Radian Group Inc. (RDN) Rating Lowered to Buy at ValuEngine
ValuEngine cut shares of Radian Group Inc. (NYSE:RDN) from a strong-buy rating to a buy rating in a research note published on Thursday morning.
A number of other research analysts have also issued reports on the stock. Barclays PLC restated an overweight rating and set a $24.00 target price (down previously from $25.00) on shares of Radian Group in a research report on Wednesday, August 2nd. Zacks Investment Research lowered shares of Radian Group from a hold rating to a sell rating in a research report on Tuesday, July 4th. BidaskClub lowered shares of Radian Group from a hold rating to a sell rating in a research report on Saturday, June 24th. Finally, Keefe, Bruyette & Woods reiterated a buy rating and set a $21.00 price target on shares of Radian Group in a research report on Tuesday, May 30th. Two equities research analysts have rated the stock with a sell rating, one has assigned a hold rating and seven have issued a buy rating to the company. The company currently has a consensus rating of Buy and an average target price of $20.75.
Radian Group (NYSE:RDN) opened at 16.37 on Thursday. The company has a market cap of $3.52 billion, a PE ratio of 18.79 and a beta of 1.58. The stock has a 50 day moving average of $17.22 and a 200 day moving average of $17.43. Radian Group has a 52 week low of $12.96 and a 52 week high of $19.87.
Radian Group (NYSE:RDN) last announced its quarterly earnings results on Tuesday, August 1st. The insurance provider reported $0.48 EPS for the quarter, beating the Zacks’ consensus estimate of $0.40 by $0.08. Radian Group had a net margin of 16.26% and a return on equity of 12.81%. The business had revenue of $302.91 million for the quarter, compared to analyst estimates of $299.07 million. During the same quarter in the prior year, the business earned $0.38 EPS. Radian Group’s quarterly revenue was up 4.9% on a year-over-year basis. Equities research analysts predict that Radian Group will post $1.72 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Friday, September 1st. Stockholders of record on Monday, August 21st were paid a dividend of $0.0025 per share. This represents a $0.01 annualized dividend and a dividend yield of 0.06%. The ex-dividend date was Thursday, August 17th. Radian Group’s payout ratio is currently 1.18%.
Radian Group declared that its board has initiated a stock buyback plan on Wednesday, August 9th that allows the company to buyback $50.00 million in shares. This buyback authorization allows the insurance provider to reacquire up to 1.3% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s board believes its shares are undervalued.
In other Radian Group news, CEO Richard G. Thornberry purchased 5,000 shares of the company’s stock in a transaction dated Monday, August 21st. The stock was purchased at an average price of $16.54 per share, with a total value of $82,700.00. Following the completion of the purchase, the chief executive officer now owns 20,000 shares of the company’s stock, valued at $330,800. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, SVP Catherine Mary Jackson sold 17,130 shares of the firm’s stock in a transaction on Tuesday, August 15th. The shares were sold at an average price of $17.22, for a total transaction of $294,978.60. Following the transaction, the senior vice president now directly owns 80,720 shares of the company’s stock, valued at approximately $1,389,998.40. The disclosure for this sale can be found here. 1.83% of the stock is currently owned by company insiders.
Several hedge funds have recently added to or reduced their stakes in the company. Amalgamated Bank raised its stake in shares of Radian Group by 1.4% during the second quarter. Amalgamated Bank now owns 27,445 shares of the insurance provider’s stock valued at $449,000 after acquiring an additional 376 shares during the last quarter. Teacher Retirement System of Texas raised its stake in shares of Radian Group by 2.9% during the second quarter. Teacher Retirement System of Texas now owns 17,291 shares of the insurance provider’s stock valued at $283,000 after acquiring an additional 485 shares during the last quarter. OxFORD Asset Management LLP raised its stake in shares of Radian Group by 3.6% during the second quarter. OxFORD Asset Management LLP now owns 15,824 shares of the insurance provider’s stock valued at $259,000 after acquiring an additional 555 shares during the last quarter. Ngam Advisors L.P. raised its stake in shares of Radian Group by 3.6% during the first quarter. Ngam Advisors L.P. now owns 17,395 shares of the insurance provider’s stock valued at $312,000 after acquiring an additional 597 shares during the last quarter. Finally, The Manufacturers Life Insurance Company increased its position in shares of Radian Group by 0.5% during the second quarter. The Manufacturers Life Insurance Company now owns 166,041 shares of the insurance provider’s stock worth $2,715,000 after buying an additional 766 shares during the period. 90.01% of the stock is owned by hedge funds and other institutional investors.
About Radian Group
Radian Group Inc is an insurance holding company that provides mortgage insurance, and products and services to the real estate and mortgage finance industries. The Company operates in two segments: Mortgage Insurance and Services. The Mortgage Insurance segment provides credit-related insurance coverage, principally through private mortgage insurance to mortgage lending institutions.
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