Radian Group Inc .'s (NYSE:RDN) Executive Vice President, Controller, and Chief Accounting Officer, Robert Quigley, recently sold shares of the company's stock, according to a new SEC filing. The transaction involved the sale of 7,500 shares at a price of $35.65 each, amounting to a total of $267,375.
This sale took place on August 27, 2024, as indicated in the regulatory filing submitted the following day. Following this transaction, Quigley continues to hold 48,392 shares of Radian Group Inc., which includes 134 shares acquired through the company's Employee Stock Purchase Plan on June 30, 2024.
Radian Group Inc., a company specializing in surety insurance, is based in Philadelphia, Pennsylvania. The company's stock trades under the ticker symbol RDN on the New York Stock Exchange.
The sale by Quigley represents a notable transaction from a key executive at Radian Group. Investors often monitor such sales as part of their analysis of a company's internal dynamics and potential future performance. The stock's price at the time of the sale provides a snapshot of its market valuation according to one insider's actions.
The SEC filing was signed by Edward J. Hoffman, the attorney-in-fact for Quigley, confirming the accuracy and completeness of the report.
In other recent news, Radian Group Inc. has reported a robust financial performance for the second quarter of 2024. The company's earnings call highlighted a 12% year-over-year increase in book value per share to $29.66, and a revenue rise to $321 million, resulting in a net income of $152 million. The company's mortgage insurance business remains optimistic, projecting a total mortgage origination market of $1.7 trillion for 2024, and a stable private mortgage insurance market at about $300 billion.
Radian Group also entered a new quota share reinsurance agreement and increased its share repurchase program to $900 million. In addition, Radian Mortgage Capital launched its inaugural private label prime jumbo mortgage securitization of approximately $350 million. Despite a recorded loss provision of $48 million for new defaults and other operating expenses totaling $92 million, the company maintains a strong capital and liquidity position with $1.2 billion in available holding company liquidity.
These recent developments indicate a positive outlook for Radian Group, with a disciplined approach to cost reduction and capital management, and a robust mortgage insurance market positioning them well for the coming period.
InvestingPro Insights
As Radian Group Inc. (NYSE:RDN) navigates the market, recent activity within the company's stock has been noteworthy. The sale of shares by Executive Vice President Robert Quigley provides investors with an occasion to review the company's performance and outlook through the lens of InvestingPro data and tips. With a market capitalization of $5.38 billion and a solid P/E ratio of 9.22, Radian Group appears to be valued efficiently in the market. The adjusted P/E ratio for the last twelve months as of Q2 2024 further refines this view to 8.64, suggesting a potentially more attractive valuation.
InvestingPro Tips indicate that Radian Group has a history of rewarding its shareholders. The company has raised its dividend for four consecutive years and has maintained dividend payments for an impressive 32 years. These consistent dividend payments, coupled with a dividend yield of 2.74%, underscore the company's commitment to returning value to its shareholders. Additionally, Radian Group's liquid assets surpass short-term obligations, providing financial stability and flexibility.
From a growth perspective, the company has seen a revenue increase of 5.9% over the last twelve months as of Q2 2024, with a notable quarterly revenue growth of 10.9% in Q2 2024. This growth trajectory is complemented by a strong return over the last three months, with a price total return of 18.32%, and an even more significant uptick of 25.3% over the last six months.
Investors looking for further insights will find additional InvestingPro Tips that provide a deeper dive into Radian Group's financial health and prospects. As of now, there are six more tips available, including analyst predictions of profitability this year and a large price uptick over the last six months, which could be particularly relevant for those evaluating the company's recent stock performance and executive transactions.
For those interested in exploring these insights in greater detail, additional tips can be found on InvestingPro's dedicated page for Radian Group at https://www.investing.com/pro/RDN.
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