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Radian tops estimates; NIW decline not a concern for one bull

Published 10/26/2017, 09:05 AM
© Reuters.  Radian tops estimates; NIW decline not a concern for one bull
SAN
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RDN
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  • Q3 adjusted pretax operating income of $155.6M vs. $139.9M a year ago. Adjusted NOI per share of $0.46 up from $0.41.
  • Net premiums earned of $236.7M down 1% Y/Y. New insurance written of $15.125B down 3%. Insurance in force of $196.5M up 8%.
  • Tangible book value per share of $13.57 up 12%.
  • Provisions for losses drops to $36M from $56.2M. Primary delinquent loans down 19%. Loss reserves of $556.5M down from $821.9M.
  • Taking note of the Y/Y decline in NIW, BTIG bull Mark Palmer notes August was a record month, and the mix is better, with refis accounting for just 9% of the total this year vs. 22% in Q3 one year ago. He sees nothing in today's results to halt the rally in the stock.
  • Previously: Radian Group beats by $0.03, beats on revenue (Oct. 26)
  • RDN flat premarket
  • Now read: Grupo Financiero Santander (MC:SAN) reports Q3 results


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