also a director of Wisconsin Electric Power Company and Wisconsin Energy Corporation (WEC). Lauer has been with the company since 1989 and is in charge of finance and investor relations. Lauer is also a member of the Financial Executives Institute.
MGIC Investment Corporation is based out of Milwaukee, Wis., and is the nation’s largest private mortgage lender. The company offers mortgage insurance and risk management products and services to mortgage lenders as well as financial services to investors. MGIC Investment is also the parent company of Mortgage Guaranty Insurance Corporation (MGIC). MGIC Investment has a market cap of $1.01 billion.
MGIC Investment struggled in 2012, reporting a net loss for the fourth quarter of $386.7 million. This quarterly loss includes the one-time charge of $267.5 million that was used to settle the Freddie Mac pool dispute. Loss reserve estimates were also increased by $100 million in order to reflect the likely settlements regarding contract disputes with Countrywide and another mortgage lender.
“I am pleased that we have settled our Freddie Mac dispute and have made substantial progress towards resolving the Countrywide dispute,” said Culver. “In tandem with these efforts we are continuing to execute our strategy of writing new business through a combination of MGIC and, as it is needed, its wholly owned subsidiary, MGIC Indemnity Corporation.”
These insider buys mark the end of a troublesome 2012 and a renewed hope for 2013 growth.
MGIC Investments is currently held by five gurus followed by GuruFocus: John Griffin, Chuck Royce, Louis Moore Bacon, Jim Simons and Jeremy Grantham.
With its shares down 0.61% today, MGIC Investment Corporation trades at $4.89.
For more information on the insider trades in MTG, look at Curt Culver’s Insider Trades and J. Michael Lauer’s Insider Trades.
