Enact Holdings, Inc.
- Open
- 49.07
- Day high
- 49.14
- Day low
- 48.15
- Prev close
- 49.07
- Volume
- 246K
- Mkt cap
- $6.6B
- P/E (TTM)
- 10.1
- EPS (TTM)
- $4.77
- P/B
- 1.2
- P/S
- 5.3
- Yield
- 1.87%
- Per share
- $0.90
- ▼Insiders net selling -$76.5M over the last 3 months (0 open-market buys, 4 sales)
- 🏛Institutions reducing (13F)
Enact Holdings, Inc. (ACT) is a Financial Services company listed on NASDAQ. The stock is up 30% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 4 sales (SEC Form 4).
Enact Holdings, Inc. (ACT) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 3 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
ACT earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Aug 6, 2026 | $1.19 | $1.26 | +5.9% | $317M | +0.5% |
| May 6, 2026 | $1.21 | $1.21 | +0.0% | $312M | -0.9% |
| Feb 3, 2026 | $1.09 | $1.23 | +12.8% | $312M | -2.5% |
| Nov 5, 2025 | $1.12 | $1.12 | +0.0% | $311M | -1.3% |
| Jul 30, 2025 | $1.11 | $1.15 | +3.6% | $305M | -1.8% |
| Apr 30, 2025 | $1.12 | $1.10 | -1.8% | $307M | +1.5% |
| Feb 4, 2025 | $1.02 | $1.09 | +6.9% | $302M | -2.4% |
| Jul 31, 2024 | $0.99 | $1.27 | +28.3% | $299M | -0.2% |
| May 1, 2024 | $0.96 | $1.04 | +8.3% | $292M | -0.9% |
| Feb 6, 2024 | $0.92 | $0.98 | +6.5% | $296M | -0.4% |
| Nov 1, 2023 | $0.90 | $1.02 | +13.5% | $299M | +2.9% |
| Aug 1, 2023 | $0.84 | $1.04 | +23.8% | $278M | -4.2% |
ACT insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Aug 19, 2026 | Stolove Evanofficer: EVP, Gen. Counsel & Secretary | Sell | 20,024 | $49.52 |
| Aug 3, 2026 | Genworth Holdings, Inc.10 percent owner | Sell | 523,226 | $45.92 |
| Jul 1, 2026 | Genworth Holdings, Inc.10 percent owner | Sell | 605,067 | $42.28 |
| Jun 23, 2026 | McMullen Jamesofficer: Controller | Grant | 8 | — |
| Jun 23, 2026 | THOMPSON WESTLEY Vdirector | Grant | 201 | — |
| Jun 23, 2026 | RESTREPO ROBERT P JRdirector | Grant | 201 | — |
| Jun 23, 2026 | Stolove Evanofficer: EVP, Gen. Counsel & Secretary | Grant | 24 | — |
| Jun 23, 2026 | McMullen Jamesofficer: Controller | Grant | 5 | — |
| Jun 23, 2026 | Derstine Michaelofficer: EVP and Chief Risk Officer | Grant | 15 | — |
| Jun 23, 2026 | Gould Brianofficer: EVP & Chief Operations Officer | Grant | 19 | — |
| Jun 23, 2026 | Derstine Michaelofficer: EVP and Chief Risk Officer | Grant | 24 | — |
| Jun 23, 2026 | Mitchell Hardin Deanofficer: EVP, CFO and Treasurer | Grant | 36 | — |
| Jun 23, 2026 | Stolove Evanofficer: EVP, Gen. Counsel & Secretary | Grant | 15 | — |
| Jun 23, 2026 | Gould Brianofficer: EVP & Chief Operations Officer | Grant | 12 | — |
| Jun 23, 2026 | Gould Brianofficer: EVP & Chief Operations Officer | Grant | 23 | — |
Source: ACT SEC Form 4 filings, latest Aug 19, 2026. For informational purposes only — not investment advice.
See the full ACT insider & 13F page →Enact Holdings, Inc. company profile
Overview
Enact Holdings, Inc. (NYSE:ACT) is a private mortgage insurance company that operates exclusively in the United States residential mortgage market. Founded in 1981 as Genworth Mortgage Holdings, the company rebranded to Enact Holdings in May 2021 and went public in September 2021 through a spin-off from its former parent company Genworth Holdings. Headquartered in Raleigh, North Carolina, Enact has established itself as a significant player in the mortgage insurance industry, providing critical risk management services that enable homeownership for borrowers who cannot make traditional 20% down payments.
