Posts Tagged ‘RDN’

Radian Group Inc. (NYSE: RDN) collects black ink, stock spikes

Tuesday, August 2nd, 2011

Radian Group Inc. (NYSE: RDN) shares jumped 25% to $3.85 after the mortgage insurer reported swinging to a profit in the second quarter. Volume for the stock closed in on 7.5 million shares by 11 a.m. ET, towering over an all-day average of below four million.

The company put out a news release August 2, announcing that net income for the quarter ended June 30, 2011 was $137.1 million, or $1.03 per diluted share, which included combined gains from the change in fair value of derivatives and other financial instruments of $193.8 million. This compares to a net loss of $475.1 million, or $4.31 per diluted share, for the prior-year quarter, which included combined net losses from the change in fair value of derivatives and other financial instruments of $587.8 million. Book value per share at June 30, 2011, was $8.48.

In the same release, Radian CEO S.A. Ibrahim noted, “As we face an uncertain U.S. economy and housing market, we believe that Radians risk-to-capital ratio of 19.8 to 1 and the financial flexibility of our holding company cash position provide a competitive advantage for our mortgage insurance business. We were pleased with the continued drop in mortgage insurance delinquencies in the quarter and another period of operating profitability for our financial guaranty business.”

Radian Group Inc., headquartered in Philadelphia, provides private mortgage insurance and related risk mitigation products and services to mortgage lenders nationwide through its principal operating subsidiary, Radian Guaranty Inc. These services help promote and preserve homeownership opportunities for homebuyers, while protecting lenders from default-related losses on residential first mortgages and facilitating the sale of low-down-payment mortgages in the secondary market.

Radian Group (RDN) skyrockets on company news

Friday, February 11th, 2011

Radian Group, Inc. (NYSE: RDN) shares have skyrocketed 15.25 percent, touching on a high of $8.20, from yesterday’s close of 7.08, on volume over 16 million shares, more than triple the company’s three-month daily average. Radian has made headlines this week after announcing yesterday that they would expand their board of directors from ten to twelve members, as well as the news today that the Company would issue a regular quarterly dividend on its common stock.

On Thursday, the company announced that they would expand their Board of Directors to include two new members, Lisa W. Hess and Noel J. Spiegel, bringing the total number of directors to twelve. Lisa Hess is the President and managing partner of SkyTop Capital Management, and previously was the Chief Investment Officer of Loews Corporation, where she was responsible for managing $50 billion in capital assets. Noel Spiegel retired recently as a partner of Deloitte and Touche, LLP, with more than 40 years auditing experience working with senior audit committees of public and privately held companies.

Commenting on the recent appointments, Radian’s Chief Executive Officer S.A. Ibrahim commented on the appointments by stating, “Lisa and Noel have focused their careers on managing and enhancing shareholder value. We are delighted to add their unique combination of capital markets, business advisory and accounting expertise to Radian.”

In additional company news, Radian announced today that the Board of Directors had approved a regular quarterly dividend on its common stock in the amount of $0.0025 per share, payable on March 3, 2011, to stockholders of record as of February 21, 2011. Lastly, the company has also set the date for Radian’s Annual Meeting of Stockholders for Wednesday, May 11, 2011. Stockholders of record as of the close of business on Friday, March 18, 2011, will be eligible to vote at the meeting.

Headquartered in Philadelphia, Radian Group provides private mortgage insurance and related risk mitigation products, services geared to promote and preserve homeownership opportunities for homebuyers, while protecting lenders from default-related losses.

IDT-C, CGA speed ahead, BAC is hot, RDN is not

Monday, November 8th, 2010

IDT Corporation (NYSE: IDT-C) strengthened 37.38 percent in price by noon ET Monday to $16.98. IDT shares leaped off the shelves, trading in 178,167, in comparison to a three-month daily average of 4,741. Last week, IDT’s Board of Directors authorized an initial cash dividend of $0.22 per share to be paid on or about November 23 to shareholders of record at the close of business on November 15 of IDT Corporation Common Stock, Class A Common Stock and Class B Common Stock. IDT is a consumer services company with operations primarily in the telecommunications and energy industries.

China Green Agriculture Inc. (NYSE: CGA) gained 10.55 percent to $8.38 as the clock approached noon ET Monday. Volume was 574,045 in just the first half of the trading day, compared to the daily average of 590,935. This, despite word that class action lawsuit has been commenced in the United States on behalf of purchasers of the securities of China Green Agriculture, Inc. between November 12, 2009 and September 1, 2010. The complaint charges China Green and certain of its officers and directors failed to disclose accurate financial information during the Class Period.

Bank of America Corporation (NYSE:BAC) had a commanding position among volume stocks Monday morning, exchanging 106,512,045 shares, compared with a three-month daily average of 190,530,000 shares. The conglomerate inched ahead in price 1.17 percent to read $12.51 at the lunch hour in New York. The company serves clients through operations in more than 40 countries.

Radian Group Inc. (NYSE: RDN) took a spill of 11.16 percent in price to greet noon ET on Monday at $8.84. Volume in RDN stock came in at 6,313,939 shares, more than 50 percent above its three-month daily volume average. The Philadelphia-based mortgage insurer saw its shares drop, after announcing it will raise up to $350 million through a convertible notes offering to repay debt.