tommiegun53
8 years ago
Radian Group Reaches Analyst Target Price
BNK Invest
January 2017
After a stock reaches analyst 12 months out price target, some analysts will be paid to raise target, that way big investors can exit the stock at the blown out price without it dropping. The new investors will then become bagholders.
Tommiegun53... 1-25-17
In recent trading, shares of Radian Group, Inc. (Symbol: RDN) have crossed above the average analyst 12-month target price of $18.08, changing hands for $18.16/share. When a stock reaches the target an analyst has set, the analyst logically has two ways to react: downgrade on valuation, or, re-adjust their target price to a higher level. Analyst reaction may also depend on the fundamental business developments that may be responsible for driving the stock price higher - if things are looking up for the company, perhaps it is time for that target price to be raised.
There are 6 different analyst targets contributing to that average for Radian Group, Inc., but the average is just that - a mathematical average. There are analysts with lower targets than the average, including one looking for a price of $16.00. And then on the other side of the spectrum one analyst has a target as high as $21.00. The standard deviation is $2.2.
But the whole reason to look at the average RDN price target in the first place is to tap into a "wisdom of crowds" effort, putting together the contributions of all the individual minds who contributed to the ultimate number, as opposed to what just one particular expert believes. And so with RDN crossing above that average target price of $18.08/share, investors in RDN have been given a good signal to spend fresh time assessing the company and deciding for themselves: is $18.08 just one stop on the way to an even higher target, or has the valuation gotten stretched to the point where it is time to think about taking some chips off the table? Below is a table showing the current thinking of the analysts that cover Radian Group, Inc.:55:59 AM EDT
In recent trading, shares of Radian Group, Inc. (Symbol: RDN) have crossed above the average analyst 12-month target price of $18.08, changing hands for $18.16/share. When a stock reaches the target an analyst has set, the analyst logically has two ways to react: downgrade on valuation, or, re-adjust their target price to a higher level. Analyst reaction may also depend on the fundamental business developments that may be responsible for driving the stock price higher - if things are looking up for the company, perhaps it is time for that target price to be raised.
There are 6 different analyst targets contributing to that average for Radian Group, Inc., but the average is just that - a mathematical average. There are analysts with lower targets than the average, including one looking for a price of $16.00. And then on the other side of the spectrum one analyst has a target as high as $21.00. The standard deviation is $2.2.
But the whole reason to look at the average RDN price target in the first place is to tap into a "wisdom of crowds" effort, putting together the contributions of all the individual minds who contributed to the ultimate number, as opposed to what just one particular expert believes.
And so with RDN crossing above that average target price of $18.08/share, investors in RDN have been given a good signal to spend fresh time assessing the company and deciding for themselves: is $18.08 just one stop on the way to an even higher target, or has the valuation gotten stretched to the point where it is time to think about taking some chips off the table?
Below is a table showing the current thinking of the analysts that cover Radian Group, Inc.:
Enterprising Investor
9 years ago
MBA: Mortgage Delinquency Rate Fell To 4.77% In Q4 (2/19/16)
The delinquency rate (30 days or more past due) for mortgage loans on one-to-four-unit residential properties decreased to a seasonally adjusted rate of 4.77% of all loans outstanding at the end of the fourth quarter, according to the Mortgage Bankers Association’s (MBA) National Delinquency Survey.
It was the lowest national delinquency rate since the third quarter of 2006.
The delinquency rate decreased 22 basis points from the previous quarter and 91 basis points from the fourth quarter of 2014, according to the report, which does not include loans in the process of foreclosure with the delinquency rate.
About 0.36% of all loans saw foreclosure starts during the fourth quarter – a decrease of two basis points from the previous quarter and a decrease of 10 basis points from one year earlier. It was the lowest foreclosure starts rate since the second quarter of 2003.
As of the end of the fourth quarter, about 1.77% of all loans were in some stage of foreclosure, down 11 basis points from the third quarter and down 50 basis points compared with the fourth quarter of 2014.
About 3.44% of mortgages were seriously delinquent (90 days or more past due) at the end of the fourth quarter – a decrease of 13 basis points compared with the previous quarter and a decrease of 108 basis points compared with a year earlier.
Both the foreclosure inventory rate and the serious delinquency rate were the lowest they’ve been since the third quarter of 2007.
“As the job market has improved and national home prices have rebounded, fewer borrowers were becoming seriously delinquent, while borrowers previously behind on their payments were in a better position to pursue alternative options to resolve delinquent loans,” says Marina Walsh, vice president of industry analysis for the MBA, in a statement. “The overall delinquency rate fell to pre-recession levels and, at 4.8 percent, was lower than the historical average of 5.4 percent for the time period [of] 1979 to 2015. The rate at which new foreclosures were started decreased to 0.36 percent, the lowest rate since 2003 and only one-fourth of the record high level during the worst of the foreclosure crisis in the third quarter of 2009.
“Mortgage performance is closely connected to job market health, and most states saw employment growth continue over the past year,” she adds. “However, there were increases in the foreclosure starts rate in a handful of states that have economies closely tied to the oil industry. Out of 12 states that had an increase in foreclosure starts in the fourth quarter, five of those were in states with oil-dependent local economies. Oklahoma, North Dakota, Louisiana, Colorado and Texas saw increases in new foreclosures while the national average continued to trend lower.”
http://mortgageorb.com/mba-mortgage-delinquency-rate-fell-to-4-77-in-q4
stocktrademan
10 years ago
$RDN DD Notes ~ http://www.ddnotesmaker.com/RDN
bullish
quick trade
long term trend fine
bullish price objective 26
$RDN recent news/filings
## source: finance.yahoo.com
Wed, 24 Dec 2014 17:50:32 GMT ~ Macquarie Sees Assured Guaranty & Radian Group Deal As 'Win-Win'
read full: http://finance.yahoo.com/news/macquarie-sees-assured-guaranty-radian-175032309.html
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Wed, 24 Dec 2014 01:43:13 GMT ~ Radian Group Inc. -- Moody's places Radian Group on review for upgrade
read full: http://www.moodys.com/page/viewresearchdoc.aspx?docid=PR_315621&WT.mc_id=AM~WWFob29fRmluYW5jZTQyX1NCX1JhdGluZyBOZXdzX0FsbF9Fbmc=~20141223_PR_315621
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Tue, 23 Dec 2014 21:41:51 GMT ~ RADIAN GROUP INC Files SEC form 8-K, Entry into a Material Definitive Agreement, Other Events, Financial Statements a
read full: http://biz.yahoo.com/e/141223/rdn8-k.html
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Tue, 23 Dec 2014 16:57:00 GMT ~ Feds' Expected Rule Changes Fuel $810 Mil Deal
read full: http://news.investors.com/122314-731812-radian-group-assured-guaranty-insurance-deal.htm?ven=yahoocp&src=aurlled&ven=yahoo
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Tue, 23 Dec 2014 16:47:51 GMT ~ Radian sells bond insurance unit for $810M
read full: http://www.bizjournals.com/philadelphia/news/2014/12/23/radian-sells-bond-insurance-unit-for-810m.html?ana=yahoo
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$RDN charts
basic chart ## source: stockcharts.com
basic chart ## source: stockscores.com
big daily chart ## source: stockcharts.com
big weekly chart ## source: stockcharts.com
$RDN company information
## source: otcmarkets.com
Link: http://www.otcmarkets.com/stock/RDN/company-info
Ticker: $RDN
OTC Market Place: Not Available
CIK code: 0000890926
Company name: Radian Group, Inc.
Incorporated In: DE, USA
$RDN share structure
## source: otcmarkets.com
Market Value: $3,205,849,489 a/o Dec 24, 2014
Shares Outstanding: 191,051,817 a/o Nov 03, 2014
Float: Not Available
Authorized Shares: Not Available
Par Value: 0.001
$RDN extra dd links
Company name: Radian Group, Inc.
