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Enact Holdings, Inc. - ACT STOCK NEWS

Welcome to our dedicated page for Enact Holdings news (Ticker: ACT), a resource for investors and traders seeking the latest updates and insights on Enact Holdings stock.

Enact Holdings, Inc. Common Stock (Nasdaq: ACT) operates as a holding company that provides private mortgage insurance services through its subsidiaries, primarily Enact Mortgage Insurance Corporation. Established in 1981 and headquartered in Raleigh, North Carolina, Enact plays a pivotal role in the U.S. housing finance market. The company's mortgage insurance services facilitate homeownership by protecting mortgage lenders and investors against losses caused by borrower defaults. Enact's principal customers include residential mortgage loan originators who select Enact for its extensive risk and capital management capabilities.

Enact boasts a robust financial foundation, underscored by its recent achievements and ongoing strategic initiatives. The company announced a quarterly dividend increase to $0.185 per common share, payable on June 13, 2024, and authorized a new share repurchase program of up to $250 million. These actions reflect Enact's strong financial position and commitment to shareholder returns.

The company also reported solid financial results for Q1 2024, with a net income of $161 million and an adjusted operating income of $166 million. Primary insurance in-force reached a record $264 billion, evidencing a 4% year-over-year increase. Enact's financial strength is further validated by its PMIERs sufficiency ratio of 163%, significantly above requirements.

Enact continues to innovate and enhance its service offerings. Recent integrations with PMI Rate Pro enable lenders to seamlessly order mortgage insurance via API, improving customer experience and operational efficiency. Additionally, Enact's commitment to ESG principles, highlighted in its 2023 ESG Report, demonstrates its dedication to sustainable business practices and positive community impact.

For investors and stakeholders, Enact Holdings, Inc. represents a stable and growth-oriented company with a strong track record of financial performance, strategic innovation, and shareholder value creation.

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Genworth Financial (NYSE: GNW) held its 2022 annual meeting, where stockholders elected all nine director nominees, including Thomas J. McInerney and Karen E. Dyson. The meeting also saw the approval of the advisory vote on executive compensation and the ratification of KPMG LLP as the independent public accounting firm for 2022. Genworth, based in Richmond, Virginia, specializes in financial products for aging families and is the parent company of Enact Holdings (NASDAQ: ACT), a leading mortgage insurance provider.

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Enact Holdings, Inc. (Nasdaq: ACT) reported a strong first quarter of 2022, achieving a net income of $165 million, or $1.01 per diluted share, reflecting a substantial increase from $125 million the previous year. Key metrics included a return on equity of 16.2% and insurance-in-force reaching $232 billion, a 10% year-over-year rise. The company initiated a quarterly dividend of $0.14 per share, enhancing shareholder value. However, new insurance written saw a notable decline of 25% from last year, signaling potential market challenges.

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Genworth Financial (GNW) reported Q1 2022 net income of $149 million, a 20% decline from Q1 2021, and adjusted operating income of $131 million, down 22% year-over-year. The company announced a $350 million share repurchase program, the first in over 13 years, and initiated a $0.14 quarterly dividend. While Enact segment adjusted operating income rose to $135 million driven by a strong loss performance, the U.S. Life Insurance segment posted a $4 million adjusted operating loss due to unfavorable results. Overall, strong capital ratios were reported, with a risk-based capital ratio of 296%.

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Genworth Financial (NYSE: GNW) has launched a $350 million share repurchase program, the first in over 13 years. This decision reflects an improved financial position and a commitment to return capital to shareholders. Genworth plans to fund repurchases from holding company capital and future cash flows, including dividends from its investment in Enact Holdings (NASDAQ: ACT). The program allows flexibility in timing and method of repurchase, with no expiration date set. CEO Tom McInerney emphasized the company's strong financial performance and future growth initiatives.

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Enact Holdings, Inc. (Nasdaq: ACT) announced a new quarterly dividend program following board approval, with an inaugural payment of $0.14 per share on May 26, 2022, for shareholders on record by May 9, 2022. This decision reflects the company's confidence in its operational performance and commitment to enhancing shareholder value. Proceeds from Enact Mortgage Insurance Corporation will support the dividend payments, emphasizing a balanced approach to return capital while investing in business growth.

