BofA update shows where active managers are putting money
RALEIGH, N.C.—Michael Derstine, Executive Vice President and Chief Risk Officer at Enact Holdings , Inc. (NASDAQ:ACT), a $5.2 billion market cap mortgage insurance provider with a GREAT financial health score according to InvestingPro, recently sold a significant portion of company stock. According to a filing with the Securities and Exchange Commission, Derstine sold 7,000 shares of common stock on February 25, 2025. The shares were sold at a weighted average price of $33.77, resulting in total proceeds of approximately $236,390. The company currently trades at an attractive P/E ratio of 7.7x, with analysts setting price targets between $36 and $41.
The sale was conducted through a series of broker-assisted transactions, with prices ranging from $33.23 to $33.94 per share. Following this transaction, Derstine retains ownership of 33,717 shares directly. InvestingPro analysis reveals additional insights about ACT’s valuation and prospects in its comprehensive Pro Research Report, available with a subscription.
In other recent news, Enact Holdings, Inc. announced that its Board of Directors has adopted amended and restated bylaws, effective immediately. These changes impact the company’s governance and shareholder engagement procedures, specifically updating the process and disclosure requirements for stockholder nominations of directors and submission of stockholder proposals. The revisions clarify the scope of information required from shareholders, nominees, and related persons. Additionally, the new bylaws mandate that any shareholder soliciting proxies must certify compliance with Rule 14a-19 under the Securities Exchange Act of 1934. The chairperson’s decisions on whether nominations or proposals were appropriately brought before a shareholder meeting are now subject to the Board’s supervision. Proposing shareholders and related persons must also comply with all applicable Exchange Act requirements concerning the advanced notice provisions. The company has made other routine and conforming changes to its bylaws, detailed in the SEC filing as Exhibit 3.1. These developments are intended to provide transparency to shareholders and the public regarding the company’s governance policies.
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