Radian Group Inc. (RDN) Upgraded at Zacks Investment Research
Zacks Investment Research upgraded shares of Radian Group Inc. (NYSE:RDN) from a hold rating to a buy rating in a report published on Tuesday morning. They currently have $19.00 target price on the stock.
According to Zacks, “Shares of Radian Group has gained 29.8% over the last three months, outperforming the Zacks categorized Multi Line insurance industry's growth of 15.2%. The insurer is poised for long-term growth on expansive mortgage and real estate service offerings, declining delinquency, lower levels of paid claims and improving risk-based capital ratio. The company is on track to return to investment grade ratings with recent upgrade for Radian group and Radian Guaranty from S&P. Its initiatives to solidify the financial position and improved debt maturity profile bode well. However, stricter regulations, rising mortgage rates and a competitive market pose risks for the company. Notably, the company witnessed the highest volume of new flow mortgage insurance business written in the third quarter of 2016.”
RDN has been the topic of a number of other reports. BTIG Research set a $22.00 price objective on shares of Radian Group and gave the company a buy rating in a research note on Thursday, September 15th. FBR & Co reaffirmed an outperform rating on shares of Radian Group in a research note on Friday, September 23rd. Bank of America Corporation initiated coverage on shares of Radian Group in a research note on Monday, October 17th. They issued a buy rating and a $18.00 price objective on the stock. Compass Point lowered shares of Radian Group from a buy rating to a neutral rating and set a $17.00 price objective on the stock. in a research note on Friday, October 28th. Finally, Barclays PLC reaffirmed a buy rating and issued a $25.00 price objective on shares of Radian Group in a research note on Monday. Three research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. The stock currently has an average rating of Buy and a consensus target price of $18.29.
Shares of Radian Group (NYSE:RDN) opened at 17.88 on Tuesday. The firm has a market capitalization of $3.83 billion, a price-to-earnings ratio of 12.66 and a beta of 2.29. Radian Group has a 52 week low of $9.29 and a 52 week high of $18.75. The firm has a 50-day moving average of $16.98 and a 200 day moving average of $14.06.
Radian Group (NYSE:RDN) last posted its quarterly earnings data on Thursday, October 27th. The company reported $0.41 EPS for the quarter, beating the Zacks’ consensus estimate of $0.40 by $0.01. Radian Group had a net margin of 25.97% and a return on equity of 12.73%. The company had revenue of $320.88 million for the quarter, compared to analyst estimates of $229.12 million. During the same period in the prior year, the firm posted $0.31 EPS. The company’s quarterly revenue was up 7.9% on a year-over-year basis. On average, equities analysts predict that Radian Group will post $1.55 earnings per share for the current fiscal year.
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Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Chartwell Investment Partners LLC acquired a new position in Radian Group during the third quarter worth $53,385,000. Pioneer Investment Management Inc. acquired a new position in Radian Group during the third quarter worth $23,722,000. Highbridge Capital Management LLC acquired a new position in Radian Group during the second quarter worth $13,854,000. Price T Rowe Associates Inc. MD raised its position in Radian Group by 14.6% in the third quarter. Price T Rowe Associates Inc. MD now owns 9,829,872 shares of the company’s stock worth $133,195,000 after buying an additional 1,249,902 shares during the period. Finally, Vanguard Group Inc. raised its position in Radian Group by 8.3% in the second quarter. Vanguard Group Inc. now owns 15,274,403 shares of the company’s stock worth $159,160,000 after buying an additional 1,171,634 shares during the period. 92.86% of the stock is currently owned by hedge funds and other institutional investors.
About Radian Group
Radian Group Inc is a 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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