PHILADELPHIA--(BUSINESS WIRE)--Radian Group Inc. announced today that its stockholders re-elected ten directors, who serve one-year terms and are re-elected annually. The company’s stockholders approved all proposals recommended by the Board of Directors and presented for vote at Radian’s 2018 Annual Meeting, including an advisory proposal to approve the compensation of Radian’s named executive officers, a proposal to approve the amended and restated Radian Group Inc. Employee Stock Purchase Plan and ratification of the appointment of PricewaterhouseCoopers LLP as the company’s independent auditors for 2018.
Radian also announced:
- The completion of its previously announced $50 million share repurchase program in advance of its July 31, 2018 expiration date, purchasing approximately 3.0 million shares of Radian common stock at an average price of $16.56 per share, including commissions. This represents approximately 1.4 percent of the company’s weighted average diluted shares outstanding during 2017.
- Approval by the company’s Board of Directors for a regular quarterly dividend on its common stock in the amount of $0.0025 per share, payable on June 4, 2018 to stockholders of record as of May 21, 2018.
Chief Executive Officer Rick Thornberry addressed the attendees of Radian’s Annual Meeting by stating, “For more than 40 years, Radian has helped nearly seven million families achieve and preserve their dream of homeownership. After joining Radian last year, I am proud to be part of our tradition of building sustainable homeownership – a purpose that has served our company, our stockholders, our employees and our communities very well.”
Thornberry added, “We believe that Radian’s business fundamentals, economic value and long-term strategy are not reflected by the company’s current stock price, and are pleased to deliver value more quickly to stockholders through our share repurchase program. Looking ahead, I believe that we are well positioned for the future with the right strategic focus; a highly valuable insurance portfolio; a diversified set of products; and the financial flexibility and capital strength to compete, grow and diversify our revenue sources, serve our customers and create even greater value for stockholders.”
Radian Group Inc. (NYSE: RDN), headquartered in Philadelphia, provides private mortgage insurance, risk management products and real estate services to financial institutions. Radian offers products and services through two business segments:
- Mortgage Insurance, through its principal mortgage insurance subsidiary Radian Guaranty Inc. This private mortgage insurance helps protect lenders from default-related losses, facilitates the sale of low-downpayment mortgages in the secondary market and enables homebuyers to purchase homes more quickly with downpayments less than 20%.
- Mortgage and Real Estate Services, through its principal services subsidiary Clayton, as well as Entitle Direct, Green River Capital, Red Bell Real Estate and ValuAmerica. These solutions include information and services that financial institutions, investors and government entities use to evaluate, acquire, securitize, service and monitor loans and asset-backed securities.
Additional information may be found at www.radian.biz.
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. The forward-looking statements, as well as our prospects as a whole, are subject to risks and uncertainties that could cause actual results to differ materially from those set forth in the forward-looking statements. These risks and uncertainties include, without limitation:
- changes in economic and political conditions that impact the size of the insurable market, the credit performance of our insured portfolio, and our business prospects;
- our ability to successfully execute and implement our business plans and strategies, including plans and strategies to reposition our Services segment as well as plans and strategies that require GSE and/or regulatory approvals and licenses; and
- competition in our mortgage insurance business, including price competition, competition from the FHA and VA, as well as competition from alternative forms of credit enhancement.
For more information regarding these risks and uncertainties as well as certain 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, 2017, and subsequent reports filed from time to time with the U.S. Securities and Exchange Commission. We caution you not to place undue reliance on these forward-looking statements, which are current only as of the date on which we issued this press release. We do not intend to, and we disclaim any duty or obligation to, update or revise any forward-looking statements to reflect new information or future events or for any other reason.