## STOCK DETAILS ##
After Hours Quote (nasdaq.com): http://www.nasdaq.com/symbol/RDN/after-hours
Option Chain (nasdaq.com): http://www.nasdaq.com/symbol/RDN/option-chain
Historical Prices (yahoo.com): http://finance.yahoo.com/q/hp?s=RDN+Historical+Prices
Company Profile (yahoo.com): http://finance.yahoo.com/q/pr?s=RDN+Profile
Industry (yahoo.com): http://finance.yahoo.com/q/in?s=RDN+Industry
## COMPANY NEWS ##
Market Stream (nasdaq.com): http://www.nasdaq.com/symbol/RDN/stream
Latest news (otcmarkets.com): http://www.otcmarkets.com/stock/RDN/news - http://finance.yahoo.com/q/h?s=RDN+Headlines
## STOCK ANALYSIS ##
Analyst Research (nasdaq.com): http://www.nasdaq.com/symbol/RDN/analyst-research
Guru Analysis (nasdaq.com): http://www.nasdaq.com/symbol/RDN/guru-analysis
Stock Report (nasdaq.com): http://www.nasdaq.com/symbol/RDN/stock-report
Competitors (nasdaq.com): http://www.nasdaq.com/symbol/RDN/competitors
Stock Consultant (nasdaq.com): http://www.nasdaq.com/symbol/RDN/stock-consultant
Stock Comparison (nasdaq.com): http://www.nasdaq.com/symbol/RDN/stock-comparison
Investopedia (investopedia.com): http://www.investopedia.com/markets/stocks/RDN/?wa=0
Research Reports (otcmarkets.com): http://www.otcmarkets.com/stock/RDN/research
Basic Tech. Analysis (yahoo.com): http://finance.yahoo.com/q/ta?s=RDN+Basic+Tech.+Analysis
Barchart (barchart.com): http://www.barchart.com/quotes/stocks/RDN
DTCC (dtcc.com): http://search2.dtcc.com/?q=Radian+Group%2C+Inc.&x=10&y=8&sp_p=all&sp_f=ISO-8859-1
Spoke company information (spoke.com): http://www.spoke.com/search?utf8=%E2%9C%93&q=Radian+Group%2C+Inc.
Corporation WIKI (corporationwiki.com): http://www.corporationwiki.com/search/results?term=Radian+Group%2C+Inc.&x=0&y=0
## FUNDAMENTALS ##
Call Transcripts (nasdaq.com): http://www.nasdaq.com/symbol/RDN/call-transcripts
Annual Report (companyspotlight.com): http://www.companyspotlight.com/library/companies/keyword/RDN
Income Statement (nasdaq.com): http://www.nasdaq.com/symbol/RDN/financials?query=income-statement
Revenue/EPS (nasdaq.com): http://www.nasdaq.com/symbol/RDN/revenue-eps
SEC Filings (nasdaq.com): http://www.nasdaq.com/symbol/RDN/sec-filings
Edgar filings (sec.gov): http://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000890926&owner=exclude&count=40
Latest filings (otcmarkets.com): http://www.otcmarkets.com/stock/RDN/filings
Latest financials (otcmarkets.com): http://www.otcmarkets.com/stock/RDN/financials
Short Interest (nasdaq.com): http://www.nasdaq.com/symbol/RDN/short-interest
Dividend History (nasdaq.com): http://www.nasdaq.com/symbol/RDN/dividend-history
RegSho (regsho.com): http://www.regsho.com/tools/symbol_stats.php?sym=RDN&search=search
OTC Short Report (otcshortreport.com): http://otcshortreport.com/index.php?index=RDN
Short Sales (otcmarkets.com): http://www.otcmarkets.com/stock/RDN/short-sales
Key Statistics (yahoo.com): http://finance.yahoo.com/q/ks?s=RDN+Key+Statistics
Insider Roster (yahoo.com): http://finance.yahoo.com/q/ir?s=RDN+Insider+Roster
Income Statement (yahoo.com): http://finance.yahoo.com/q/is?s=RDN
Balance Sheet (yahoo.com): http://finance.yahoo.com/q/bs?s=RDN
Cash Flow (yahoo.com): http://finance.yahoo.com/q/cf?s=RDN+Cash+Flow&annual
## HOLDINGS ##
Major holdings (cnbc.com): http://data.cnbc.com/quotes/RDN/tab/8.1
Insider transactions (yahoo.com): http://finance.yahoo.com/q/it?s=RDN+Insider+Transactions
Insider transactions (secform4.com): http://www.secform4.com/insider-trading/RDN.htm
Insider transactions (insidercrow.com): http://www.insidercow.com/history/company.jsp?company=RDN
Ownership Summary (nasdaq.com): http://www.nasdaq.com/symbol/RDN/ownership-summary
Institutional Holdings (nasdaq.com): http://www.nasdaq.com/symbol/RDN/institutional-holdings
Insiders (SEC Form 4) (nasdaq.com): http://www.nasdaq.com/symbol/RDN/insider-trades
Insider Disclosure (otcmarkets.com): http://www.otcmarkets.com/stock/RDN/insider-transactions
## SOCIAL MEDIA AND OTHER VARIOUS SOURCES ##
PST (pennystocktweets.com): http://www.pennystocktweets.com/stocks/profile/RDN
Market Watch (marketwatch.com): http://www.marketwatch.com/investing/stock/RDN
Bloomberg (bloomberg.com): http://www.bloomberg.com/quote/RDN:US
Morningstar (morningstar.com): http://quotes.morningstar.com/stock/s?t=RDN
Bussinessweek (businessweek.com): http://investing.businessweek.com/research/stocks/snapshot/snapshot_article.asp?ticker=RDN
$RDN DD Notes ~ http://www.ddnotesmaker.com/RDN
stocktrademan
10 years ago
$RDN DD Notes ~ http://www.ddnotesmaker.com/RDN
bullish
long term buy and hold
$RDN recent news/filings
## source: finance.yahoo.com
Mon, 15 Dec 2014 21:53:47 GMT ~ RADIAN GROUP INC Files SEC form 8-K, Change in Directors or Principal Officers, Financial Statements and Exhibits
read full: http://biz.yahoo.com/e/141215/rdn8-k.html
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Mon, 15 Dec 2014 13:13:44 GMT ~ Radian Announces C. Robert Quint to Retire as CFO at Year End 2014; Appoints J. Franklin Hall to CFO Effective January 1, 2015
[at noodls] - PHILADELPHIA--(BUSINESS WIRE)--Dec. 15, 2014-- Radian Group Inc. (NYSE:RDN) announced today that its Executive Vice President and Chief Financial Officer C. Robert Quint will retire from this position ...
read full: http://www.noodls.com/view/A7F863CB0743995663358938D5A1A8864A80F197
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Mon, 15 Dec 2014 13:09:28 GMT ~ Radian Names Hall Chief Financial Officer, to Replace Quint
read full: http://www.bloomberg.com/news/2014-12-15/radian-names-hall-chief-financial-officer-to-replace-quint.html?cmpid=yhoo
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Mon, 15 Dec 2014 13:00:00 GMT ~ Radian Announces C. Robert Quint to Retire as CFO at Year End 2014; Appoints J. Franklin Hall to CFO Effective January 1, 2015
[Business Wire] - Radian Group Inc. announced today that its Executive Vice President and Chief Financial Officer C. Robert Quint will retire from this position at the end of 2014 after nearly 25 years with Radian.
read full: http://finance.yahoo.com/news/radian-announces-c-robert-quint-130000708.html
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Thu, 11 Dec 2014 16:07:48 GMT ~ Radian Comes Up with Mixed November Results, Shares Fall
[Zacks] - Radian (RDN) witnesses a lower primary new insurance written in November, but delinquency continues to decline.
read full: http://finance.yahoo.com/news/radian-comes-mixed-november-results-160748086.html
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$RDN charts
basic chart ## source: stockcharts.com
basic chart ## source: stockscores.com
big daily chart ## source: stockcharts.com
big weekly chart ## source: stockcharts.com
$RDN company information
## source: otcmarkets.com
Link: http://www.otcmarkets.com/stock/RDN/company-info
Ticker: $RDN
OTC Market Place: Not Available
CIK code: 0000890926
Company name: Radian Group, Inc.
Incorporated In: DE, USA
$RDN share structure
## source: otcmarkets.com
Market Value: $3,184,833,789 a/o Dec 17, 2014
Shares Outstanding: 191,051,817 a/o Nov 03, 2014
Float: Not Available
Authorized Shares: Not Available
Par Value: 0.001
$RDN extra dd links
Company name: Radian Group, Inc.
