Radian Stockholders at Annual Meeting Re-Elect Directors, Approve Executive Compensation and All Other Proposals; Company Completes Share Repurchase Program and Declares Regular Quarterly Dividend on Common Stock
Radian also announced:
- The completion of its previously announced
$50 million share repurchase program in advance of itsJuly 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 onJune 4, 2018 to stockholders of record as ofMay 21, 2018 .
Chief Executive Officer
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.”
ABOUT RADIAN
-
Mortgage Insurance , through its principal mortgage insurance subsidiaryRadian 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 andValuAmerica . 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.
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
- 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
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