RALEIGH, N.C. - Enact Holdings, Inc. (NASDAQ:ACT), a prominent provider of private mortgage insurance, has declared a quarterly dividend of $0.16 per common share. This dividend is slated for payment on March 13, 2024, to shareholders who are on record as of February 28, 2024.
The company, which primarily operates through its subsidiary Enact Mortgage Insurance Corporation, has been a significant player in the U.S. private mortgage insurance market since 1981. Enact's commitment to facilitating homeownership is evident in its partnerships with lenders, offering services that include underwriting expertise and risk and capital management. Their approach aims to not only enable more individuals to purchase homes but also to ensure they can maintain their homeownership.
This recent announcement of the dividend payout follows Enact's tradition of returning value to its shareholders. However, it is important to note that future dividends will remain at the discretion of the company's Board of Directors and are not guaranteed.
Enact's headquarters are located in Raleigh, North Carolina, and the company prides itself on having a positive and sustainable impact on the communities it serves. The information regarding the dividend declaration is based on a press release statement from Enact Holdings.
InvestingPro Insights
Enact Holdings, Inc. (NASDAQ:ACT) has recently made headlines with its announcement of a quarterly dividend, reinforcing its consistent shareholder value proposition. The decision to distribute a $0.16 per share dividend aligns with the company's financial health as evidenced by real-time data from InvestingPro. With a market capitalization of $4.3 billion and a robust gross profit margin of 78.3% for the last twelve months as of Q4 2023, Enact stands out as a solid player in the private mortgage insurance sector.
Key InvestingPro Data metrics further underscore the company’s strong financial position. Enact boasts an attractive price-to-earnings (P/E) ratio of 6.5, suggesting that the stock is trading at a low earnings multiple. Additionally, the company has experienced a revenue growth of 5.36% over the last twelve months as of Q4 2023, which points to a steady business expansion.
InvestingPro Tips for Enact Holdings highlight the optimistic outlook for the company. Analysts predict that the company will be profitable this year, a sentiment supported by the firm having been profitable over the last twelve months. For investors looking for more in-depth analysis, there are additional InvestingPro Tips available at InvestingPro. To enhance your investment research, use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
Investors may also take note of the dividend yield which stands at 5.55%, a figure that is particularly attractive for those seeking regular income streams. It's also worth mentioning that Enact's stock is trading at 91.43% of its 52-week high, indicating a relatively strong market position. With the next earnings date scheduled for May 1, 2024, stakeholders and potential investors will be keenly watching for Enact's continued financial performance.
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