Radian Group Inc. (NYSE:RDN) Sees Large Decline in Short Interest
Radian Group Inc. (NYSE:RDN) saw 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 shares of the company are sold short.
Shares of Radian Group (RDN) opened at 17.36 on Thursday. The stock’s 50 day moving average is $16.78 and its 200-day moving average is $17.75. Radian Group has a 12-month low of $11.92 and a 12-month high of $19.87. The company has a market capitalization of $3.73 billion, a P/E ratio of 12.17 and a beta of 1.60.
Radian Group (NYSE:RDN) last issued its earnings results on Thursday, April 27th. The insurance provider reported $0.37 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.43 by $0.06. Radian Group had a return on equity of 12.26% and a net margin of 26.23%. The company had revenue of $288.80 million for the quarter, compared to the consensus estimate of $304.96 million. During the same quarter in the prior year, the company posted $0.37 EPS. Radian Group’s revenue was down 7.7% compared to the same quarter last year. Analysts anticipate that Radian Group will post $1.63 earnings per share for the current year.
Several equities research analysts have recently issued reports on the stock. Zacks Investment Research lowered shares of Radian Group from a “hold” rating to a “sell” rating in a research note on Tuesday, July 4th. BidaskClub lowered shares of Radian Group from a “hold” rating to a “sell” rating in a research note on Saturday, June 24th. ValuEngine raised shares of Radian Group from a “buy” rating to a “strong-buy” rating in a report on Wednesday, June 7th. Keefe, Bruyette & Woods reaffirmed a “buy” rating and issued a $21.00 price objective on shares of Radian Group in a report on Tuesday, May 30th. Finally, Deutsche Bank AG cut their price objective on shares of Radian Group from $22.00 to $21.00 and set a “buy” rating for the company in a report on Friday, April 28th. Two equities research analysts have rated the stock with a sell rating, one has assigned a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Radian Group presently has a consensus rating of “Buy” and a consensus target price of $20.88.
Several institutional investors have recently modified their holdings of the company. BlackRock Inc. raised its position 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 in the last quarter. Investec Asset Management LTD raised its position in shares of Radian Group by 377.1% in the first quarter. Investec Asset Management LTD now owns 5,731,122 shares of the insurance provider’s stock worth $102,931,000 after buying an additional 4,529,893 shares in the last quarter. Norges Bank bought a new position in shares of Radian Group during the fourth quarter worth $40,321,000. Pennant Capital Management LLC bought a new position in shares of Radian Group during the first quarter worth $25,363,000. Finally, Vaughan Nelson Investment Management L.P. bought a new position in shares of Radian Group during the second quarter worth $17,167,000. Hedge funds and other institutional investors own 92.33% of the company’s stock.
About Radian Group
Radian Group Inc is an insurance holding company that provides mortgage insurance, and products and services to the real estate and mortgage finance industries. The Company operates in two segments: Mortgage Insurance and Services. The Mortgage Insurance segment provides credit-related insurance coverage, principally through private mortgage insurance to mortgage lending institutions.
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