Radian reported earnings of 31 cents a share for the third quarter, missing analysts' estimates of 36 cents a share for the quarter. Revenue grew 9.3% year over year to $297.29 million for the quarter, compared to analysts' estimates of $231.55 million.
"We were successful in growing our mortgage insurance in force with high-quality business and in further expanding the scope of services we offer through our fee-based businesses," CEO S.A. Ibrahim said in a statement.
The company said new mortgage insurance written was $11.2 billion in the third quarter, compared to $11.2 billion in the year-ago quarter, and $11.8 billion in the second quarter. Of the new business written, 73% was written with monthly premiums, and 27% with single premiums.
About 5.3 million shares of Radian were traded by 12:23 p.m. Tuesday, above the company's average trading volume of about 2 million shares a day.
TheStreet Ratings team rates RADIAN GROUP INC as a Buy with a ratings score of B. TheStreet Ratings Team has this to say about their recommendation:
We rate RADIAN GROUP INC (RDN) a BUY. This is driven by some important positives, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its robust revenue growth, notable return on equity, good cash flow from operations, expanding profit margins and increase in stock price during the past year. We feel its strengths outweigh the fact that the company has had sub par growth in net income.
You can view the full analysis from the report here: RDN