## STOCK DETAILS ##
After Hours Quote (nasdaq.com): http://www.nasdaq.com/symbol/RDN/after-hours
Option Chain (nasdaq.com): http://www.nasdaq.com/symbol/RDN/option-chain
Historical Prices (yahoo.com): http://finance.yahoo.com/q/hp?s=RDN+Historical+Prices
Company Profile (yahoo.com): http://finance.yahoo.com/q/pr?s=RDN+Profile
Industry (yahoo.com): http://finance.yahoo.com/q/in?s=RDN+Industry
## COMPANY NEWS ##
Market Stream (nasdaq.com): http://www.nasdaq.com/symbol/RDN/stream
Latest news (otcmarkets.com): http://www.otcmarkets.com/stock/RDN/news - http://finance.yahoo.com/q/h?s=RDN+Headlines
## STOCK ANALYSIS ##
Analyst Research (nasdaq.com): http://www.nasdaq.com/symbol/RDN/analyst-research
Guru Analysis (nasdaq.com): http://www.nasdaq.com/symbol/RDN/guru-analysis
Stock Report (nasdaq.com): http://www.nasdaq.com/symbol/RDN/stock-report
Competitors (nasdaq.com): http://www.nasdaq.com/symbol/RDN/competitors
Stock Consultant (nasdaq.com): http://www.nasdaq.com/symbol/RDN/stock-consultant
Stock Comparison (nasdaq.com): http://www.nasdaq.com/symbol/RDN/stock-comparison
Investopedia (investopedia.com): http://www.investopedia.com/markets/stocks/RDN/?wa=0
Research Reports (otcmarkets.com): http://www.otcmarkets.com/stock/RDN/research
Basic Tech. Analysis (yahoo.com): http://finance.yahoo.com/q/ta?s=RDN+Basic+Tech.+Analysis
Barchart (barchart.com): http://www.barchart.com/quotes/stocks/RDN
DTCC (dtcc.com): http://search2.dtcc.com/?q=Radian+Group%2C+Inc.&x=10&y=8&sp_p=all&sp_f=ISO-8859-1
Spoke company information (spoke.com): http://www.spoke.com/search?utf8=%E2%9C%93&q=Radian+Group%2C+Inc.
Corporation WIKI (corporationwiki.com): http://www.corporationwiki.com/search/results?term=Radian+Group%2C+Inc.&x=0&y=0
## FUNDAMENTALS ##
Call Transcripts (nasdaq.com): http://www.nasdaq.com/symbol/RDN/call-transcripts
Annual Report (companyspotlight.com): http://www.companyspotlight.com/library/companies/keyword/RDN
Income Statement (nasdaq.com): http://www.nasdaq.com/symbol/RDN/financials?query=income-statement
Revenue/EPS (nasdaq.com): http://www.nasdaq.com/symbol/RDN/revenue-eps
SEC Filings (nasdaq.com): http://www.nasdaq.com/symbol/RDN/sec-filings
Edgar filings (sec.gov): http://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000890926&owner=exclude&count=40
Latest filings (otcmarkets.com): http://www.otcmarkets.com/stock/RDN/filings
Latest financials (otcmarkets.com): http://www.otcmarkets.com/stock/RDN/financials
Short Interest (nasdaq.com): http://www.nasdaq.com/symbol/RDN/short-interest
Dividend History (nasdaq.com): http://www.nasdaq.com/symbol/RDN/dividend-history
RegSho (regsho.com): http://www.regsho.com/tools/symbol_stats.php?sym=RDN&search=search
OTC Short Report (otcshortreport.com): http://otcshortreport.com/index.php?index=RDN
Short Sales (otcmarkets.com): http://www.otcmarkets.com/stock/RDN/short-sales
Key Statistics (yahoo.com): http://finance.yahoo.com/q/ks?s=RDN+Key+Statistics
Insider Roster (yahoo.com): http://finance.yahoo.com/q/ir?s=RDN+Insider+Roster
Income Statement (yahoo.com): http://finance.yahoo.com/q/is?s=RDN
Balance Sheet (yahoo.com): http://finance.yahoo.com/q/bs?s=RDN
Cash Flow (yahoo.com): http://finance.yahoo.com/q/cf?s=RDN+Cash+Flow&annual
## HOLDINGS ##
Major holdings (cnbc.com): http://data.cnbc.com/quotes/RDN/tab/8.1
Insider transactions (yahoo.com): http://finance.yahoo.com/q/it?s=RDN+Insider+Transactions
Insider transactions (secform4.com): http://www.secform4.com/insider-trading/RDN.htm
Insider transactions (insidercrow.com): http://www.insidercow.com/history/company.jsp?company=RDN
Ownership Summary (nasdaq.com): http://www.nasdaq.com/symbol/RDN/ownership-summary
Institutional Holdings (nasdaq.com): http://www.nasdaq.com/symbol/RDN/institutional-holdings
Insiders (SEC Form 4) (nasdaq.com): http://www.nasdaq.com/symbol/RDN/insider-trades
Insider Disclosure (otcmarkets.com): http://www.otcmarkets.com/stock/RDN/insider-transactions
## SOCIAL MEDIA AND OTHER VARIOUS SOURCES ##
PST (pennystocktweets.com): http://www.pennystocktweets.com/stocks/profile/RDN
Market Watch (marketwatch.com): http://www.marketwatch.com/investing/stock/RDN
Bloomberg (bloomberg.com): http://www.bloomberg.com/quote/RDN:US
Morningstar (morningstar.com): http://quotes.morningstar.com/stock/s?t=RDN
Bussinessweek (businessweek.com): http://investing.businessweek.com/research/stocks/snapshot/snapshot_article.asp?ticker=RDN
$RDN DD Notes ~ http://www.ddnotesmaker.com/RDN
lecorb
10 years ago
Top 5 Companies in the Thrifts & Mortgage Finance Industry with the Best Relative Performance (RDN, MTG, DRL, FNFG, AF)
Aug 08, 2014 (Fast Lane via COMTEX) -- Below are the top five companies in the Thrifts & Mortgage Finance industry as measured by relative performance. This analysis was compiled based on yesterday's trading activity as we search for stocks that have the potential to outperform.
Radian (NYSE:RDN) ranks first with a gain of 5.25%; MGIC Investment (NYSE:MTG) ranks second with a gain of 3.17%; and Doral Financial (NYSE:DRL) ranks third with a gain of 1.65%.
First Niagara Financial Group (NASDAQ:FNFG) follows with a gain of 0.36% and Astoria Financial (NYSE:AF) rounds out the top five with a gain of 0.08%.Radian Group Inc. provides financial guarantee insurance. The Company's products and services enable homebuyers to purchase homes more quickly and with smaller down payments, protect lenders against loan default, and lower the costs of mortgage origination and servicing. Radian also provides insurance and reinsurance to investors in corporate, municipal, and asset-backed securities.
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lecorb
10 years ago
Who owns Radian? Large banks and investment funds. Look! We are on track!!!!
Fund Name Number of Shares Share Valuation As Of
FMR 16.80M $252.57M March 31, 2014
BNP PARIBAS ARBITRAGE, SNC 11.53M $1.62B March 31, 2014
Paulson & Co 11.39M $171.14M March 31, 2014
Maverick Capital 11.21M $168.43M March 31, 2014
Vanguard 10.07M $151.42M March 31, 2014
Munder Capital Management 8.64M $127.98M June 30, 2014
T. Rowe Price Associates 7.38M $110.98M March 31, 2014
STATE STREET CORPORATION 6.32M $95.04M March 31, 2014
PUTNAM INVESTMENTS 5.32M $79.96M March 31, 2014
BlackRock Institutional Trust Company, N.A. 5.04M $74.66M June 30, 2014
DIMENSIONAL FUND ADVISORS 4.63M $69.53M March 31, 2014
BlackRock Fund Advisors 4.53M $67.07M June 30, 2014
Discovery Capital Management 4.47M $63.14M Dec. 31, 2013
SUSQUEHANNA INTERNATIONAL 4.46M $62.99M Dec. 31, 2013
GOLDMAN SACHS 4.46M $66.99M March 31, 2014
Regiment Capital Management 4.00M $24.44M Dec. 31, 2012
Ameriprise Financial 3.81M $57.19M March 31, 2014
Barclays 3.24M $19.78M Dec. 31, 2012
Columbus Circle Investors 3.23M $45.01M Sept. 30, 2013
Saba Capital Management 3.13M $47.04M March 31, 2014
Chartwell Investment Partners 3.04M $45.75M March 31, 2014
Rima Management 3.01M $41.95M Sept. 30, 2013
MORGAN STANLEY 3.00M $75.07M March 31, 2014
Millennium Management 2.90M $31.05M March 31, 2013
Vertex One Asset Management 2.80M $12.18M March 31, 2012
Soros Fund Management 2.79M $29.93M March 31, 2013
NORTHERN TRUST 2.70M $40.53M March 31, 2014
HAP Trading 2.51M $37.67M March 31, 2014
ALLIANCEBERNSTEIN 2.47M $28.74M June 30, 2013
Wellington Management Company 2.47M $5.78M Dec. 31, 2011
Clinton 2.45M $8.05M June 30, 2012 Less
Enterprising Investor
11 years ago
Radian Announces Agreement with Freddie Mac (8/29/13)
Company eliminates claim exposure on 9,756 delinquent loans
PHILADELPHIA--(BUSINESS WIRE)--Radian Guaranty Inc., the mortgage insurance subsidiary of Radian Group Inc. (NYSE: RDN), today announced that it entered into a Master Transaction Agreement with Freddie Mac on August 29, 2013. The Agreement relates to a group of 25,760 first-lien mortgage loans held by Freddie Mac that were insured by Radian Guaranty, and were delinquent as of December 31, 2011. The Agreement provides for the future treatment of these loans including claim payments, loss mitigation activity and insurance coverage, and eliminates Radian Guaranty’s claim exposure on 9,756 loans that were delinquent and 4,586 loans that were re-performing as of July 31, 2013.
