Institute for Wealth Management LLC. Takes Position in Radian Group Inc. (RDN)
Institute for Wealth Management LLC. purchased a new position in Radian Group Inc. (NYSE:RDN) in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund purchased 21,224 shares of the insurance provider’s stock, valued at approximately $346,000.
Other hedge funds also recently added to or reduced their stakes in the company. Amalgamated Bank increased its holdings in shares of Radian Group by 1.4% in the 2nd quarter. Amalgamated Bank now owns 27,445 shares of the insurance provider’s stock worth $449,000 after buying an additional 376 shares during the last quarter. Teacher Retirement System of Texas lifted its holdings in shares of Radian Group by 2.9% during the 2nd quarter. Teacher Retirement System of Texas now owns 17,291 shares of the insurance provider’s stock worth $283,000 after acquiring an additional 485 shares during the last quarter. OxFORD Asset Management LLP lifted its holdings in shares of Radian Group by 3.6% during the 2nd quarter. OxFORD Asset Management LLP now owns 15,824 shares of the insurance provider’s stock worth $259,000 after acquiring an additional 555 shares during the last quarter. Ngam Advisors L.P. lifted its holdings in shares of Radian Group by 3.6% during the 1st quarter. Ngam Advisors L.P. now owns 17,395 shares of the insurance provider’s stock worth $312,000 after acquiring an additional 597 shares during the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in shares of Radian Group by 11.5% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 7,781 shares of the insurance provider’s stock worth $127,000 after acquiring an additional 803 shares during the last quarter. 90.02% of the stock is owned by institutional investors and hedge funds.
In related news, CEO Richard G. Thornberry acquired 5,000 shares of Radian Group stock in a transaction on Monday, August 21st. The shares were bought at an average cost of $16.54 per share, with a total value of $82,700.00. Following the completion of the purchase, the chief executive officer now directly owns 20,000 shares of the company’s stock, valued at approximately $330,800. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP Catherine Mary Jackson sold 17,130 shares of the business’s stock in a transaction that occurred on Tuesday, August 15th. The stock was sold at an average price of $17.22, for a total value of $294,978.60. Following the sale, the senior vice president now directly owns 80,720 shares in the company, valued at $1,389,998.40. The disclosure for this sale can be found here. 1.83% of the stock is currently owned by corporate insiders.
Shares of Radian Group Inc. (NYSE:RDN) traded down 0.16% during midday trading on Monday, reaching $18.66. The company had a trading volume of 105,110 shares. Radian Group Inc. has a 52 week low of $12.96 and a 52 week high of $19.87. The firm has a market capitalization of $4.02 billion, a price-to-earnings ratio of 21.42 and a beta of 1.51. The stock has a 50-day moving average of $17.19 and a 200 day moving average of $17.33.
Radian Group (NYSE:RDN) last released its quarterly earnings data on Tuesday, August 1st. The insurance provider reported $0.48 EPS for the quarter, beating the Thomson Reuters’ 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 during the quarter, compared to analyst estimates of $299.07 million. During the same quarter last year, the business earned $0.38 earnings per share. Radian Group’s quarterly revenue was up 4.9% compared to the same quarter last year. On average, analysts anticipate that Radian Group Inc. will post $1.72 earnings per share for the current year.
Radian Group declared that its board has authorized a stock buyback plan on Wednesday, August 9th that authorizes the company to buyback $50.00 million in outstanding shares. This buyback authorization authorizes the insurance provider to reacquire up to 1.3% of its shares through open market purchases. Shares buyback plans are often an indication that the company’s board believes its stock is undervalued.
RDN has been the topic of a number of research reports. BidaskClub upgraded Radian Group from a “sell” rating to a “hold” rating in a research report on Tuesday, June 13th. Barclays PLC reiterated an “overweight” rating and issued a $24.00 price objective (down from $25.00) on shares of Radian Group in a report on Wednesday, August 2nd. Zacks Investment Research upgraded Radian Group from a “strong sell” rating to a “hold” rating in a report on Wednesday, June 28th. Finally, ValuEngine upgraded Radian Group from a “buy” rating to a “strong-buy” rating in a research report on Tuesday, September 26th. Two analysts have rated the stock with a sell rating, one has given a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company. The stock presently has a consensus rating of “Buy” and an average target price of $20.75.
Radian Group Profile
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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