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.