"One of our top priorities for our mortgage insurance business is to actively reduce our legacy exposure,” said Radian’s Chief Executive Officer S.A. Ibrahim. “This agreement is an important step in resolving our remaining legacy risk, and reduces our total number of primary delinquent loans by 12.6 percent.”
The Agreement caps Radian Guaranty’s total exposure on this group of loans, including loans that are currently re-performing, to $840 million. Radian Guaranty paid approximately $255 million to Freddie Mac to cover claim exposure on these loans, and had previously paid $370 million of claims on these loans. Radian Guaranty also deposited $205 million in a collateral account to cover loss mitigation activity on these loans. Amounts in the collateral account will be released to Radian Guaranty to the extent that Radian Guaranty rescinds, denies, or curtails these loans and such amounts become final under the Agreement. As of July 31, 2013, the amount of insurance rescissions, claim denials or claim curtailments that had become final in accordance with the Agreement was approximately $10 million. In addition, as of July 31, 2013, another $140 million of submitted claims had been rescinded, denied or curtailed but were not considered final under the Agreement. If the loss mitigation activities do not accumulate to $205 million, any remaining funds will be paid to Freddie Mac. Radian Guaranty will administer all claims submitted with respect to these loans in accordance with its insurance policy for these loans and in a manner consistent with its normal claims handling practices.
Radian expects to record an incurred loss of approximately $20 million in the third quarter in connection with the transaction, which is expected to be fully offset by a reduction of incurred losses in future periods. This future reduction of incurred losses will result from the elimination of exposure to re-performing loans covered by the transaction that may redefault in the future and ultimately become claims.
About Radian
Radian Group Inc. (NYSE: RDN), headquartered in Philadelphia, provides private mortgage insurance and related risk mitigation products and services to mortgage lenders nationwide through its principal operating subsidiary, Radian Guaranty Inc. These services help promote and preserve homeownership opportunities for homebuyers, while protecting lenders from default-related losses on residential first mortgages and facilitating the sale of low-downpayment mortgages in the secondary market. Additional information may be found at www.radian.biz.
Forward-Looking Statements
Some of the statements in this press release may constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities and Exchange Act of 1934 and the United States Private Securities Litigation Reform Act of 1995. Words such as "will," "expects," "believes" and similar expressions are used to identify these forward-looking statements. These forward-looking statements, which may include without limitation, projections regarding our future performance and financial condition, are made on the basis of management’s current views and assumptions with respect to future events. Any forward-looking statement is not a guarantee of future performance and actual results could differ materially from those contained in the forward-looking statement. These statements speak only as of the date they were made, and we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. We operate in a changing environment. New risks emerge from time to time and it is not possible for us to predict all risks that may affect us. For more information regarding these risks and uncertainties as well as certain additional risks that we face, you should refer to the Risk Factors detailed in Item 1A of Part I of our Annual Report on Form 10-K for the year ended December 31, 2012, and in Item 1A of Part II of our Quarterly Report on Form 10-Q for the quarter ended June 30, 2013, and subsequent reports and registration statements filed from time to time with the Securities and Exchange Commission.
Contacts
Radian Group Inc.
Emily Riley, 215-231-1035
emily.riley@radian.biz
http://www.businesswire.com/news/home/20130829006188/en/Radian-Announces-Agreement-Freddie-Mac
Enterprising Investor
11 years ago
Radian Reports Second Quarter 2013 Financial Results (7/24/13)
– MI business achieves profitability, absent the impact of fair value gains and losses –
– New mortgage insurance written jumps 60% year-over-year to $13.4 billion –
– MI business written after 2008 outweighs legacy book; represents 53% of total portfolio –
PHILADELPHIA--(BUSINESS WIRE)--Radian Group Inc. (NYSE: RDN) today reported a net loss for the quarter ended June 30, 2013, of $33.2 million, or $0.19 per diluted share, which included net losses on investments of $130.3 million and combined net gains from the change in fair value of derivatives and other financial instruments of $87.7 million. This compares to a net loss for the quarter ended June 30, 2012, of $119.3 million, or $0.90 per diluted share, which included net gains on investments of $26.4 million and combined net losses from the change in fair value of derivatives and other financial instruments of $95.0 million. Book value per share at June 30, 2013, was $5.22.
“We are pleased with our improved financial results in the quarter and the first half of the year,” said Chief Executive Officer S.A. Ibrahim. “Compared to the second quarter of last year, our new mortgage insurance business written grew 60% and we reduced our inventory of primary delinquent loans by 21%. The loss ratio for our mortgage insurance business was approximately 70% for the second consecutive quarter, and the mortgage insurance loss provision for the first half of 2013 reached its lowest level since the first half of 2007.”
Ibrahim continued, “Also in the second quarter, we achieved an important milestone with our high quality, profitable new business written after 2008 now representing 53% of our primary risk in force, outweighing our legacy mortgage insurance book. This improved composition has helped our mortgage insurance business achieve profitability, absent the impact of fair value gains and losses, for the quarter and six months.”
CAPITAL AND LIQUIDITY UPDATE
• Radian Guaranty’s risk-to-capital ratio was 19.7:1 as of June 30, 2013.
? The increase in the risk-to-capital ratio from March 31, 2013, was primarily driven by the increase to the company’s net risk in force resulting from strong volume of new, high-quality mortgage insurance business.
? In 2012, Radian Guaranty entered into two quota share reinsurance agreements with the same third-party reinsurance provider, in order to proactively manage its risk-to-capital position. On April 1, 2013, Radian reduced the amount of new business ceded to the reinsurer on a prospective basis from 20 percent to 5 percent. As of June 30, 2013, a total of $2.5 billion of risk in force had been ceded under those agreements. On December 31, 2014, and on December 31, 2015, Radian will have the option to recapture a portion of the business that has been reinsured.
? As of June, 2013, Radian Guaranty’s statutory capital was $1.2 billion compared to $1.1 billion at March 31, 2013, and $0.9 billion a year ago.
• Radian Group maintains approximately $816 million of currently available liquidity.
SECOND QUARTER HIGHLIGHTS
• New mortgage insurance written (NIW) grew to $13.4 billion during the quarter, compared to $10.9 billion in the first quarter of 2013 and $8.3 billion in the second quarter of 2012.
? The Home Affordable Refinance Program (HARP) accounted for $2.4 billion of insurance not included in Radian Guaranty’s NIW total for the quarter. This compares to $2.5 billion in the first quarter of 2013, and $2.4 billion in the second quarter of 2012.
? NIW continued to consist of loans with excellent risk characteristics.
• The net loss for the second quarter was $33.2 million which included net losses on investments of $130.3 million and combined net gains from the change in fair value of derivatives and other financial instruments of $87.7 million. Included in the net losses on investments were net unrealized losses of $139.1 million, driven by rising interest rates, which reduced the market value of the company’s fixed-income portfolio.
• The mortgage insurance provision for losses was $136.4 million in the second quarter of 2013, compared to $132.0 million in the first quarter of 2013, and $208.1 million in the second quarter of 2012. The loss ratio in the second quarter for Radian Guaranty was 68.9 percent, compared to 72.1 percent in the first quarter of 2013, and 121.9 percent in the second quarter of 2012. Mortgage insurance loss reserves were approximately $2.7 billion as of June 30, 2013, which decreased from $2.9 billion in the first quarter of 2013, and from $3.2 billion a year ago. First-lien reserves per primary default were $30,932 as of June 30, 2013, compared to $30,426 as of March 31, 2013, and $28,410 as of June 30, 2012.
• The total number of primary delinquent loans decreased by 8 percent in the second quarter from the first quarter of 2013, and by 21 percent from the second quarter of 2012. The primary mortgage insurance delinquency rate decreased to 9.7 percent in the second quarter of 2013, compared to 10.9 percent in the first quarter of 2013, and 13.3 percent in the second quarter of 2012.
• Total mortgage insurance claims paid were $326.4 million, compared to $309.9 million in the first quarter of 2013, and $263.4 million in the second quarter of 2012. The company continues to expect mortgage insurance net claims paid of approximately $1.4 billion for the full-year 2013.
• $19.0 million of other operating expenses in the second quarter represented long-term incentive compensation, compared to $38.0 million in the first quarter of 2013. The expense in both periods was impacted by an increase in the liability for cash-settled awards, which was driven primarily by an increase in the company’s stock price and represented $7.0 million in the second quarter, compared to $32.3 million in the first quarter of 2013.
