Buyback activity edged up with 11 companies announcing their buybacks last week compared to only 8 companies in the prior week. A bunch of regional banks like Prosperity Bancshares (PB), Huntington Bancshares Incorporated (HBAN), and Independent Bank Group (IBTX) announced buybacks last week with HBAN leading the group with a $1 billion buyback announcement. We are once again seeing increased insider buying activity in regional banks as well.
The company we would like to focus on this week is Radian Group Inc. (RDN). Radian announced a $300 million share buyback that works out to around 9% of the company’s market cap at announcement.