Enact Declares Special Cash Dividend of $183 Million and Initiates $75 Million Share Repurchase Program
Enact Holdings (Nasdaq: ACT) has declared a special cash dividend of $183 million ($1.12 per share) payable on December 6, 2022. Additionally, the Board authorized a $75 million share repurchase program. This dividend reflects Enact's strong capital position and commitment to returning capital to shareholders, targeting a total of at least $250 million for the year. The share buyback will utilize various methods, including open market purchases, and is based on market conditions and other factors.
- Declared a special cash dividend of $183 million, enhancing shareholder value.
- Authorized a $75 million share repurchase program, indicating strong financial health.
- Commitment to return at least $250 million to shareholders in 2022.
- None.
RALEIGH, N.C., Nov. 01, 2022 (GLOBE NEWSWIRE) -- Enact Holdings, Inc. (Nasdaq: ACT) (Enact) today announced that its Board of Directors declared a special cash dividend of
“The Board’s decision to declare a special cash dividend and authorize a share repurchase program reflects our strong capital position, continued confidence in our long-term outlook, and commitment to returning capital to shareholders,” said Rohit Gupta, President and CEO of Enact. “These actions put us on a trajectory to return at least
Enact’s share repurchase program authorizes the purchase of up to
Enact expects the timing and amount of any share repurchases will be opportunistic and will depend on a variety of factors, including Enact’s share price, capital availability, business and market conditions, regulatory requirements, and debt covenant restrictions. The program does not obligate Enact to acquire any amount of common stock, it may be suspended or terminated at any time at the Company’s discretion without prior notice, and it does not have a specified expiration date.
About Enact Holdings, Inc.
Enact (Nasdaq: ACT), operating principally through its wholly-owned subsidiary Enact Mortgage Insurance Corporation since 1981, is a leading U.S. private mortgage insurance provider committed to helping more people achieve the dream of homeownership. Building on a deep understanding of lenders' businesses and a legacy of financial strength, we partner with lenders to bring best-in class service, leading underwriting expertise, and extensive risk and capital management to the mortgage process, helping to put more people in homes and keep them there. By empowering customers and their borrowers, Enact seeks to positively impact the lives of those in the communities in which it serves in a sustainable way. Enact is headquartered in Raleigh, North Carolina.
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