New York State Common Retirement Fund Decreases Stake in Radian Group Inc. (RDN)
New York State Common Retirement Fund cut its holdings in Radian Group Inc. (NYSE:RDN) by 51.1% in the 2nd quarter, according to its most recent 13F filing with the SEC. The firm owned 231,100 shares of the insurance provider’s stock after selling 241,614 shares during the period. New York State Common Retirement Fund owned about 0.11% of Radian Group worth $3,778,000 as of its most recent filing with the SEC.
Several other hedge funds and other institutional investors have also bought and sold shares of the company. Vanguard Group Inc. boosted its holdings in shares of Radian Group by 5.3% in the 1st quarter. Vanguard Group Inc. now owns 17,256,354 shares of the insurance provider’s stock valued at $309,923,000 after buying an additional 876,181 shares during the period. BlackRock Inc. boosted its holdings in shares of Radian Group by 24,173.9% in the 1st quarter. BlackRock Inc. now owns 14,125,455 shares of the insurance provider’s stock valued at $253,692,000 after buying an additional 14,067,263 shares during the period. LSV Asset Management boosted its holdings in shares of Radian Group by 0.6% in the 2nd quarter. LSV Asset Management now owns 10,409,782 shares of the insurance provider’s stock valued at $170,199,000 after buying an additional 58,304 shares during the period. State Street Corp boosted its holdings in shares of Radian Group by 7.3% in the 1st quarter. State Street Corp now owns 7,682,263 shares of the insurance provider’s stock valued at $137,976,000 after buying an additional 524,837 shares during the period. Finally, Boston Partners boosted its holdings in shares of Radian Group by 2.8% in the 2nd quarter. Boston Partners now owns 3,412,019 shares of the insurance provider’s stock valued at $55,787,000 after buying an additional 92,467 shares during the period. 89.97% of the stock is owned by institutional investors and hedge funds.
Shares of Radian Group Inc. (NYSE:RDN) opened at 20.11 on Thursday. Radian Group Inc. has a 12 month low of $12.96 and a 12 month high of $20.32. The company has a 50-day moving average of $18.05 and a 200 day moving average of $17.40. The company has a market capitalization of $4.33 billion, a P/E ratio of 23.09 and a beta of 1.51.
Radian Group (NYSE:RDN) last posted its earnings results on Tuesday, August 1st. The insurance provider reported $0.48 earnings per share for the quarter, topping 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 for the quarter, compared to analyst estimates of $299.07 million. During the same quarter in the prior year, the firm earned $0.38 EPS. The firm’s quarterly revenue was up 4.9% compared to the same quarter last year. Analysts forecast that Radian Group Inc. will post $1.73 EPS for the current year.
Radian Group announced that its board has authorized a stock buyback program on Wednesday, August 9th that permits the company to repurchase $50.00 million in outstanding shares. This repurchase authorization permits the insurance provider to buy up to 1.3% of its shares through open market purchases. Shares repurchase programs are often an indication that the company’s board believes its shares are undervalued.
In other news, CEO Richard G. Thornberry bought 5,000 shares of the stock in a transaction dated Monday, August 21st. The shares were acquired at an average price of $16.54 per share, with a total value of $82,700.00. Following the acquisition, the chief executive officer now owns 20,000 shares in the company, valued at $330,800. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Richard G. Thornberry bought 15,000 shares of the stock in a transaction dated Friday, August 18th. The stock was purchased at an average cost of $16.78 per share, for a total transaction of $251,700.00. Following the acquisition, the chief executive officer now owns 15,000 shares in the company, valued at approximately $251,700. The disclosure for this purchase can be found here. 1.06% of the stock is currently owned by corporate insiders.
RDN has been the subject of several research reports. BidaskClub lowered shares of Radian Group from a “hold” rating to a “sell” rating in a report on Saturday, June 24th. Zacks Investment Research lowered shares of Radian Group from a “hold” rating to a “sell” rating in a report on Tuesday, July 4th. ValuEngine lowered shares of Radian Group from a “strong-buy” rating to a “buy” rating in a report on Thursday, September 7th. Susquehanna Bancshares Inc set a $22.00 price target on shares of Radian Group and gave the company a “buy” rating in a report on Monday. Finally, Barclays PLC reaffirmed an “overweight” rating and issued a $24.00 price target (down from $25.00) on shares of Radian Group in a report on Wednesday, August 2nd. One research analyst has rated the stock with a sell rating, one has assigned a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company. The stock has an average rating of “Buy” and a consensus target price of $21.91.
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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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