Radian Declares Regular Quarterly Dividend on Common Stock and Expands Share Repurchase Authorization
PHILADELPHIA--(BUSINESS WIRE)--Aug. 11, 2021--
Radian Group Inc. (NYSE: RDN) announced today that the company’s Board of Directors approved a regular quarterly dividend on its common stock in the amount of $0.14 per share, payable September 2, 2021, to stockholders of record as of August 23, 2021.
In addition, the Board of Directors has approved a $200 million increase to its share repurchase authorization, which has approximately $37 million remaining under the existing share repurchase authorization. The Board also approved an extension to its share repurchase program from the end of this month to August 31, 2022. With these approvals, Radian has the flexibility to spend up to $237 million, excluding commissions, to repurchase shares opportunistically from time to time, based on market and business conditions, stock price and other factors. The shares may be purchased in the open market or in privately negotiated transactions. Radian plans to utilize a Rule 10b5-1 plan, which would permit the company to purchase shares, at pre-determined price targets, when it may otherwise be precluded from doing so.
Chief Executive Officer Rick Thornberry commented, “At Radian, our strong financial results and prudent capital management enable us to invest in our businesses and return capital to our stockholders. In fact, over the past five years, we have repurchased a total of 35 million shares for $739 million and also returned approximately $155 million through dividend payments. Our actions today reflect our confidence in our financial position and our capital flexibility, and we remain committed to strategically deploying capital where we believe we can drive the greatest value.”
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 www.radian.com to learn more about how Radian is shaping the future of 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 is 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; changes in economic, market and political conditions that may affect, among other things, 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, 2020, and subsequent reports filed from time to time with the U.S. Securities and Exchange Commission.
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For Investors
John Damian – Phone: 215.231.1383
Email: john.damian@radian.com
For the Media
Rashi Iyer – Phone: 215.231.1167
Email: rashi.iyer@radian.com
Source: Radian Group Inc.
