Radian Group Inc. - RDN STOCK NEWS

Radian Group announced a quarterly dividend of $0.14 per share payable on September 2, 2021, to stockholders of record by August 23, 2021. Additionally, the Board approved a $200 million increase to its share repurchase authorization, raising the total available to $237 million. The repurchase program has been extended to August 31, 2022. CEO Rick Thornberry highlighted the company's strong financial results and prudent capital management, detailing that over the past five years, Radian repurchased 35 million shares for $739 million and returned $155 million through dividends.

Radian Group reported strong Q2 2021 results with a net income of $155.2 million, or $0.80 per diluted share, rebounding from a $30.0 million loss in Q2 2020. Adjusted pretax operating income rose to $184.7 million, compared to a loss of $88.5 million a year prior. The company increased its quarterly dividend by 12% and repurchased 3.9 million shares. Despite challenges, Radian's book value per share grew by 11% year-over-year to $23.02.

Radian Group's Home Price Index (HPI) reported a significant rise in U.S. home prices, increasing 10.7% annually in the first half of 2021. The median home price reached $282,967 in June 2021, reflecting an 11.7% increase during Q2. The HPI's year-over-year growth of 10.2% shows ongoing strength in the housing market, with over 370,000 real estate closings in June. However, listing inventory remains historically low at around 968,000 units. Various regions, including the West, showed notable price appreciation, indicating a robust demand for homes despite limited supply.

Radian Group Inc. (NYSE: RDN) will hold a conference call on August 4, 2021, at 11:00 a.m. ET to discuss its Q2 2021 results, which will be announced after market close on August 3, 2021. The call will be live streamed on Radian's website and can also be accessed via phone at 800.447.0521 (U.S.) or 847.413.3238 (international) using passcode 50201372. A digital replay of the call will be available two hours after it concludes for two weeks. Additional financial information will also be accessible on Radian's website under Investors.

Radian Guaranty Inc. released its monthly operating statistics for June 2021, highlighting key metrics in its insured mortgage portfolio. The report shows a decrease in beginning primary default inventory to 42,802 from 45,689 in May. New primary defaults stood at 2,680, slightly lower than May's 2,714. Cures also improved significantly, recorded at (4,980) compared to (5,573) in May. However, claims paid were marginally lower at (29), indicating ongoing challenges. The ending primary default inventory decreased to 40,464.

The Radian Home Price Index (HPI) reported an annualized home price increase of 11.5% in May 2021 compared to April 2021. Compared to May 2020, home prices rose 9.9%, outperforming the 9.3% rise noted in April. The median home price reached $280,002. The data indicates a trend towards higher-priced homes sold, with sales under $250,000 hitting a record low of 30.5%. All U.S. regions saw price appreciation, particularly the Midwest and West, while the Bay area showed a strong bounce-back.

Radian Group (NYSE: RDN) and Mortgage Cadence, part of Accenture (NYSE: ACN), announced an expanded integration to provide Radian's title and settlement services within the Mortgage Cadence Platform. This integration allows clients to access Radian's insured and non-insured services seamlessly via the platform's Collaboration Center, eliminating the need for data re-entry. Radian aims to simplify and accelerate mortgage transactions through this digital solution, enhancing efficiency in title and settlement processes for mortgage originators.

Radian Group Inc. (NYSE: RDN) launched titlegenius, a direct-to-consumer service for ordering title insurance and closing services online, using blockchain technology. Debuting in Florida, titlegenius aims to simplify the closing process, offering tools like remote check capture and online notarization to enhance user experience. The company plans further state expansions. Radian's homegenius suite will include additional innovative services like geniusbuyer, geniusprice, and geneuity, designed to improve real estate transactions and customer interactions.

Radian Group Inc. (NYSE:RDN) welcomes back Brian D. Montgomery to its Board of Directors after his tenure at the U.S. Department of Housing & Urban Development. Montgomery previously served as FHA Commissioner and on Radian's board from 2012 to 2017. Radian's Chairman, Herb Wender, expressed confidence in Montgomery's expertise to enhance the company's mission of promoting affordable homeownership. The board expanded to eleven members on June 7, 2021, appointing Montgomery for a new term. Radian continues to innovate in mortgage and real estate solutions to facilitate sustainable homeownership.