• Radian Asset Assurance Inc. serves as an important source of capital support for Radian Guaranty and is expected to continue to provide Radian Guaranty with dividends over time.
? As of June 30, 2013, Radian Asset had approximately $1.2 billion in statutory surplus with an additional $0.4 billion in claims-paying resources.
? In July 2013, Radian Asset paid a dividend of $36 million to Radian Guaranty. Since 2008, Radian Asset has paid a total of $420 million in dividends to Radian Guaranty.
? Since June 30, 2008, Radian Asset has successfully reduced its total net par exposure by 76 percent to $27.3 billion as of June 30, 2013, including large declines in the riskier segments of the portfolio.
CONFERENCE CALL
Radian will discuss these items in its conference call today, Wednesday, July 24, 2013, at 10:00 a.m. Eastern time. The conference call will be broadcast live over the Internet at http://www.radian.biz/page?name=Webcasts or at www.radian.biz. The call may also be accessed by dialing 800-230-1074 inside the U.S., or 612-234-9959 for international callers, using passcode 297533 or by referencing Radian.
A replay of the webcast will be available on the Radian website approximately two hours after the live broadcast ends for a period of one year. A replay of the conference call will be available approximately two and a half hours after the call ends for a period of two weeks, using the following dial-in numbers and passcode: 800-475-6701 inside the U.S., or 320-365-3844 for international callers, passcode 297533.
In addition to the information provided in the company's earnings news release, other statistical and financial information, which is expected to be referred to during the conference call, will be available on Radian's website under Investors >Quarterly Results, or by clicking on http://www.radian.biz/page?name=QuarterlyResults.
ABOUT RADIAN
Radian Group Inc. (NYSE: RDN), headquartered in Philadelphia, provides private mortgage insurance and related risk mitigation products and services to mortgage lenders nationwide through its principal operating subsidiary, Radian Guaranty Inc. These services help promote and preserve homeownership opportunities for homebuyers, while protecting lenders from default-related losses on residential first mortgages and facilitating the sale of low-downpayment mortgages in the secondary market. Additional information may be found at www.radian.biz.
http://www.businesswire.com/news/home/20130724005337/en/Radian-Reports-Quarter-2013-Financial-Results
Enterprising Investor
11 years ago
Radian Releases Delinquency Data for June and Announces Second Quarter Conference Call (7/09/13)
-Reports second largest month of new primary flow business volume in company history-
PHILADELPHIA--(BUSINESS WIRE)--Radian Guaranty Inc., the mortgage insurance subsidiary of Radian Group Inc., today released data for primary mortgage insurance delinquencies for June 2013. These details may also be found on Radian’s website at http://www.radian.biz/page?name=NewsReleases. Previously released historical data is also available on the website at http://www.radian.biz/page?name=FinancialReportsMortgageInsurance.
The information below regarding new delinquencies and cures is reported to Radian from loan servicers. Default reporting, particularly on a monthly basis, may be affected by several factors, including the date on which the report is generated and transmitted to Radian, updated information submitted by servicers and by the timing of servicing transfers.
June 2013
Primary New Insurance Written ($ in billions)
$4.76
Beginning Primary Delinquent Inventory (# of loans)
79,344
New Delinquencies
5,088
Cures
(4,361)
Paids (including those charged to a deductible or captive)
(1,903)
Rescissions and Denials *
89
Ending Primary Delinquent Inventory (# of loans)
78,257
* Rescissions and Denials are net of actual reinstatements for the period. For additional details on reinstatement trends, refer to Slide 22 of Radian’s First Quarter 2013 Presentation Slides available in the Investors section of Radian’s website at www.radian.biz.
SECOND QUARTER CONFERENCE CALL
Radian will hold a conference call on Wednesday, July 24, 2013, at 10:00 a.m. Eastern time to discuss the company’s second quarter 2013 results, which will be announced prior to the market open on the same day. The conference call will be broadcast live over the Internet at http://www.radian.biz/page?name=Webcasts or at www.radian.biz. The call may also be accessed by dialing 800-230-1074 inside the U.S., or 612-234-9959 for international callers, using passcode 297533 or by referencing Radian.
A replay of the webcast will be available on the Radian website approximately two hours after the live broadcast ends for a period of one year. A replay of the conference call will be available approximately two and a half hours after the call ends for a period of two weeks, using the following dial-in numbers and passcode: 800-475-6701 inside the U.S., or 320-365-3844 for international callers, passcode 297533.
In addition to the information provided in the company's earnings news release, other statistical and financial information, which is expected to be referred to during the conference call, will be available on Radian's website under Investors >Quarterly Results, or by clicking on http://www.radian.biz/page?name=QuarterlyResults.
About Radian
Radian Group Inc. (NYSE: RDN), headquartered in Philadelphia, provides private mortgage insurance and related risk mitigation products and services to mortgage lenders nationwide through its principal operating subsidiary, Radian Guaranty Inc. These services help promote and preserve homeownership opportunities for homebuyers, while protecting lenders from default-related losses on residential first mortgages and facilitating the sale of low-downpayment mortgages in the secondary market. Additional information may be found at www.radian.biz.
Forward-Looking Statements
Some of the statements in this press release may constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities and Exchange Act of 1934 and the United States Private Securities Litigation Reform Act of 1995. Words such as "will," "expects," "believes" and similar expressions are used to identify these forward-looking statements. These forward-looking statements, which may include without limitation, projections regarding our future performance and financial condition, are made on the basis of management’s current views and assumptions with respect to future events. Any forward-looking statement is not a guarantee of future performance and actual results could differ materially from those contained in the forward-looking statement. These statements speak only as of the date they were made, and we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. We operate in a changing environment. New risks emerge from time to time and it is not possible for us to predict all risks that may affect us. For more information regarding these risks and uncertainties as well as certain additional risks that we face, you should refer to the Risk Factors detailed in Item 1A of Part I of our Annual Report on Form 10-K for the year ended December 31, 2012 and subsequent reports and registration statements filed from time to time with the Securities and Exchange Commission.
Contacts
Radian Group Inc.
Emily Riley, 215-231-1035
emily.riley@radian.biz
http://www.businesswire.com/news/home/20130709005254/en/Radian-Releases-Delinquency-Data-June-Announces-Quarter
Enterprising Investor
11 years ago
Genworth Announces Expense Reduction Plan (6/07/13)
RICHMOND, Va., June 6, 2013 /PRNewswire/ -- Genworth Financial, Inc. (NYSE: GNW) today announced an expense reduction plan as it continues to work on improving the operating performance of its businesses. This plan will eliminate approximately 400 positions, including 150 open positions that will not be filled, and will reduce related information technology and program spend. When fully implemented, the company expects to realize approximately $80 to $90 million in annual pre-tax expense savings primarily related to these actions. Overall expense levels may vary for a variety of reasons, including changes in sales volume or other strategic actions the company may take. A pre-tax non-operating charge of approximately $15 to $20 million will be recorded in the second quarter of 2013 reflecting severance, outplacement and other associated costs.
"These are very difficult decisions to make but the changes are essential to our ongoing work to improve the performance of our businesses and deliver value to our shareholders," said Tom McInerney, President and CEO. "Our organization will remain sharply focused on our priorities as we make further progress on operating our businesses as efficiently and effectively as possible. We'll provide support to the employees impacted and ensure they are treated with the utmost respect. We do not believe these actions significantly change our previously disclosed views on performance in 2013, but anticipate them to have a more meaningful impact in future years."
About Genworth Financial
Genworth Financial, Inc. (NYSE: GNW) is a leading Fortune 500 insurance holding company dedicated to helping people secure their financial lives, families and futures. Genworth companies have leadership positions in offerings that assist consumers in protecting themselves, investing for the future and planning for retirement -- including life insurance, long term care insurance, financial protection coverages, and independent advisor-based wealth management -- and mortgage insurance that helps consumers achieve home ownership while assisting lenders in managing their risk and capital.
Genworth has approximately 5,840 employees and operates through three divisions: U.S. Life Insurance, which includes life insurance, long term care insurance and fixed annuities; Global Mortgage Insurance, containing U.S. Mortgage Insurance and International Mortgage Insurance segments; and the Corporate and Other division, which includes the International Protection and Runoff segments and the wealth management business presented as discontinued operations. Products and services are offered through financial intermediaries, advisors, independent distributors and sales specialists. Genworth Financial, Inc., headquartered in Richmond, Virginia, traces its roots back to 1871 and became a public company in 2004. For more information, visit genworth.com. From time to time, Genworth Financial, Inc. releases important information via postings on its corporate website. Accordingly, investors and other interested parties are encouraged to enroll to receive automatic email alerts and Really Simple Syndication (RSS) feeds regarding new postings. Enrollment information is found under the "Investors" section of genworth.com.
