MILWAUKEE, July 25, 2019 /PRNewswire/ -- The Board of Directors of MGIC Investment Corporation (NYSE:MTG) today declared a quarterly cash dividend of $0.06 per share.
The Company announced that because of the increased strength of its financial position the Company determined that commencing a quarterly dividend was appropriate. It further announced that consistent with prior practices, before approving any future quarterly cash dividends, the Board will consider, among other items, the outlook for continued profitability and the impact that future economic and housing market conditions may have on the Company's results and financial position.
The dividend is payable on September 20, 2019, to shareholders of record on August 30, 2019. The Company continues to have authorization to repurchase up to $200 million of its common stock through the end of 2020.
The principal subsidiary of MGIC Investment Corporation is Mortgage Guaranty Insurance Corporation, or MGIC (www.mgic.com), which 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. At June 30, 2019 MGIC had $213.9 billion of primary insurance in force covering approximately one million mortgages.
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 rate changes, see https://www.mgic.com/underwriting.
Forward Looking Statements
All statements in this press release that address events, developments or results that we expect or anticipate may occur in the future are "forward looking statements." Forward looking statements consist of statements that relate to matters other than historical fact. In most cases, forward looking statements may be identified by words such as "believe," "anticipate" or "expect," or words of similar import. These statements, which may include, without limitation, projections regarding our future performance and financial condition, are made on the basis of management's current views and assumptions with respect to future events. Any forward looking statement is not a guarantee of future performance and actual results could differ materially from those contained in the forward looking statement. These statements speak only as of the date they were made; we undertake no obligation to update any forward looking statements or other statements we may make in this press release even though these statements may be affected by events or circumstances occurring after the forward looking statements or other statements were made.
The forward looking statements, as well as our prospects as a whole, are subject to risks and uncertainties that could cause actual results to differ materially from those set forth in the forward looking statements. For more information regarding these risks and uncertainties as well as certain additional risks that we face, you should refer to the Risk Factors detailed in Item 1A of our 2018 Form 10-K, and to subsequent reports filed from time to time with the SEC.
SOURCE MGIC Investment Corporation