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) has appointed mortgage industry expert Neenu Kainth as its new Chief Customer Experience Officer. Kainth brings over 20 years of experience, having previously served as EVP Chief Digital Officer at Newrez and Chief Digital Officer at Mr. Cooper. CEO Rohit Gupta emphasized Kainth's knowledge and leadership as vital for the company's growth. Kainth holds a Bachelor and Master of Science in Computer Science from Arizona State University, along with an Executive MBA from the University of Pennsylvania’s Wharton School.
Genworth Financial, Inc. (NYSE: GNW) announced that its subsidiary, Genworth Holdings, Inc., will redeem all outstanding 4.800% Senior Notes due 2024. The redemption date is set for September 21, 2022, with the redemption price at 100% of the principal plus a make-whole premium and accrued interest. The Bank of New York Mellon Trust Company will act as the Paying Agent for this transaction.
This strategic move reflects Genworth's focus on managing its debt portfolio efficiently.
Enact Holdings, Inc. (Nasdaq: ACT) announced a quarterly dividend of $0.14 per share, set to be paid on September 9, 2022, to shareholders on record by August 26, 2022. The dividend reflects the company's ongoing commitment to returning value to shareholders. Enact is a prominent provider of private mortgage insurance, dedicated to enhancing homeownership opportunities while maintaining a strong financial foundation.
Enact Holdings, Inc. (NASDAQ: ACT) reported a strong second quarter 2022, achieving a net income of $205 million or $1.25 per diluted share, up from $165 million in Q1 2022. Adjusted operating income also rose to $205 million or $1.26 per diluted share. Total insurance in-force reached a record $238 billion, marking a 9% year-over-year growth. Despite lower new insurance written (NIW) of $17 billion, the company maintains a solid balance sheet and a 20.1% return on equity. PMIERs sufficiency stands at 166%, indicating robust financial health.
Genworth Financial reported Q2 2022 net income of $181 million, down 25% from $240 million in Q2 2021, and adjusted operating income of $176 million, a 9% decline year-over-year. Enact segment adjusted operating income grew to $167 million with a 9% increase in insurance in-force. The company executed $30 million in share repurchases and received a two-notch credit rating upgrade from Moody’s. However, U.S. Life Insurance's adjusted operating income fell to $21 million, influenced by unfavorable life insurance results despite $52 million in premium rate increases approved.
Genworth Financial, Inc. (NYSE: GNW) announces a significant upgrade from Moody's Investors Service, raising its senior unsecured debt rating from B1 to Ba2. This marks the fourth upgrade since September 2021, attributed to improved financial stability and reduced debt levels. CFO Daniel Sheehan highlighted the strengthening of the company's balance sheet and risk reduction. The upgrade does not affect the Insurer Financial Strength ratings of Genworth's life insurance subsidiaries. The outlook for the rating remains stable.
Enact Holdings (Nasdaq: ACT) plans to release its second quarter earnings on August 1, 2022, after market close. A conference call to discuss the financial results will be held on August 2, 2022, at 8:00 a.m. (ET). Interested participants can access the call via telephone or Internet, with dial-in numbers provided in the release. The earnings release and additional financial information will be available on Enact's website upon release. Investors are encouraged to enroll for email alerts for future updates.
Genworth Financial (NYSE: GNW) will release its second-quarter earnings on August 1, 2022, following which a conference call is scheduled for August 2, 2022, at 9:00 a.m. (ET). Investors can access the earnings release, presentation, and financial supplement via the company's website at investor.genworth.com. Prior to this, its subsidiary, Enact Holdings (NASDAQ: ACT), will hold its own conference call on August 2, 2022, at 8:00 a.m. (ET) to discuss its results.
On July 7, 2022, Enact Holdings, Inc. (Nasdaq: ACT) announced a five-year $200 million senior unsecured revolving credit facility, effective June 30, 2022. This facility aims to enhance the company's financial flexibility and support working capital and corporate needs. Borrowings will accrue interest based on a short-term borrowing index plus 200 basis points, with no amounts borrowed as of the announcement date. The facility is arranged by JPMorgan Chase Bank and other financial institutions, reflecting Enact's strong financial position.
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.?
