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Radian Group Inc. (NYSE: RDN) has approved a quarterly dividend of $0.225 per share, marking a 12.5% increase from the previous dividend. This dividend, part of a consistent capital return strategy, will be paid on March 15, 2023, to stockholders of record as of February 27, 2023. Over the last three years, Radian has increased its dividend by 80%. Additionally, a new share repurchase program allows for up to $300 million in share buybacks. Recent actions include a $282 million capital return and a planned $300-$400 million in dividends from Radian Guaranty in 2023.
Positive
Quarterly dividend increased by 12.5% to $0.225 per share.
Dividend payment on March 15, indicating consistent capital return to shareholders.
Total dividend increase of 80% over the past three years.
New share repurchase program authorizing up to $300 million.
Projected recurring ordinary dividends from Radian Guaranty between $300 to $400 million in 2023.
Negative
None.
WAYNE, Pa.--(BUSINESS WIRE)--
Radian Group Inc. (NYSE: RDN) announced today its plans to continue the return of capital to stockholders through an increased quarterly dividend. The company’s Board of Directors approved a quarterly dividend of $0.225 per share, an increase of 12.5 percent from the previous quarterly dividend. The dividend is payable on March 15, 2023 to stockholders of record as of February 27, 2023. This is the fourth consecutive year the company has increased the quarterly dividend, with a total increase of 80 percent over the past three years.
Chief Executive Officer Rick Thornberry commented, “I am pleased that Radian’s financial strength and flexibility support this increase to our dividend and the continued return of capital to stockholders, while also positioning us to support our customers and future business growth.”
Recent Actions
As previously announced last month, the Board approved a new share repurchase program that provides Radian the flexibility to repurchase shares opportunistically from time to time and spend up to $300 million, based on market and business conditions, stock price and other factors. The authorization expires on January 31, 2025. Over the past four years, the company repurchased 61.7 million shares, representing approximately 29 percent of total shares outstanding of Radian Group common stock as of December 31, 2018, for a total cost of approximately $1.3 billion. During the same period, the company also paid $338 million in dividends to stockholders.
Also announced last month, the Pennsylvania Insurance Department approved a $282 million return of capital and a $100 million early repayment of an outstanding surplus note from Radian Guaranty to Radian Group, both of which were paid on December 30, 2022. As a result, we expect Radian Guaranty to begin paying recurring ordinary dividends to Radian Group with 2023 ordinary dividends projected to be between $300 to $400 million and ordinary dividends in future years expected to approximate Radian Guaranty’s ongoing statutory earnings.
About Radian
Radian Group Inc. (NYSE: RDN) is ensuring the American dream of homeownership responsibly and sustainably through products and services that include industry-leading mortgage insurance and a comprehensive suite of mortgage, risk, title, valuation, asset management and other real estate services. We are powered by technology, informed by data and driven to deliver new and better ways to transact and manage risk. Visit radian.com and homegenius.com to learn more about how Radian and its pioneering homegenius platform are building a smarter future for mortgage and real estate services.
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 Exchange Act and the 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,” “seek,” “strategy,” “future,” “likely” 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 update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. We operate in a changing environment where new risks emerge from time to time and it is not possible for us to predict all risks that may affect us. Our ability and willingness to declare future dividends and to repurchase shares under the proposed repurchase program, as well as our ability to sustain growth in our businesses, are subject to risks and uncertainties including, without limitation: our ability to successfully execute and implement our capital plans and to maintain sufficient holding company liquidity to meet our liquidity needs; our ability to successfully execute and implement our business plans and strategies; our ability to maintain an adequate level of capital in our insurance subsidiaries to satisfy existing and future regulatory requirements; and changes in economic, market and political conditions that, among other things, may affect our capital resources, liquidity and financial resources. For more information regarding these risks and uncertainties as well as other additional risks that we face, you should refer to the Risk Factors detailed in Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2021, and subsequent reports filed from time to time with the U.S. Securities and Exchange Commission.
