Radian Group Inc. (NYSE:RDN) Short Interest Down 40.6% in June

Radian Group Inc. (NYSE:RDN) was the target of a large drop in short interest during the month of June. As of June 30th, there was short interest totalling 2,351,201 shares, a drop of 40.6% from the June 15th total of 3,957,319 shares. Based on an average daily volume of 1,990,395 shares, the short-interest ratio is presently 1.2 days. Currently, 1.1% of the company’s shares are short sold.

A number of institutional investors have recently added to or reduced their stakes in the company. FMR LLC increased its position in Radian Group by 0.3% in the first quarter. FMR LLC now owns 19,336,037 shares of the insurance provider’s stock worth $347,275,000 after buying an additional 59,116 shares during the last quarter. Vanguard Group Inc. increased its position in Radian Group by 5.0% in the second quarter. Vanguard Group Inc. now owns 18,116,304 shares of the insurance provider’s stock worth $296,201,000 after buying an additional 859,950 shares during the last quarter. BlackRock Inc. boosted its stake in shares of Radian Group by 24,173.9% in the first quarter. BlackRock Inc. now owns 14,125,455 shares of the insurance provider’s stock worth $253,692,000 after buying an additional 14,067,263 shares during the period. LSV Asset Management boosted its stake in shares of Radian Group by 0.6% in the second quarter. LSV Asset Management now owns 10,409,782 shares of the insurance provider’s stock worth $170,199,000 after buying an additional 58,304 shares during the period. Finally, State Street Corp boosted its stake in shares of Radian Group by 7.3% in the first quarter. State Street Corp now owns 7,682,263 shares of the insurance provider’s stock worth $137,976,000 after buying an additional 524,837 shares during the period. 93.09% of the stock is owned by institutional investors.

Shares of Radian Group (NYSE:RDN) traded down 0.87% during mid-day trading on Friday, hitting $17.09. The stock had a trading volume of 921,279 shares. The stock’s 50-day moving average is $17.18 and its 200 day moving average is $17.69. Radian Group has a 1-year low of $12.96 and a 1-year high of $19.87. The firm has a market capitalization of $3.68 billion, a price-to-earnings ratio of 19.62 and a beta of 1.61.

Radian Group (NYSE:RDN) last released its quarterly earnings results on Tuesday, August 1st. The insurance provider reported $0.48 earnings per share (EPS) for the quarter, topping 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 company had revenue of $302.91 million during the quarter, compared to the consensus estimate of $299.07 million. During the same period in the prior year, the firm earned $0.38 earnings per share. Radian Group’s 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.

Radian Group declared that its board has initiated a share buyback program on Wednesday, August 9th that authorizes the company to repurchase $50.00 million in shares. This repurchase authorization authorizes the insurance provider to repurchase up to 1.3% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company’s board of directors believes its shares are undervalued.

The business also recently declared a quarterly dividend, which will be paid on Friday, September 1st. Investors of record on Monday, August 21st will be paid a $0.0025 dividend. This represents a $0.01 dividend on an annualized basis and a yield of 0.06%. The ex-dividend date is Thursday, August 17th. Radian Group’s payout ratio is currently 1.18%.

A number of brokerages have weighed in on RDN. Barclays PLC reiterated an “overweight” rating and set a $24.00 price target (down from $25.00) on shares of Radian Group in a report on Wednesday, August 2nd. BidaskClub upgraded Radian Group from a “sell” rating to a “hold” rating in a report on Tuesday, June 13th. Keefe, Bruyette & Woods reiterated a “buy” rating and set a $21.00 price target on shares of Radian Group in a report on Tuesday, May 30th. Deutsche Bank AG decreased their price target on Radian Group from $22.00 to $21.00 and set a “buy” rating for the company in a report on Friday, April 28th. Finally, ValuEngine upgraded Radian Group from a “buy” rating to a “strong-buy” rating in a report on Wednesday, June 7th. Two investment analysts have rated the stock with a sell rating, one has given a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the stock. The stock presently has an average rating of “Buy” and an average price target of $20.75.

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Radian Group Company 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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