Cautionary Note Regarding Forward-Looking Statements
This press release contains certain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by words such as "expects," "intends," "anticipates," "plans," "believes," "seeks," "estimates," "will" or words of similar meaning and include, but are not limited to, statements regarding the outlook for the company's future business and financial performance. Forward-looking statements are based on management's current expectations and assumptions, which are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. Actual outcomes and results may differ materially due to global political, economic, business, competitive, market, regulatory and other factors and risks, including, but not limited to, the following:
•Risks relating to our businesses, including downturns and volatility in global economies and equity and credit markets; downgrades or potential downgrades in our financial strength or credit ratings; interest rate fluctuations and levels; adverse capital and credit market conditions; lack of credit facilities; the valuation of fixed maturity, equity and trading securities; defaults, downgrades or other events impacting the value of our fixed maturity securities portfolio; defaults on our commercial mortgage loans or the mortgage loans underlying our investments in commercial mortgage-backed securities and volatility in performance; goodwill impairments; defaults by counterparties to reinsurance arrangements or derivative instruments; an adverse change in risk-based capital and other regulatory requirements; insufficiency of reserves and required increases to reserve liabilities; legal constraints on dividend distributions by our subsidiaries; competition; availability, affordability and adequacy of reinsurance; loss of key distribution partners; regulatory restrictions on our operations and changes in applicable laws and regulations; legal or regulatory investigations or actions; the failure of or any compromise of the security of our computer systems and confidential information contained therein; the occurrence of natural or man-made disasters or a pandemic; the effect of the enactment of the Dodd-Frank Wall Street Reform and Consumer Protection Act; changes in accounting and reporting standards issued by the Financial Accounting Standards Board or other standard-setting bodies and insurance regulators; impairments of or valuation allowances against our deferred tax assets; changes in expected morbidity and mortality rate; accelerated amortization of deferred acquisition costs and present value of future profits; ability to increase premiums on certain in-force long-term care insurance products by enough or quickly enough, including the current rate actions and any future rate actions; medical advances, such as genetic research and diagnostic imaging, and related legislation; unexpected changes in persistency rates; ability to continue to implement actions to mitigate the impact of statutory reserve requirements; the failure of demand for long-term care insurance to increase; political and economic instability or changes in government policies; fluctuations in foreign exchange rates and international securities markets; unexpected changes in unemployment rates; unexpected increases in mortgage insurance default rates or severity of defaults; the significant portion of high loan-to-value insured international mortgage loans which generally result in more and larger claims than lower loan-to-value ratios; competition with government-owned and government-sponsored enterprises (GSEs) offering mortgage insurance; changes in international regulations reducing demand for mortgage insurance; increases in U.S. mortgage insurance default rates; failure to meet, or have waived to the extent needed, the minimum statutory capital requirements and hazardous financial condition standards; uncertain results of continued investigations of insured U.S. mortgage loans; possible rescissions of coverage and the results of objections to our rescissions; the extent to which loan modifications and other similar programs may provide benefits to us; unexpected changes in unemployment and underemployment rates in the United States; further deterioration in economic conditions or a further decline in home prices in the United States; problems associated with foreclosure process defects in the United States that may defer claim payments; changes to the role or structure of Federal National Mortgage Association (Fannie Mae) and Federal Home Loan Mortgage Corporation (Freddie Mac); competition with government-owned and government-sponsored enterprises offering U.S. mortgage insurance; changes in regulations that affect our U.S. mortgage insurance business; the influence of Fannie Mae, Freddie Mac and a small number of large mortgage lenders and investors; decreases in the volume of high loan-to-value mortgage originations or increases in mortgage insurance cancellations in the United States; increases in the use of alternatives to private mortgage insurance in the United States and reductions by lenders in the level of coverage they select; the impact of the use of reinsurance with reinsurance companies affiliated with our U.S. mortgage lending customers; legal actions under the Real Estate Settlement Procedures Act of 1974 (RESPA); and potential liabilities in connection with our U.S. contract underwriting services;
•Other risks, including the risk that our strategy may not be successfully implemented; our Capital Plan may not achieve its anticipated benefits; adverse market or other conditions might delay or impede the minority sale of our mortgage insurance business in Australia; the possibility that in certain circumstances we will be obligated to make payments to General Electric Company (GE) under the tax matters agreement with GE even if our corresponding tax savings are never realized and payments could be accelerated in the event of certain changes in control; provisions of our certificate of incorporation and bylaws and the tax matters agreement with GE may discourage takeover attempts and business combinations that stockholders might consider in their best interests; we do not realize the anticipated expense reduction in the expected time period or at all; the charge associated with the expense reduction is greater than anticipated; and the impact of the expense reduction is not as anticipated; and
•Risks relating to our common stock, including the suspension of dividends and stock price fluctuations.
The company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise.
SOURCE Genworth Financial, Inc.
http://www.prnewswire.com/news-releases/genworth-announces-expense-reduction-plan-210386251.html
Enterprising Investor
11 years ago
Radian Releases Delinquency Data for May (6/05/13)
PHILADELPHIA--(BUSINESS WIRE)--Radian Guaranty Inc., the mortgage insurance subsidiary of Radian Group Inc., today released data for primary mortgage insurance delinquencies for May 2013. These details may also be found on Radian’s website at http://www.radian.biz/page?name=NewsReleases. Previously released historical data is also available on the website at http://www.radian.biz/page?name=FinancialReportsMortgageInsurance.
The information below regarding new delinquencies and cures is reported to Radian from loan servicers. Default reporting, particularly on a monthly basis, may be affected by several factors, including the date on which the report is generated and transmitted to Radian, updated information submitted by servicers and by the timing of servicing transfers.
May 2013
Primary New Insurance Written ($ in billions)
$4.56
Beginning Primary Delinquent Inventory (# of loans)
81,577
New Delinquencies
5,328
Cures
(4,340)
Paids (including those charged to a deductible or captive)
(2,387)
Rescissions and Denials
(834)
Ending Primary Delinquent Inventory (# of loans)
79,344
About Radian
Radian Group Inc. (NYSE: RDN), headquartered in Philadelphia, provides private mortgage insurance and related risk mitigation products and services to mortgage lenders nationwide through its principal operating subsidiary, Radian Guaranty Inc. These services help promote and preserve homeownership opportunities for homebuyers, while protecting lenders from default-related losses on residential first mortgages and facilitating the sale of low-downpayment mortgages in the secondary market. Additional information may be found at www.radian.biz.
Forward-Looking Statements
Some of the statements in this press release may constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities and Exchange Act of 1934 and the United States Private Securities Litigation Reform Act of 1995. Words such as "will," "expects," "believes" and similar expressions are used to identify these forward-looking statements. These forward-looking statements, which may include without limitation, projections regarding our future performance and financial condition, are made on the basis of management’s current views and assumptions with respect to future events. Any forward-looking statement is not a guarantee of future performance and actual results could differ materially from those contained in the forward-looking statement. These statements speak only as of the date they were made, and we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. We operate in a changing environment. New risks emerge from time to time and it is not possible for us to predict all risks that may affect us. For more information regarding these risks and uncertainties as well as certain additional risks that we face, you should refer to the Risk Factors detailed in Item 1A of Part I of our Annual Report on Form 10-K for the year ended December 31, 2012 and subsequent reports and registration statements filed from time to time with the Securities and Exchange Commission.
Contacts
Radian Group Inc.
Emily Riley, 215-231-1035
emily.riley@radian.biz
http://www.businesswire.com/news/home/20130605005061/en/Radian-Releases-Delinquency-Data
Enterprising Investor
12 years ago
Paulson to Maverick Bet on Housing With Junk Insurers (5/20/13)
Hedge funds led by Paulson & Co. and Maverick Capital are piling into mortgage insurers in a bet that some of the companies worst hit by the U.S. housing crash will be among the biggest winners in the rebound.
Maverick, run by Lee Ainslie, added 23.6 million shares of MGIC Investment Corp. (MTG) in the first quarter as the stock almost doubled, according to regulatory filings. Billionaire John Paulson’s $18 billion hedge-fund firm acquired 17 million shares of MGIC and 8 million of rival Radian Group Inc. (RDN)
Perry Capital, George Soros’s family office, and Blue Ridge Capital LLC also added stakes as some of the world’s largest hedge funds wager that companies seen as recently as last year to be on the verge of default, and whose debt is still junk-rated, will benefit from rising home prices and the government’s retreat from insuring home loans. Operating income before taxes for the industry more than doubled in the first quarter from the prior year, according to Moody’s Investors Service, as loan delinquencies declined to the lowest since 2008.
“The mortgage insurance sector is a very good business right now,” said Bose George, an analyst at Keefe Bruyette & Woods in New York. “You’re getting returns in the high teens on new capital and there are barriers to entry.”
