Radian Group Inc . (NYSE:RDN) has reached a new 52-week high, with its shares trading at $35.9. This milestone reflects the company's consistent growth and strong performance over the past year. The 52-week high of $35.9 is a testament to the company's resilience and adaptability in a dynamic market environment. Over the past year, Radian Group Inc. has seen a significant change in its stock value, with a 1-year change of 33.56%. This impressive growth rate underscores the company's robust financial health and its ability to deliver value to its shareholders.
In other recent news, Radian Group Inc. has reported strong financial performance for the start of the year. The company showcased a 12% year-over-year increase in book value per share, with a net income of $152 million. Revenues also rose by 3%, reaching $319 million. Radian Group's primary mortgage insurance in force reached a record of $271 billion, with new insurance written in the quarter amounting to $11.5 billion.
Simultaneously, Radian Group announced the exit of Brien J. McMahon, its Senior Executive Vice President and Chief Franchise Officer. The termination agreement includes severance payments and benefits for McMahon, along with a non-compete clause.
In another development, Radian Group launched a $349 million residential mortgage-backed securities (RMBS) deal. This marks the company's first venture into the capital markets with a direct sale of unregistered RMBS to investors.
Radian Group anticipates the private mortgage insurance market to reach approximately $300 billion in 2024, and plans to develop a mortgage-backed securitization program. These are among the recent developments surrounding Radian Group Inc.
InvestingPro Insights
Radian Group Inc. (RDN) not only hit a 52-week high but also presents a compelling investment profile according to recent InvestingPro data. With a market capitalization of $5.39 billion and a Price/Earnings (P/E) ratio of 9.35, the company shows a strong financial standing. The adjusted P/E ratio for the last twelve months as of Q1 2024 is even more attractive at 8.74, indicating that the company may be undervalued relative to its earnings. Additionally, Radian Group's dividend yield stands at 2.75%, with a notable dividend growth of 8.89% over the last twelve months, suggesting a commitment to returning value to shareholders.
Two InvestingPro Tips highlight that Radian Group has not only maintained dividend payments for 32 consecutive years but has also raised its dividend for the past four consecutive years, reinforcing its reputation as a reliable income stock. Moreover, the company's liquid assets exceed its short-term obligations, providing financial flexibility and stability. Investors looking to delve deeper into Radian Group's prospects can find more tips on InvestingPro, where an additional 7 tips are available. For those interested in a subscription, use coupon code PRONEWS24 to get up to 10% off a yearly Pro and a yearly or biyearly Pro+ subscription.
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