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Enact Holdings, Inc. (Nasdaq: ACT) announced it will release its first quarter earnings on May 3, 2022, after market close. A conference call to discuss the results is scheduled for May 4, 2022, at 8:00 a.m. ET. Investors can access the earnings release, summary presentation, and financial supplement on the company’s website. The call will be available via telephone and webcast, with an archived version accessible for a year. Enact is a leading U.S. private mortgage insurance provider, committed to aiding homeownership through strong partnerships with lenders.

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Genworth Financial, Inc. (NYSE: GNW) will release its first quarter earnings on May 3, 2022, after market close. A conference call is scheduled for May 4, 2022, at 9:00 a.m. ET to discuss the results. Investors can access the earnings release and financial documents on Genworth's website. The conference call will be available via telephone and online, with a replay accessible until May 18, 2022. Additionally, Enact Holdings, Inc. (NASDAQ: ACT) will discuss its first quarter results on the same day, at 8:00 a.m. ET.

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Enact Holdings has secured approximately $325 million in excess of loss reinsurance coverage from rated reinsurers, effective March 1, 2022. This credit risk transfer transaction covers existing mortgage insurance policies from July to December 2021. The company's President & CEO, Rohit Gupta, highlighted this as part of their growth and risk management strategy amid market volatility. Since 2015, Enact has executed around $4.4 billion in credit risk transfer transactions, enhancing capital efficiency and shareholder value.

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Genworth Financial, Inc. (NYSE: GNW) has appointed Elaine Sarsynski as a new independent director on its Board of Directors. Sarsynski, who previously held leadership roles at MassMutual International, will stand for election at the company's 2022 Annual Meeting. Current board member Debra Perry plans to retire after her term ends in May 2022, not standing for re-election. Company CEO Tom McInerney expressed confidence that Sarsynski's extensive experience in the insurance sector will enhance the board's oversight and contribute to stockholder value.

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Genworth Financial, Inc. (NYSE: GNW) announced that S&P Global Ratings has upgraded its issuer credit ratings to B+ from B, reflecting substantial improvements in leverage and liquidity. The company retired over $2 billion of debt in 2021, enhancing financial flexibility and enabling plans for further debt retirement. By reducing its debt to below $1 billion, Genworth aims to evaluate returning capital to shareholders. The outlook for the ratings remains positive, signaling potential growth opportunities.

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FAQ

What is the current stock price of Enact Holdings (ACT)?

The current stock price of Enact Holdings (ACT) is $34.76 as of November 22, 2024.

What is the market cap of Enact Holdings (ACT)?

The market cap of Enact Holdings (ACT) is approximately 5.3B.

What services does Enact Holdings, Inc. provide?

Enact Holdings, Inc. provides private mortgage insurance services to mortgage lenders and investors through its subsidiary, Enact Mortgage Insurance Corporation.

When was Enact Holdings, Inc. established?

Enact Holdings, Inc. was established in 1981 and is headquartered in Raleigh, North Carolina.

What is Enact Holdings, Inc.'s stock symbol?

Enact Holdings, Inc. is traded on Nasdaq under the stock symbol ACT.

What was Enact Holdings, Inc.'s net income for Q1 2024?

Enact Holdings, Inc. reported a net income of $161 million for Q1 2024.

What is the current dividend per share declared by Enact Holdings, Inc.?

Enact Holdings, Inc. declared a quarterly dividend of $0.185 per common share, payable on June 13, 2024.

What is Enact Holdings, Inc.'s primary insurance in-force as of Q1 2024?

Enact Holdings, Inc.'s primary insurance in-force reached $264 billion in Q1 2024.

What strategic initiatives has Enact Holdings, Inc. recently announced?

Enact Holdings, Inc. announced a new $250 million share repurchase program and an increase in its quarterly dividend.

How does Enact Holdings, Inc. support environmental, social, and governance (ESG) principles?

Enact Holdings, Inc. published its 2023 ESG Report highlighting its progress on ESG priorities and commitment to sustainable business practices.

What recent integration did Enact Holdings, Inc. complete to enhance its services?

Enact Holdings, Inc. completed an integration with PMI Rate Pro, enabling lenders to order mortgage insurance directly through API, enhancing customer experience and efficiency.

Where can investors find more information about Enact Holdings, Inc.?

Investors can find more information about Enact Holdings, Inc. on its official website and investor relations page at https://ir.enactmi.com.

Enact Holdings, Inc.

NYSE:ACT

ACT Rankings

ACT Stock Data

5.32B
28.32M
81.45%
19.38%
0.93%
Insurance - Specialty
Insurance Agents, Brokers & Service
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United States of America
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