MILWAUKEE, Oct. 28, 2021 /PRNewswire/ -- MGIC Investment Corporation (NYSE: MTG) announced its board of directors has authorized a new share repurchase program under which the Company may repurchase up to $500 million of its common stock through the end of 2023. The new authorization is in addition to the Company's remaining stock purchase authorization of approximately $141 million (as of September 30, 2021), which expires at the end of 2021.
Repurchases may be made from time to time on the open market (including through 10b5-1 plans) or through privately negotiated transactions. The repurchase programs may be suspended for periods or discontinued at any time.
As of September 30, 2021, the Company had approximately 329.3 million shares of common stock outstanding and had approximately $716 million of cash and investments. The Company expects to fund the purchases with these resources and future dividends that may be received from its principal subsidiary, Mortgage Guaranty Insurance Corporation.
The Company also announced that its board of directors declared a quarterly cash dividend of $0.08 per share payable on November 23, 2021, to shareholders of record as of November 11, 2021.
About MGIC
Mortgage Guaranty Insurance Corporation "MGIC" (www.mgic.com), the principal subsidiary of MGIC Investment Corporation, serves lenders throughout the United States, Puerto Rico, and other locations helping families achieve homeownership sooner by making affordable low-down-payment mortgages a reality through the use of private mortgage insurance.
From time to time MGIC Investment Corporation releases important information via postings on its corporate website, and via postings on MGIC's website for information related to underwriting and pricing, and intends to continue to do so in the future. Such postings include corrections of previous disclosures, and may be made without any other disclosure. Investors and other interested parties are encouraged to enroll to receive automatic email alerts and Really Simple Syndication (RSS) feeds regarding new postings. Enrollment information for MGIC Investment Corporation alerts can be found at https://mtg.mgic.com/shareholder-services/email-alerts. For information about our underwriting and rates, see https://www.mgic.com/underwriting.
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SOURCE MGIC Investment Corporation
