RDN - Radian Group surges on plans to launch $300M share buyback plan

• Radian Group ( NYSE: RDN ) shares surged 18% Wednesday morning after the mortgage insurance company announced a new share repurchase program to buyback $300M of its common stock.
• The company's previous $400M share repurchase program was fully utilized in October 2022. Over the past four years, the company repurchased 61.7M shares for a total cost of approximately $1.3B. During the same period, the company also paid $338M in dividends to stockholders.
• The latest authorization is effective immediately and expires on January 31, 2025.
• In addition, the company completed a series of capital actions to improve financial flexibility. As a result of the favorable impact of these actions and Radian's ( RDN ) financial outlook, mortgage insurance subsidiary, Radian Guaranty, is expected to begin paying recurring ordinary dividends to the parent firm with 2023 ordinary dividends projected to be between $300M-$400M, with ordinary dividends in future years expected to approximate Radian Guaranty's ongoing statutory earnings.

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