MGIC Sees Extremely Heavy Trading Drive Down Price

MGIC Investment Corp. ended Thursday’s trading session down 12.48%, as investors reacted negatively to the pricing of the company’s equity and debt offerings. On Wednesday, news of the offering had made the company the best performing stock in the Mortgage Industry Equity Composite.

Volume in the stock was 186.3 million shares traded on the day. The three-month average volume is just 9.6 million and that probably has been skewed by the heavy trading in the stock in the past few weeks. Every day since Feb. 26, MGIC’s volume has been near or above that mark.

Radian, which reported a decline for February in its delinquent loan inventory and a decline on a month-to-month basis in new insurance written, was the second worst MIEC performer, down 5.64%. Technology company Ellie Mae was down 2.12%.

Bank of America was the biggest gainer among MIEC stocks, up 2.85%, followed by Redwood Trust, up 1.59%, and PHH, up 1.18%.

Article source: http://www.nationalmortgagenews.com/dailybriefing/mgic-sees-extremely-heavy-trading-drive-down-price-1034977-1.html

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