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.
Enact Holdings, Inc. (Nasdaq: ACT) reported strong third-quarter 2021 financial results, achieving a GAAP net income of $137 million, or $0.84 per diluted share, which reflects a sequential increase from the previous quarter. The company reported a 13.2% return on equity and a PMIERs sufficiency of 181%, the highest ever. Although new insurance written decreased by 10% to $24.0 billion, primary insurance in force rose 2% to $222 billion. Operating expenses declined, contributing to improved profitability metrics.
On October 13, 2021, Enact Holdings, Inc. (Nasdaq: ACT) released its monthly operating statistics for September 2021, detailing credit performance metrics such as total primary delinquencies and claims paid. The report is accessible on Enact's investor relations website. Due to improved economic conditions, the company plans to discontinue monthly reports and will provide selected metrics in quarterly earnings releases moving forward.
Enact Holdings, Inc. (Nasdaq: ACT) announced the passing of Board Member, General Raymond T. Odierno, on October 8, 2021. With nearly 40 years of service in the U.S. Army, General Odierno held significant leadership roles, including command during deployments in Europe and the Middle East. His contributions extended to corporate advisory roles post-retirement. Enact expressed deep condolences to the Odierno family, highlighting his exceptional service and leadership. The company plans to maintain its 11-person board and will share more details on succession in the future.
Enact Holdings (Nasdaq: ACT) will announce its third quarter earnings on November 2, 2021, after the market closes. A conference call is scheduled for November 3, 2021, at 8:00 a.m. ET, to discuss the financial results. Investors can access the earnings release and financial supplement on Enact's website. The call can be joined via telephone or webcast, with the dial-in information provided. Enact is committed to enhancing homeownership through its mortgage insurance services.
Genworth Financial (NYSE: GNW) announced its third quarter earnings release will be issued on November 2, 2021, after market close. A conference call to discuss the results is scheduled for November 3, 2021, at 9:00 a.m. ET. Investors can access the earnings release and financial supplement on Genworth's website. Additionally, Enact Holdings (NASDAQ: ACT) will hold a conference call on the same day at 8:00 a.m. ET. For more information, visit the investor relations section of the Genworth website.
Enact Holdings, Inc. (Nasdaq: ACT) announced the formation of its Board of Directors following its IPO that closed on September 20, 2021. The 11-member board comprises 8 independent directors, including notable figures like Dominic Addesso as Non-Executive Chairman and Rohit Gupta as CEO. The diverse board brings extensive financial and governance expertise, aimed at enhancing the company's service and growth. Enact, a leading U.S. private mortgage insurance provider, is committed to promoting homeownership through partnerships with lenders.
Enact Holdings (Nasdaq: ACT) announced significant ratings upgrades from Fitch, Moody's, and S&P Global Ratings. Fitch upgraded Genworth Mortgage Insurance Corporation's (GMICO) financial strength rating to 'BBB+' and improved Enact's ratings across the board, with a stable outlook. Moody's raised GMICO's insurance financial strength rating to Baa2, while S&P upgraded GMICO's rating to 'BBB'. These upgrades reflect Enact's strong capital position, governance, and declining delinquency rates, enhancing its ability to serve U.S. lenders.
Genworth Financial, Inc. (NYSE: GNW) has successfully completed the IPO of its subsidiary, Enact Holdings, Inc. (ACT), a prominent mortgage insurance provider. 15,306,960 shares were sold at $19.00 per share, including an overallotment option. The total sale amounts to 29,962,560 shares, yielding approximately $535 million in net proceeds for Genworth. Following the transaction, Genworth's ownership in Enact decreased to 81.6%. Proceeds will be used to retire debts, enhancing Genworth's financial position.
Enact Holdings, Inc. (Nasdaq: ACT) has successfully closed its initial public offering (IPO) on September 20, 2021, selling a total of 15,306,960 shares at $19.00 each. The underwriters exercised their overallotment option, and all shares were sold by selling stockholder Genworth Holdings, Inc. Additionally, investment funds managed by Bayview Asset Management purchased 14,655,600 shares from Genworth in a concurrent private sale. Goldman Sachs and J.P. Morgan acted as lead managers for the IPO, which was registered with the U.S. Securities and Exchange Commission on September 15, 2021.
Enact Holdings priced its initial public offering (IPO) of 13,310,400 common stock shares at $19.00 each, starting on September 16, 2021 under the ticker symbol ACT. The offering is expected to close on September 20, 2021. Notably, all shares are offered by Genworth Holdings, and Enact will not receive any proceeds from this sale. A concurrent private sale will also occur, with investment funds acquiring 14,655,600 shares, contingent on the IPO's completion. Goldman Sachs and J.P. Morgan lead this offering.
FAQ
What is the current stock price of Enact Holdings (ACT)?
What is the market cap of Enact Holdings (ACT)?
What services does Enact Holdings, Inc. provide?
When was Enact Holdings, Inc. established?
What is Enact Holdings, Inc.'s stock symbol?
What was Enact Holdings, Inc.'s net income for Q1 2024?
What is the current dividend per share declared by Enact Holdings, Inc.?
What is Enact Holdings, Inc.'s primary insurance in-force as of Q1 2024?
What strategic initiatives has Enact Holdings, Inc. recently announced?
How does Enact Holdings, Inc. support environmental, social, and governance (ESG) principles?
What recent integration did Enact Holdings, Inc. complete to enhance its services?
Where can investors find more information about Enact Holdings, Inc.?