Mortgage insurers cover losses when homeowners default and foreclosures fail to recoup costs. The coverage is typically required when homeowners make a down payment of less than 20 percent. Firms such as Philadelphia-based Radian and MGIC, in Milwaukee, received waivers from regulators to continue selling coverage after the housing bubble burst in 2007 and millions of homeowners defaulted. Losses pushed PMI Group Inc., Triad Guaranty Inc. (TGIC) and Old Republic International Corp. from the market.
Survivors Thrive
The survivors are now attracting capital as the housing market rebounds from the worst plunge in eight decades. Home prices jumped 10.5 percent in March from a year earlier, the fastest pace in seven years, according to CoreLogic Inc. Home sales probably rose in April to the highest level in more than three years, according to the median forecast of economists surveyed by Bloomberg ahead of figures from the National Association of Realtors and the Commerce Department. The proportion of home loans at least 90 days late or in foreclosure was 6.39 percent as of March 31, the lowest since the end of 2008, according to Mortgage Bankers Association data.
MGIC rose 86 percent in the first quarter after losing 29 percent in 2012. Radian surged 75 percent, and nearly tripled last year. The companies’ prospects were bolstered when they sold shares and debt in the first quarter to replenish capital that was drained amid the financial crisis, said George.
Recovery Exposure
“People are looking for names that are still very exposed to improvements in home prices and improvements in mortgage credit over the next few years,” he said. “If you believe in a very strong recovery, the insurers remain the best way” to invest.
Radian fell 0.5 percent to $13.62 at 4:15 p.m. in New York, paring its gain this month to 14 percent. MGIC added 1.5 percent to $6.16 and has climbed 14 percent since April.
Sales of private mortgage insurance jumped 78 percent in the first quarter from a year earlier, according to Inside Mortgage Finance, as the U.S. scaled back its role in the market and home sales rose. Radian was the top seller, followed by American International Group Inc. (AIG)’s United Guaranty, MGIC, and Genworth Financial Inc. (GNW)
The Federal Housing Administration has raised premiums to back mortgages, and some lawmakers have pressed the U.S. to further reduce its role in the real estate market. FHA and other U.S. programs accounted for 67 percent of the mortgage insurance market in the first three months of this year, down from 74 percent in the same period of 2012, Inside Mortgage Finance figures show.
Regain Share
“Our strengthened financial condition puts us in a position to regain market share,” MGIC Chief Executive Officer Curt Culver said on an April 30 conference call with analysts. “Returns on the new business are very strong and should continue to be so given the outstanding credit quality of the business.”
Some funds are scaling back after the rally. Saba Capital Management LP, run by Boaz Weinstein, cut its MGIC stake by 87 percent from three months earlier to 1.2 million shares as of March 31. Jonathan Gasthalter, a spokesman for the New York-based firm, declined to comment.
The companies also have debt ratings that indicate very high credit risk. MGIC, which lost its investment grade status in 2009, is ranked Caa3 by Moody’s, while Radian is two levels higher at Caa1.
Too Optimistic
Investors may be too optimistic about the prospects for a quick shift of the housing market from government backing to private capital, Jason Stewart, an analyst at Compass Point Research & Trading LLC., wrote in a May 1 note.
“Assigning a value greater than $5 to MTG shares today is akin to making a wager on the government’s propensity and ability to transform the U.S. housing finance market,” he wrote, using the ticker symbol for MGIC. “Historically, this wager has been met with outcomes most private MI common equity holders would classify as massively disappointing.”
Previous mortgage insurer rallies in 2009 and 2010 evaporated as losses from policies sold before the crisis persisted. Radian closed above $18 in 2010 and MGIC above $13.
Leon Cooperman’s Omega Advisors Inc. disclosed a stake of more than 5 percent in mortgage-guarantor PMI Group Inc. that year. At the time, Cooperman said the company was a “survivor.” PMI filed for bankruptcy protection in 2011.
Housing Recovery
This time the housing market’s strength will support the shares. The insurers are operating in a housing recovery that’s strengthening as the job market improves and the Federal Reserve pushes borrowing costs for mortgages to near record lows. The unemployment rate fell to a four-year low of 7.5 percent in April, according to Labor Department data.
“Mortgage insurers are all experiencing improving fundamentals, as their performance is tied to the housing recovery, and should offer considerable upside if recent positive housing trends continue,” Paulson & Co. said in a letter to clients obtained by Bloomberg News in April. “Certain types of insurance companies are currently trading at low relative valuations and should offer considerable upside.”
Paulson said Radian can reach $20 per share by 2015. The fund also has stakes in MGIC and Richmond, Virginia-based Genworth, which backs mortgages and sells life insurance and long-term care coverage.
Soros Buying
Soros Fund Management LLC took a 2.8 million share stake in Radian as of March 31. Perry took a stake of about 9 million shares of MGIC, and Blue Ridge added 5 million, bringing its holding to 14.9 million shares.
Spokespeople for Paulson, Maverick and Blue Ridge, which is run by John Griffin, declined to comment on the share purchases. Blue Ridge, which manages $7 billion, and Maverick, are so-called Tiger Cubs that trace their roots to Julian Robertson, founder of Tiger Management LLC.
Michael Vachon, a Soros spokesman, and Mike Neus, general counsel at Perry, didn’t respond to messages seeking comment.
Investors are “looking at the credit quality of the business, the improved housing market, and the expected return to profitability of the business,” said Emily Riley, a spokeswoman for Radian. Radian has forecast a marginal operating profit for the mortgage insurance business this year, excluding some compensation expenses tied to the rising share price.
Genworth’s mortgage unit reported its first profit since 2007 in the first quarter. At AIG’s United Guaranty, operating profit rose to $41 million from $8 million a year earlier. Excluding some one-time and unusual costs, Radian also posted a profit in the first quarter, according to a May 2 note from Mark DeVries at Barclays Plc.
Improving Profitability
Paulson’s fund also holds debt from Radian and MGIC, according to data compiled by Bloomberg. Improving profitability helps bolster the credit ratings of MGIC and Radian, Moody’s said in a May 15 report. The insurance the companies have sold since the crisis backs higher quality mortgages than the loans they backed before the crisis, Moody’s said.
Radian raised about $689 million selling stock and senior notes in February after commissions and expenses, and MGIC raised about $1.15 billion in debt and equity offerings the following month. The cash helped replenish capital that was drained during the housing crash and showed investor confidence in the firms.
“When you leverage the new capital and cure the older books, there is a turbo-effect to the earnings of these companies,” said Jack Micenko, an analyst at Susquehanna International Group LLP. “These are fairly higher earners in a normalized environment. We are moving from a very difficult environment to an environment that is much more positive for them.”
To contact the reporter on this story: Zachary Tracer in New York at ztracer1@bloomberg.net
To contact the editors responsible for this story: Dan Kraut at dkraut2@bloomberg.net; Rob Urban at robprag@bloomberg.net
http://www.bloomberg.com/news/2013-05-20/paulson-to-maverick-bet-on-housing-with-junk-insurers.html
Enterprising Investor
12 years ago
Radian Stockholders at Annual Meeting Re-elect Directors, Approve Executive Compensation and All Other Proposals; Company Declares Regular Quarterly Dividend on Common Stock (5/15/13)
PHILADELPHIA--(BUSINESS WIRE)--Radian Group Inc. announced today that its stockholders re-elected eleven directors, who serve one-year terms and are re-elected annually. The company’s stockholders also approved all of the Board of Directors’ recommendations presented for vote at Radian’s 2013 Annual Meeting, including an annual advisory vote on Radian’s executive compensation, an increase in the company’s authorized shares of common stock from 325 million to 485 million, and a re-approval of each primary component of Radian’s tax benefit preservation strategy.
Radian also announced that the company’s Board of Directors approved a regular quarterly dividend on its common stock in the amount of $0.0025 per share, payable on June 5, 2013, to stockholders of record as of May 28, 2013.
Chief Executive Officer S.A. Ibrahim addressed the attendees of Radian’s Annual Meeting by stating, “Thanks to the determination and dedication of the Radian team, we wrote an increasing volume of new mortgage insurance business each consecutive quarter in 2012, and ended the year with more than double the amount of business we wrote in 2011. In March this year, we successfully completed a capital raise with net proceeds of $689 million. We now expect to maintain a risk-to-capital ratio for Radian Guaranty of 20 to 1 or below for the foreseeable future, while also preserving a strong level of holding company liquidity.”
Ibrahim added, “Today, our immediate priority is to write as much new, high-quality business as possible, as the FHA pulls back and as the housing market recovers, which is expected to fuel our growth and position Radian for a return to operating profitability. We believe Radian is in a strong position to continue promoting and preserving low downpayment lending while continuing to build stockholder value.”
