MGIC Investment stock rises toward a 15-year high as dividend increase boosts yield above 2.7%
Shares of MGIC Investment Corp. (MTG) rose 0.4% toward a 15-year high, after the mortgage insurance company raised its dividend by 15%. Shareholders of record on Aug. 10 will be paid, on Aug. 24, a quarterly dividend of 11.5 cents a share, which is up from a previous dividend of 10.0 cents a share. At the current stock price, the new annual dividend rate implies a dividend yield of 2.72%, which compares with the implied yield for the S&P 500 of 1.51%. MGIC's stock has rallied 30.0% year to date, while the S&P 500 has gained 18.8%.
-Tomi Kilgore
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07-27-23 1413ET
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