MGIC Investment's (MTG) Dividend Slashed 90%, Sending The Group Lower

Shares of mortgage insurers continue to plummet following news from MGIC Investment Corp. (NYSE: MTG) that it slashed its quarterly dividend 90% to $0.025 per share. This is down from the $0.25 per share dividend MGIC Investment declared in July.

Shares of MGIC Investment are down 14% today, to a new 52-week low.

Shares of another mortgage insurer PMI Group Inc. (NYSE: PMI) slid 10% today, to a new 52-week low.

Radian Group (NYSE: RDN) is down 23% today, also a new 52-week low.

Fidelity recently disclosed a 10% stake in MGIC Investment. Based on today's decline the fund lost nearly $23 million today from this position. Other holders of MGIC Investment, based on the latest StreetInsider.com data, include NWQ Investment Management (9.2%), Putnam (8.6%), Clearbridge Advisors (5.7%) and Barrow Hanley Mewhinn (5.7%).

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