MILWAUKEE, April 26, 2018 /PRNewswire/ -- MGIC Investment Corporation (NYSE: MTG) announced its board of directors has authorized a share repurchase program under which the Company may repurchase up to $200 million of its common stock through the end of 2019.
Repurchases may be made from time to time on the open market or through privately negotiated transactions. The repurchase program may be suspended for periods or discontinued at any time.
At March 31, 2018 the Company had $257 million of cash and investments and expects to fund the purchases with these resources. At that date, the Company had approximately 371.3 million shares of common stock outstanding.
The principal subsidiary of MGIC Investment Corporation is 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 March 31, 2018, MGIC had $197.5 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, including corrections of previous disclosures, without making any other disclosure and intends to continue to do so in the future. 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 can be found at http://mtg.mgic.com under Investor Information.
SOURCE MGIC Investment Corporation