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Enact Holdings, Inc. - ACT STOCK NEWS

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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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Enact Holdings, Inc. (Nasdaq: ACT) secures $248 million of fully collateralized excess of loss reinsurance coverage through an ILN transaction with Triangle Re 2023-1 Ltd. This transaction covers a portfolio of existing seasoned mortgage insurance policies and is funded by issuing four classes of mortgage ILNs with a 10-year legal maturity and a 5-year call option. President and CEO Rohit Gupta emphasizes the success of the transaction and its positive impact on the company's capital structure.
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Genworth Financial, Inc. (NYSE: GNW) reported a net income of $29 million and adjusted operating income of $42 million for the third quarter of 2023. Enact segment adjusted operating income reached $134 million, with a PMIERs1 sufficiency ratio of 162%2. The company experienced volatility in its LTC results but made progress on its multi-year rate action plan. Genworth also executed $80 million in share repurchases in the quarter and successfully completed a consent solicitation for 2034 Senior Notes, providing greater financial flexibility.
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Enact Holdings, Inc. (Nasdaq: ACT) reported GAAP net income of $164 million, or $1.02 per diluted share, for the third quarter of 2023. The company achieved a record primary insurance-in-force of $262 billion, an 8% increase from the third quarter of 2022. Enact also announced a quarterly cash dividend of $0.16 per common share and a special cash dividend of $0.71 per common share.
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Enact Holdings, Inc. (Nasdaq: ACT) has declared a quarterly cash dividend of $26 million ($0.16 per share) and a special cash dividend of $113 million ($0.71 per share). The dividends will be payable on December 5, 2023, to shareholders of record as of November 16, 2023. Enact aims to return $300 million of capital to shareholders in 2023.
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Genworth Financial announces completion of consent solicitation from bondholders and amendment to Replacement Capital Covenant
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Genworth Financial, Inc. to release Q3 results on November 8, 2023, with a conference call on November 9, 2023.
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Enact Holdings, Inc. (ACT) will release its Q3 earnings on November 1, 2023. A conference call to discuss the financial results will be held on November 2, 2023 at 8:00 a.m. ET.
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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.

Nasdaq:ACT

ACT Rankings

ACT Stock Data

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