What is the total authorized amount for MGIC's new share repurchase program?

The board of directors approved a $750 million authorization to repurchase common stock prior to December 31, 2028. This is described as an 'additional' authorization, meaning it supplements any prior remaining authorization balance not disclosed in this filing.

How many shares has MGIC actually repurchased under this program so far?

As of the July 29, 2026 filing date, MGIC had repurchased 6.6 million shares for $176.6 million in Q2 2026 at an average price of $26.76 per share, plus an additional 1.5 million shares for $42.4 million through July 24, 2026, totaling 8.1 million shares and approximately $219 million deployed.

What execution mechanism will MGIC use for the repurchases?

The filing does not specify whether repurchases will occur through Rule 10b-18 open-market purchases, accelerated share repurchase agreements, or other mechanisms. The authorization simply permits purchases through December 31, 2028.

Why is MGIC repurchasing shares while also paying dividends?

Both dividends and buybacks are capital return mechanisms. MGIC's strong earnings ($182.1 million in Q2 2026), solid book value ($24.27 per share), and excess PMIERs capital ($2.7 billion) provide capacity for both. Dividends reward longer-term shareholders, while buybacks reduce share count and can improve per-share metrics.

How does this buyback compare to MGIC's market capitalization?

At the Q2 average share price of approximately $26.76 and approximately 206.6 million shares outstanding (per the June 30, 2026 balance sheet), the company's approximate market cap is $5.5 billion. The $750 million authorization represents roughly 13.6% of market cap, a material but not transformative program.

What does this signal about MGIC's capital outlook?

The approval signals management's confidence in capital generation and the durability of the mortgage guaranty insurance business. Combined with the company's maintained strong PMIERs excess capital position and regular dividend, the buyback indicates the board believes capital levels support return of value to shareholders while maintaining regulatory and operational flexibility.

MTG 8-K Filed 2026-07-29 New authorization

MGIC Investment authorizes new $750M share repurchase program

Board approves additional buyback authorization through end of 2028; company repurchased 6.6M shares in Q2 2026

Authorization$750M

MechanismNot specified

What the filing says

MGIC Investment Corporation's board of directors approved a new share repurchase program authorizing the company to purchase an additional $750 million of common stock prior to December 31, 2028, according to the company's second quarter 2026 earnings announcement filed July 29, 2026.

In the second quarter of 2026, MGIC repurchased 6.6 million shares of common stock for an aggregate of $176.6 million, at an average price of approximately $26.76 per share. The company disclosed additional repurchase activity through July 24, 2026 in the third quarter, repurchasing an additional 1.5 million shares for $42.4 million.

The repurchase program does not specify a particular execution mechanism; the filing indicates the authorization permits purchases "prior to December 31, 2028." The authorization demonstrates the company's capital management strategy alongside its regular dividend program, with the company paying $0.15 per common share in Q2 2026 and declaring a $0.17 per share dividend for August 2026 payment.

Our board of directors approved a share repurchase program, authorizing us to purchase an additional $750 million of common stock prior to December 31, 2028. — MGIC INVESTMENT CORP 8-K filing · View on SEC EDGAR →

What this means

MGIC's $750 million authorization represents a significant capital allocation to share repurchases over the next 2.5 years. At Q2 2026 weighted average shares outstanding of approximately 210.9 million shares (diluted), the authorization could reduce share count by roughly 3% if fully executed at current pricing levels. The company's execution in Q2 (6.6 million shares for $176.6 million) and early Q3 (1.5 million shares for $42.4 million) demonstrates active deployment of the authorization. The board's decision reflects management confidence in the company's capital position and earnings power, with the mortgage guaranty insurer generating $182.1 million in net income for Q2 2026 and maintaining strong PMIERs excess capital.

Frequently asked questions

What is the total authorized amount for MGIC's new share repurchase program?: The board of directors approved a $750 million authorization to repurchase common stock prior to December 31, 2028. This is described as an 'additional' authorization, meaning it supplements any prior remaining authorization balance not disclosed in this filing.
How many shares has MGIC actually repurchased under this program so far?: As of the July 29, 2026 filing date, MGIC had repurchased 6.6 million shares for $176.6 million in Q2 2026 at an average price of $26.76 per share, plus an additional 1.5 million shares for $42.4 million through July 24, 2026, totaling 8.1 million shares and approximately $219 million deployed.
What execution mechanism will MGIC use for the repurchases?: The filing does not specify whether repurchases will occur through Rule 10b-18 open-market purchases, accelerated share repurchase agreements, or other mechanisms. The authorization simply permits purchases through December 31, 2028.
Why is MGIC repurchasing shares while also paying dividends?: Both dividends and buybacks are capital return mechanisms. MGIC's strong earnings ($182.1 million in Q2 2026), solid book value ($24.27 per share), and excess PMIERs capital ($2.7 billion) provide capacity for both. Dividends reward longer-term shareholders, while buybacks reduce share count and can improve per-share metrics.
How does this buyback compare to MGIC's market capitalization?: At the Q2 average share price of approximately $26.76 and approximately 206.6 million shares outstanding (per the June 30, 2026 balance sheet), the company's approximate market cap is $5.5 billion. The $750 million authorization represents roughly 13.6% of market cap, a material but not transformative program.
What does this signal about MGIC's capital outlook?: The approval signals management's confidence in capital generation and the durability of the mortgage guaranty insurance business. Combined with the company's maintained strong PMIERs excess capital position and regular dividend, the buyback indicates the board believes capital levels support return of value to shareholders while maintaining regulatory and operational flexibility.

authorization mortgage-insurance capital-management Q2-2026 financial-services

Source. This editorial summary is based on the SEC filing linked above. BuybackStocks aggregates and editorializes publicly available SEC EDGAR filings. Not investment advice. Past authorization announcements do not guarantee future repurchase activity or share price performance. See our full disclosures policy.