About Radian
Radian Group Inc. (NYSE: RDN), headquartered in Philadelphia, provides private mortgage insurance and related risk mitigation products and services to mortgage lenders nationwide through its principal operating subsidiary, Radian Guaranty Inc. These services help promote and preserve homeownership opportunities for homebuyers, while protecting lenders from default-related losses on residential first mortgages and facilitating the sale of low-downpayment mortgages in the secondary market. Additional information may be found at www.radian.biz.
http://www.businesswire.com/news/home/20130515006804/en/Radian-Stockholders-Annual-Meeting-Re-elect-Directors-Approve
Theo
12 years ago
Radian Stockholders at Annual Meeting Re-elect Directors, Approve Executive Compensation and All Other Proposals; Company Declares Regular Quarterly Dividend on Common Stock
"PHILADELPHIA--(BUSINESS WIRE)--
Radian Group Inc. announced today that its stockholders re-elected eleven directors, who serve one-year terms and are re-elected annually. The company’s stockholders also approved all of the Board of Directors’ recommendations presented for vote at Radian’s 2013 Annual Meeting, including an annual advisory vote on Radian’s executive compensation, an increase in the company’s authorized shares of common stock from 325 million to 485 million, and a re-approval of each primary component of Radian’s tax benefit preservation strategy.
Radian also announced that the company’s Board of Directors approved a regular quarterly dividend on its common stock in the amount of $0.0025 per share, payable on June 5, 2013, to stockholders of record as of May 28, 2013.
Chief Executive Officer S.A. Ibrahim addressed the attendees of Radian’s Annual Meeting by stating, “Thanks to the determination and dedication of the Radian team, we wrote an increasing volume of new mortgage insurance business each consecutive quarter in 2012, and ended the year with more than double the amount of business we wrote in 2011. In March this year, we successfully completed a capital raise with net proceeds of $689 million. We now expect to maintain a risk-to-capital ratio for Radian Guaranty of 20 to 1 or below for the foreseeable future, while also preserving a strong level of holding company liquidity.”
Ibrahim added, “Today, our immediate priority is to write as much new, high-quality business as possible, as the FHA pulls back and as the housing market recovers, which is expected to fuel our growth and position Radian for a return to operating profitability. We believe Radian is in a strong position to continue promoting and preserving low downpayment lending while continuing to build stockholder value.”
About Radian
Radian Group Inc. (RDN), headquartered in Philadelphia, provides private mortgage insurance and related risk mitigation products and services to mortgage lenders nationwide through its principal operating subsidiary, Radian Guaranty Inc. These services help promote and preserve homeownership opportunities for homebuyers, while protecting lenders from default-related losses on residential first mortgages and facilitating the sale of low-downpayment mortgages in the secondary market. Additional information may be found at www.radian.biz.
Forward-Looking Statements
All statements in this press release that address events, developments or results that we expect or anticipate may occur in the future are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 and the United States (“U.S.”) Private Securities Litigation Reform Act of 1995. In most cases, forward-looking statements may be identified by words such as “anticipate,” “may,” “will,” “could,” “should,” “would,” “expect,” “intend,” “plan,” “goal,” “contemplate,” “believe,” “estimate,” “predict,” “project,” “potential,” “continue,” or the negative or other variations on these words and other similar expressions. These statements, which may include, without limitation, projections regarding our future performance and financial condition, are made on the basis of management’s current views and assumptions with respect to future events. Any forward-looking statement is not a guarantee of future performance and actual results could differ materially from those contained in the forward-looking statement. These statements speak only as of the date they were made, and we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. We operate in a changing environment. New risks emerge from time to time and it is not possible for us to predict all risks that may affect us. The forward-looking statements, as well as our prospects as a whole, are subject to risks and uncertainties that could cause actual results to differ materially from those set forth in the forward-looking statements including:
changes in general economic and political conditions, including high unemployment rates and weakness in the U.S. housing and mortgage credit markets, a significant downturn in the U.S. or global economies, a lack of meaningful liquidity in the capital or credit markets, changes or volatility in interest rates or consumer confidence and changes in credit spreads, each of which may be accelerated or intensified by, among other things, legislative activity or inactivity or actual or threatened downgrades of U.S. credit ratings;
changes in the way customers, investors, regulators or legislators perceive the strength of private mortgage insurers or financial guaranty providers, in particular in light of developments in the private mortgage insurance and financial guaranty industries in which certain of our former competitors have ceased writing new insurance business and have been placed under supervision or receivership by insurance regulators;
our ability to maintain sufficient holding company liquidity to meet our short- and long-term liquidity needs;
our ability to maintain an adequate risk-to-capital position, minimum policyholder position and other surplus requirements for Radian Guaranty Inc. (“Radian Guaranty”), our principal mortgage insurance subsidiary;
a decrease in the persistency rates of our mortgage insurance policies, which has the effect of reducing our premium income on our monthly premium policies and could decrease the profitability of our mortgage insurance business;
heightened competition for our mortgage insurance business from others such as the FHA, the U.S. Department of Veterans Affairs and other private mortgage insurers, including in particular, those that have been assigned higher ratings than we have, that may have access to greater amounts of capital than we do, or that are new entrants to the industry and are therefore not burdened by legacy obligations;
changes to the current system of housing finance, including the possibility of a new system in which private mortgage insurers are not required or their products are significantly limited in effect or scope;
volatility in our earnings caused by changes in the fair value of our assets and liabilities carried at fair value, including our derivative instruments, and the impact of variable accounting for certain of our performance-based long-term compensation awards;
For more information regarding these risks and uncertainties as well as certain additional risks that we face, you should refer to the Risk Factors detailed in Item 1A of Part I of our Annual Report on Form 10-K for the year ended December 31, 2012, and those risks detailed in subsequent reports and registration statements filed from time to time with the U.S. Securities and Exchange Commission. We caution you not to place undue reliance on these forward-looking statements, which are current only as of the date on which we filed this report. We do not intend to, and we disclaim any duty or obligation to, update or revise any forward-looking statements made in this report to reflect new information or future events or for any other reason.
Contact:
Radian Group Inc.
Emily Riley, 215-231-1035
emily.riley@radian.biz "
Enterprising Investor
12 years ago
Radian Releases Delinquency Data for April (5/07/13)
PHILADELPHIA--(BUSINESS WIRE)--Radian Guaranty Inc., the mortgage insurance subsidiary of Radian Group Inc., today released data for primary mortgage insurance delinquencies for April 2013. These details may also be found on Radian’s website at http://www.radian.biz/page?name=NewsReleases. Previously released historical data is also available on the website at http://www.radian.biz/page?name=FinancialReportsMortgageInsurance.
The information below regarding new delinquencies and cures is reported to Radian from loan servicers. Default reporting, particularly on a monthly basis, may be affected by several factors, including the date on which the report is generated and transmitted to Radian, updated information submitted by servicers and by the timing of servicing transfers.
April 2013
Primary New Insurance Written ($ in billions)
$4.12
Beginning Primary Delinquent Inventory (# of loans)
85,109
New Delinquencies
4,230
Cures
(4,763)
Paids (including those charged to a deductible or captive)
(2,303)
Rescissions and Denials
(696)
Ending Primary Delinquent Inventory (# of loans)
81,577
About Radian
Radian Group Inc. (NYSE: RDN), headquartered in Philadelphia, provides private mortgage insurance and related risk mitigation products and services to mortgage lenders nationwide through its principal operating subsidiary, Radian Guaranty Inc. These services help promote and preserve homeownership opportunities for homebuyers, while protecting lenders from default-related losses on residential first mortgages and facilitating the sale of low-downpayment mortgages in the secondary market. Additional information may be found at www.radian.biz.
Forward-Looking Statements
Some of the statements in this press release may constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities and Exchange Act of 1934 and the United States Private Securities Litigation Reform Act of 1995. Words such as "will," "expects," "believes" and similar expressions are used to identify these forward-looking statements. These forward-looking statements, which may include without limitation, projections regarding our future performance and financial condition, are made on the basis of management’s current views and assumptions with respect to future events. Any forward-looking statement is not a guarantee of future performance and actual results could differ materially from those contained in the forward-looking statement. These statements speak only as of the date they were made, and we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. We operate in a changing environment. New risks emerge from time to time and it is not possible for us to predict all risks that may affect us. For more information regarding these risks and uncertainties as well as certain additional risks that we face, you should refer to the Risk Factors detailed in Item 1A of Part I of our Annual Report on Form 10-K for the year ended December 31, 2012 and subsequent reports and registration statements filed from time to time with the Securities and Exchange Commission.
Contacts
Radian Group Inc.
Emily Riley, 215-231-1035
emily.riley@radian.biz
http://www.businesswire.com/news/home/20130507005165/en/Radian-Releases-Delinquency-Data-April
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