Nationwide Fund Advisors reduced its stake in shares of Radian Group Inc (NYSE:RDN) by 2.2% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 623,574 shares of the insurance provider’s stock after selling 14,171 shares during the quarter. Nationwide Fund Advisors owned about 0.29% of Radian Group worth $11,655,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors also recently modified their holdings of RDN. Capital World Investors increased its stake in Radian Group by 42.7% during the second quarter. Capital World Investors now owns 4,930,000 shares of the insurance provider’s stock worth $80,606,000 after acquiring an additional 1,475,000 shares during the last quarter. Northern Trust Corp boosted its position in shares of Radian Group by 24.6% during the second quarter. Northern Trust Corp now owns 5,305,329 shares of the insurance provider’s stock valued at $86,742,000 after buying an additional 1,048,954 shares during the period. Vanguard Group Inc. boosted its position in shares of Radian Group by 5.0% during the second quarter. Vanguard Group Inc. now owns 18,116,304 shares of the insurance provider’s stock valued at $296,201,000 after buying an additional 859,950 shares during the period. Calamos Advisors LLC boosted its position in shares of Radian Group by 62.5% during the second quarter. Calamos Advisors LLC now owns 2,054,000 shares of the insurance provider’s stock valued at $33,583,000 after buying an additional 790,132 shares during the period. Finally, Brandywine Global Investment Management LLC boosted its position in shares of Radian Group by 35.0% during the second quarter. Brandywine Global Investment Management LLC now owns 2,803,187 shares of the insurance provider’s stock valued at $45,833,000 after buying an additional 726,525 shares during the period. 91.56% of the stock is currently owned by institutional investors.
Shares of Radian Group Inc (NYSE:RDN) traded up $0.93 during midday trading on Monday, hitting $21.42. The company had a trading volume of 2,590,000 shares, compared to its average volume of 1,667,669. The company has a quick ratio of 1.23, a current ratio of 1.23 and a debt-to-equity ratio of 0.34. The stock has a market capitalization of $4,617.41, a price-to-earnings ratio of 12.45, a price-to-earnings-growth ratio of 2.43 and a beta of 1.54. Radian Group Inc has a 12-month low of $14.81 and a 12-month high of $21.59.
The company also recently declared a quarterly dividend, which will be paid on Friday, December 8th. Investors of record on Monday, November 27th will be issued a $0.002 dividend. The ex-dividend date is Friday, November 24th. This represents a $0.01 dividend on an annualized basis and a dividend yield of 0.04%. Radian Group’s payout ratio is 1.28%.
Radian Group announced that its Board of Directors has initiated a share repurchase plan on Wednesday, August 9th that permits the company to repurchase $50.00 million in shares. This repurchase authorization permits the insurance provider to buy up to 1.3% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s board believes its shares are undervalued.
RDN has been the subject of several recent analyst reports. Zacks Investment Research upgraded Radian Group from a “hold” rating to a “buy” rating and set a $21.00 target price for the company in a research report on Tuesday, October 10th. Susquehanna Bancshares set a $22.00 target price on Radian Group and gave the company a “buy” rating in a research report on Monday, October 16th. BTIG Research restated a “buy” rating and set a $22.00 target price on shares of Radian Group in a research report on Sunday, October 15th. Compass Point upgraded Radian Group from a “neutral” rating to a “buy” rating and boosted their target price for the company from $21.75 to $24.75 in a research report on Friday, October 27th. Finally, FBR & Co restated a “buy” rating on shares of Radian Group in a research report on Thursday, October 26th. One research analyst has rated the stock with a sell rating, three have issued a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company. Radian Group presently has an average rating of “Buy” and a consensus price target of $22.53.
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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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