Radian Group Inc. (NYSE: RDN) issued a statment following recent volatility in the financial markets, which has affected its stock price.
The company said, "the company has a strong capital position and balance sheet. We believe actions taken during the third quarter, including the sale of the Sherman interest for approximately $278 million and the draw down of $200 million of the $400 million revolving credit facility, provide the company with financial flexibility and adequate liquidity for the long term."
Radian Group will report third quarter results on November 1st.
Shares of Radian Group sank 23.6% today to a new 52-week low. The stock closed at $9.99 today. A dividend cut from competitor MGIC Investment Corp. (NYSE: MTG) expanding the decline.
