WAYNE, Pa.--(BUSINESS WIRE)--May 22, 2024--
Radian Group Inc. (NYSE: RDN) announced its Board of Directors has approved an increase in its existing share repurchase program from $300 million to $900 million and a program extension to June 30, 2026.
This expanded authorization will allow Radian the flexibility to repurchase an additional $600 million of shares based on market and business conditions, stock price and other factors, through privately negotiated, open market or other transactions (including through the use of trading plans intended to qualify under Rule 10b5-1 under the Securities Exchange Act of 1934, as amended). As of March 31, 2024, approximately 7 million shares for a total cost of $183 million, have been repurchased under this program, which was previously set to expire on January 31, 2025.
“We are pleased that our strong financial position and capital flexibility allow us to support our growth initiatives, deliver innovative products and provide best-in-class service to our customers, while also opportunistically returning value to our stockholders,” said Chief Executive Officer Rick Thornberry.
The company’s Board of Directors also approved a regular quarterly dividend on its common stock in the amount of $0.245 per share, payable June 20, 2024, to stockholders of record as of June 4, 2024.
About Radian
Radian 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, real estate, securitization, and title services. Powered by technology, informed by data and driven to deliver new and better ways to transact and manage risk, Radian is shaping the future of mortgage and real estate services. Learn more at radian.com.
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 Securities Exchange Act of 1934 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. 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 repurchase shares under the proposed repurchase program 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 certain additional risks that we face, you should refer to “Item 1A. Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2023, and to subsequent reports and registration statements filed from time to time with the U.S. Securities and Exchange Commission.
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For Investors:
Dan Kobell - Phone: 215.231.1113
email: daniel.kobell@radian.com
For the Media:
Rashi Iyer - Phone 215.231.1167
email: rashi.iyer@radian.com
Source: Radian Group Inc.