Business
Enact operates in the private mortgage insurance (PMI) industry, which serves as a crucial component of the U.S. housing finance system. The company's core business involves writing and assuming residential mortgage guaranty insurance, which protects mortgage lenders against losses when borrowers default on their home loans. Private mortgage insurance is typically required when homebuyers make down payments of less than 20% of the home's purchase price. This insurance allows lenders to offer mortgages to borrowers with higher loan-to-value ratios while transferring the credit risk to the insurance company. When a borrower defaults and the property is foreclosed, the mortgage insurer pays the lender a portion of the loss, usually covering the amount above 80% of the original loan value. The company generates revenue primarily through two mechanisms: 1. Monthly premium payments collected from borrowers over the life of their mortgages, typically ranging from 0.20% to 2.25% of the original loan amount annually, and 2. Single premium payments made at loan origination. Enact's products primarily insure prime-based, individually underwritten residential mortgage loans, meaning they focus on borrowers with good credit profiles rather than subprime lending. Additionally, Enact offers contract underwriting services for mortgage lenders, providing risk assessment and loan evaluation services. The company has also expanded into the reinsurance market through its Enact Re platform, participating in government-sponsored enterprise (GSE) credit risk transfer programs where it assumes portions of credit risk from Fannie Mae and Freddie Mac.
Competitive moat
Enact operates in a moderately strong moat environment characterized by significant regulatory barriers and capital requirements, though the industry faces meaningful competitive pressures. The company's primary competitive advantages stem from regulatory licensing requirements that limit new entrants, substantial capital requirements under the Private Mortgage Insurer Eligibility Requirements (PMIERs) that create high barriers to entry, and established relationships with mortgage lenders built over decades of operation. The company maintains a PMIERs sufficiency ratio of 165%, indicating it holds $2.1 billion above minimum regulatory capital requirements, which provides both financial strength and competitive credibility with lenders. Enact has also invested in proprietary technology, including its Rate360 pricing engine that uses advanced analytics for risk assessment and pricing optimization, giving it some technological differentiation. However, the moat faces several limitations. The mortgage insurance industry is essentially a commoditized business where products are largely standardized and competition centers primarily on pricing and service quality. The industry has only six major participants, leading to intense price competition during market downturns. Additionally, lenders have significant bargaining power and can easily switch between mortgage insurers, limiting pricing power. Potential disruption could come from several sources: expanded government programs that reduce demand for private mortgage insurance, alternative risk transfer mechanisms that bypass traditional MI, fintech companies developing new credit enhancement products, or changes in GSE policies that alter the competitive landscape. The company also faces the inherent cyclical nature of housing markets, where economic downturns can simultaneously increase claims while reducing new business volumes. Despite these challenges, the essential role of mortgage insurance in enabling homeownership and the high capital requirements for participation provide Enact with a reasonably defensible market position.
Risks & safety
Enact demonstrates a strong margin of safety with robust capital position and conservative financial metrics, though subject to cyclical industry risks. • Capital Position: No debt at holding company level, $635 million cash, PMIERs sufficiency at 165% ($2.1 billion above regulatory minimums) • Liquidity: Strong free cash flow generation of $227 million in Q1 2025, current ratio of 11.6x (when applicable) • Valuation Metrics: Trading at 7.4x P/E ratio, 1.0x price-to-book, Graham number suggests fair value around $56 vs current price of $34 • Profitability: Consistent ROE above 13%, adjusted operating margins remain healthy despite competitive pressures • Credit Quality: Portfolio weighted average FICO of 745, 93% LTV ratio, low delinquency rates with 56% cure rates • Risk Considerations: Cyclical exposure to housing market downturns, regulatory changes, concentrated geographic exposure to certain markets, potential for increased claims during economic stress
Recent development
Over the past several years, Enact has executed a strategic transformation focused on technological advancement, capital efficiency, and market expansion. The company successfully completed its separation from Genworth Holdings and established itself as an independent public company in 2021, immediately focusing on operational improvements and shareholder value creation. A key strategic initiative has been the development and deployment of Rate360, an advanced pricing engine that utilizes sophisticated analytics to optimize risk-adjusted pricing across different market segments and economic conditions. This technology platform represents a significant competitive advantage in an industry where precise risk assessment directly impacts profitability. The company launched Enact Re, its reinsurance platform, marking a strategic expansion beyond traditional mortgage insurance. Through Enact Re, the company now participates in GSE credit risk transfer programs, taking on portions of credit risk from Fannie Mae and Freddie Mac. This initiative received an A- rating from S&P and has completed transactions in both domestic and international markets, including Australia, diversifying revenue streams and deploying capital in attractive risk-adjusted opportunities. Capital allocation strategy has become increasingly shareholder-friendly, with the company returning $354 million to shareholders in 2024 through dividends and share repurchases. Management increased the quarterly dividend by 14% to $0.21 per share and authorized a new $350 million share repurchase program, demonstrating confidence in the business model and commitment to capital returns. The company has also focused on operational efficiency improvements, successfully reducing expenses by 2% in 2024 despite inflationary pressures, while maintaining strong credit quality standards. Recent credit rating upgrades from both S&P and Fitch reflect the company's improved financial profile and market positioning since becoming independent.
ACT company profile · for informational purposes only — not investment advice.
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