NYSE$RDN
Radian Group Inc · Q1 2024 earnings
Q1 2024 earnings · · Investor relations
Briefing
Radian's first quarter earnings reflected a strong start to the year, marked by increased book value per share and a solid return on equity.
Radian Group Inc. reported a net income of $152 million, or $0.98 per diluted share, for the quarter ended March 31, 2024. Total revenues reached $319 million, demonstrating a 3% year-over-year growth. The company's book value per share grew by 12% year-over-year, and the primary mortgage insurance in force reached an all-time high of $271 billion.
- Net income for the first quarter of 2024 was $152 million, or $0.98 per diluted share.
- Return on equity was 13.8%, and adjusted net operating return on equity was 14.5%.
- Primary mortgage insurance in force grew 4% year-over-year, reaching $271 billion.
- Total revenue increased 3% year-over-year to $319 million.
Headline financials
Revenue & EPS history
Radian · Revenue · Quarterly
$319M
Revenue by segment
Radian · $289M total across 1 segment · Q3 2023
- Mortgage Insurance$289M+2.7%100.0%
Forward guidance
Radian initiated a series of transactions to increase its financial strength and reduce holding company leverage by year-end 2024.
Tailwinds
- Issued $625 million aggregate principal amount of 6.200% senior unsecured notes due May 2029.
- Utilized a portion of the proceeds from the new debt issuance to redeem all of its $525 million aggregate principal amount of 6.625% senior unsecured notes due March 2025.
- Intends to retire its $450 million aggregate principal amount of 4.500% senior unsecured notes due October 2024 at or prior to maturity without incurring any additional indebtedness.
- This is expected to reduce the holding company debt to capital ratio to below 20% by year-end 2024.
- In the first quarter of 2024, Radian Guaranty paid an ordinary dividend to Radian Group of $100 million.
Headwinds
- The health of the U.S. housing market generally and changes in economic conditions that impact the size of the insurable mortgage market, the credit performance of our insured mortgage portfolio and our business prospects, including changes resulting from inflationary pressures, the higher interest rate environment and the risk of higher unemployment rates, as well as other macroeconomic stresses and uncertainties, including potential impacts resulting from political and geopolitical events
- Changes in the way customers, investors, ratings agencies, regulators or legislators perceive our performance, financial strength and future prospects
- Radian Guaranty’s ability to remain eligible under the PMIERs to insure loans purchased by the GSEs
- Our ability to maintain an adequate level of capital in our insurance subsidiaries to satisfy current and future regulatory requirements
- Changes in the charters or business practices of, or rules or regulations imposed by or applicable to, the GSEs or loans purchased by the GSEs
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q1 2024
+0.0%
Avg return
Earnings day
+0.4%
Avg return
5 days after
+0.8%
Avg return
30 days after
48%
31 / 65 earnings
Positive
+19.2%
Q2 2011
Best reaction
-18.8%
Q3 2010
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | -4.0% | -2.6% | -10.2% | |
| Q4 2025 | +1.6% | +6.3% | +0.5% | |
| Q3 2025 | -0.7% | +3.0% | +1.2% | |
| Q1 2025 | +1.9% | +5.1% | +6.9% | |
| Q4 2024 | -1.8% | -4.8% | -6.3% | |
| Q3 2024 | +4.6% | +5.8% | +7.0% | |
| Q2 2024 | -4.2% | -8.7% | -2.7% | |
| Q1 2024 | +2.9% | +4.8% | +4.6% | |
| Q4 2023 | -4.5% | -2.1% | +3.2% | |
| Q3 2023 | +4.6% | +6.6% | +1.9% | |
| Q2 2023 | +2.0% | +4.0% | +1.1% | |
| Q1 2023 | +2.1% | +5.9% | +11.3% | |
| Q4 2022 | -1.7% | -1.1% | -5.4% | |
| Q3 2022 | -1.7% | -0.8% | -8.8% | |
| Q2 2022 | +0.8% | +0.0% | -5.6% | |
| Q1 2022 | +3.9% | +0.1% | -1.2% | |
| Q4 2021 | +2.1% | +2.4% | -2.4% | |
| Q3 2021 | -7.6% | -6.8% | -14.0% | |
| Q2 2021 | -2.1% | +2.5% | +4.3% | |
| Q1 2021 | -4.8% | -4.5% | -7.3% | |
| Q4 2020 | -1.2% | -1.0% | +6.9% | |
| Q3 2020 | -5.1% | -2.6% | +5.7% | |
| Q2 2020 | +3.8% | +4.7% | +5.1% | |
| Q1 2020 | +8.8% | +6.0% | +31.4% | |
| Q4 2019 | -1.1% | -3.0% | -11.7% | |
| Q3 2019 | +1.0% | +1.0% | +4.0% | |
| Q2 2019 | -3.4% | -7.0% | -3.8% | |
| Q1 2019 | +1.6% | +2.4% | -3.7% | |
| Q4 2018 | -1.2% | +1.3% | +2.9% | |
| Q3 2018 | +5.3% | +3.8% | +0.3% | |
| Q2 2018 | +4.8% | +8.2% | +15.0% | |
| Q1 2018 | -0.6% | +3.5% | +7.6% | |
| Q4 2017 | +1.7% | -2.0% | -6.3% | |
| Q3 2017 | +4.4% | +3.3% | +3.0% | |
| Q2 2017 | +1.5% | +0.9% | +0.5% | |
| Q1 2017 | -12.7% | -14.3% | -14.4% | |
| Q4 2016 | -1.7% | -0.3% | +1.0% | |
| Q3 2016 | -4.5% | -7.8% | +1.3% | |
| Q2 2016 | +4.6% | +1.5% | +10.3% | |
| Q1 2016 | +3.8% | — | — | |
| Q4 2015 | +3.1% | — | — | |
| Q3 2015 | -11.5% | — | — | |
| Q2 2015 | -1.0% | — | — | |
| Q1 2015 | -2.7% | — | — | |
| Q4 2014 | -3.6% | — | — | |
| Q3 2014 | +8.8% | — | — | |
| Q2 2014 | +5.3% | — | — | |
| Q1 2014 | +3.7% | — | — | |
| Q4 2013 | +6.1% | — | — | |
| Q3 2013 | -10.5% | — | — | |
| Q2 2013 | +1.7% | — | — | |
| Q1 2013 | -0.5% | — | — | |
| Q4 2012 | +2.7% | — | — | |
| Q3 2012 | +14.7% | — | — | |
| Q2 2012 | +4.7% | — | — | |
| Q1 2012 | +0.0% | — | — | |
| Q4 2011 | -1.9% | — | — | |
| Q4 2009 | -1.9% | — | — | |
| Q3 2011 | -18.8% | — | — | |
| Q3 2010 | -18.8% | — | — | |
| Q2 2011 | +19.2% | — | — | |
| Q2 2010 | -0.2% | — | — | |
| Q1 2010 | -0.2% | — | — | |
| Q4 2010 | -0.2% | — | — | |
| Q1 2011 | -0.2% | — | — |
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