BofA update shows where active managers are putting money
Genworth Holdings, Inc. (NYSE:GNW) has offloaded a significant portion of its stake in Enact Holdings, Inc. (NASDAQ:ACT), selling 684,401 shares valued at approximately $23.3 million. The shares were sold at a price of $34.05 each, as per a Share Repurchase Agreement dated May 1, 2024. The transaction comes as Enact demonstrates strong financial performance, with a 78% gross profit margin and a robust 24.7% year-to-date return. This transaction leaves Genworth Holdings with ownership of around 124.1 million shares, maintaining its majority stake of approximately 81% in Enact Holdings. According to InvestingPro, Enact maintains a "GREAT" financial health score and appears undervalued based on its Fair Value analysis. InvestingPro subscribers can access additional insights, including 12+ exclusive ProTips and a comprehensive Pro Research Report, part of the platform's coverage of 1,400+ US stocks.
In other recent news, Inapp has reported significant growth in key financial metrics for the third quarter of 2024. The company's adjusted operating income rose to $182 million, marking an 11% increase year-over-year, and adjusted earnings per share (EPS) reached $1.16. The primary insurance in force grew by $6 billion to reach $268 billion. Despite these positive developments, the company experienced an increase in delinquencies and credit losses compared to the previous quarter.
Inapp's leadership remains committed to enhancing shareholder value and is poised to navigate the dynamic market with a strong capital position and strategic initiatives. Management is optimistic about market dynamics and plans to continue focusing on disciplined expense management and strategic growth initiatives. The company's focus on growth platforms like InappRe, which received an A- rating from S&P, is expected to sustain its positive trajectory in the coming quarters.
These recent developments indicate a robust financial performance by Inapp, with a solid capital position and a strategic focus on growth initiatives. However, it's important to note the increase in delinquencies and credit losses, which will be a key factor to monitor in the future.
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