Pioneer Investment Management Inc. increased its stake in Radian Group Inc. (NYSE:RDN) by 19.2% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 2,337,048 shares of the insurance provider’s stock after buying an additional 375,832 shares during the period. Pioneer Investment Management Inc. owned about 1.09% of Radian Group worth $38,211,000 at the end of the most recent quarter.
A number of other large investors also recently modified their holdings of RDN. TD Asset Management Inc. raised its stake in shares of Radian Group by 10.2% in the second quarter. TD Asset Management Inc. now owns 70,100 shares of the insurance provider’s stock valued at $1,146,000 after buying an additional 6,500 shares during the last quarter. Palisade Capital Management LLC NJ bought a new stake in shares of Radian Group during the second quarter valued at approximately $292,000. Sei Investments Co. raised its stake in shares of Radian Group by 15.0% in the second quarter. Sei Investments Co. now owns 406,858 shares of the insurance provider’s stock valued at $6,653,000 after buying an additional 53,130 shares during the last quarter. Rothschild Asset Management Inc. raised its stake in shares of Radian Group by 3.6% in the second quarter. Rothschild Asset Management Inc. now owns 2,286,739 shares of the insurance provider’s stock valued at $37,388,000 after buying an additional 79,098 shares during the last quarter. Finally, NGAM Advisors L.P. raised its stake in shares of Radian Group by 541.0% in the second quarter. NGAM Advisors L.P. now owns 111,497 shares of the insurance provider’s stock valued at $1,823,000 after buying an additional 94,102 shares during the last quarter. 92.71% of the stock is owned by institutional investors.
Shares of Radian Group Inc. (NYSE RDN) traded down 1.07% during midday trading on Friday, reaching $16.72. 1,079,276 shares of the company’s stock traded hands. Radian Group Inc. has a 52 week low of $12.96 and a 52 week high of $19.87. The company has a market capitalization of $3.60 billion, a PE ratio of 19.20 and a beta of 1.61. The stock’s 50 day moving average is $17.28 and its 200-day moving average is $17.64.
Radian Group (NYSE:RDN) last announced its quarterly earnings results on Tuesday, August 1st. The insurance provider reported $0.48 earnings per share for the quarter, beating analysts’ consensus estimates of $0.40 by $0.08. Radian Group had a return on equity of 12.81% and a net margin of 16.26%. The business had revenue of $302.91 million during the quarter, compared to analysts’ expectations of $299.07 million. During the same quarter last year, the business posted $0.38 earnings per share. The business’s revenue for the quarter was up 4.9% on a year-over-year basis. On average, analysts forecast that Radian Group Inc. will post $1.72 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Friday, September 1st. Stockholders of record on Monday, August 21st will be given a $0.0025 dividend. This represents a $0.01 dividend on an annualized basis and a dividend yield of 0.06%. The ex-dividend date of this dividend is Thursday, August 17th. Radian Group’s dividend payout ratio is currently 1.18%.
Radian Group announced that its board has approved a share repurchase program on Wednesday, August 9th that authorizes the company to buyback $50.00 million in shares. This buyback authorization authorizes the insurance provider to buy up to 1.3% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s management believes its stock is undervalued.
Several equities research analysts recently commented on the stock. Barclays PLC reissued an “overweight” rating and issued a $24.00 price target (down previously from $25.00) on shares of Radian Group in a report on Wednesday, August 2nd. Zacks Investment Research lowered shares of Radian Group from a “hold” rating to a “sell” rating in a report on Tuesday, July 4th. BidaskClub lowered shares of Radian Group from a “hold” rating to a “sell” rating in a report on Saturday, June 24th. ValuEngine raised shares of Radian Group from a “buy” rating to a “strong-buy” rating in a report on Wednesday, June 7th. Finally, Keefe, Bruyette & Woods reaffirmed a “buy” rating and set a $21.00 target price on shares of Radian Group in a research note on Tuesday, May 30th. Two research analysts have rated the stock with a sell rating, one has issued a hold rating, six have issued a buy rating and one has given a strong buy rating to the stock. The company has a consensus rating of “Buy” and a consensus target price of $20.75.
In other news, SVP Catherine Mary Jackson sold 17,130 shares of the firm’s stock in a transaction 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 completion of the transaction, the senior vice president now owns 80,720 shares in the company, valued at $1,389,998.40. The sale was disclosed in a document filed with the SEC, which is available at this link. Company insiders own 1.83% of the company’s stock.
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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