Enact Holdings Inc.
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Range $46 – $46
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About the company
Enact Holdings, Inc. operates as a private mortgage insurance company in the United States. The company engages in writing and assuming residential mortgage guaranty insurance.
- CEO
- Rohit Gupta
- IPO
- 2021
- Employees
- 419
- HQ
- Raleigh, NC, US
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Similar companies
Peers in the same neighborhood.
- Market Cap
- $6.86B
- P/E
- 10.30
- Fwd P/E
- 10.30
- PEG
- 1.34
- P/S
- 5.48
- P/B
- 1.27
- EV/EBITDA
- 7.81
- Div Yield
- 1.83%
- Gross Margin
- 85.87%
- Op Margin
- 69.17%
- Net Margin
- 54.56%
- ROE
- 12.76%
- ROIC
- 10.41%
Latest fiscal year · YoY change
- Revenue
- $1.23B+2.4%
- Gross Profit
- $1.12B+19.2%
- Op Income
- $858.84M
- Net Income
- $674.24M-2.0%
- EPS
- $4.54+3.2%
- OCF Growth
- +5.6%
- FCF Growth
- +5.6%
- 52W High
- $50.56
- 52W Low
- $34.64
- 50D MA
- $46.05
- 200D MA
- $42.07
- Beta
- 0.46
- RSI (14)
- 60
- Avg Volume
- 342.86K
Earnings call summaries
Pick a quarter — each call distilled into takeaways, results, and a bull vs bear read.
Enact delivered a strong second quarter with higher NIW, steady credit performance, and raised 2026 capital return guidance to $550 million-$600 million.· August 5, 2026
- Adjusted operating income was $177 million, or $1.26 per diluted share; adjusted ROE was 13% to 13.2%.
- New insurance written was $15 billion, up 19% sequentially and 15% year over year, driving insurance in force to $274 billion.
- Credit stayed solid: new delinquencies fell to 12,300, total delinquencies edged down to 24,300, and the quarter included a $37 million reserve release.
- The company raised 2026 capital return guidance to $550 million-$600 million from $500 million after a strong first half.
- Management said base premium rate guidance remains roughly flat versus 2025, expense guidance is now $205 million-$210 million excluding reorganization costs, and VantageScore rollout was immaterial in the quarter.
Enact reported adjusted operating income of $177 million, or $1.26 per diluted share, versus $1.15 per diluted share in the same quarter last year and $1.21 in Q1 2026. Adjusted operating return on equity was 13% to 13.2%. New insurance written was $15 billion, up 19% sequentially and 15% year over year; primary insurance in force was $274 billion, up $1 billion sequentially and $4 billion year over year. Total net premiums earned were $245 million, flat year over year, and investment income was $73 million, up 11% year over year. Losses were $33 million, the loss ratio was 14% versus 15% in Q1 2026 and 10% in Q2 2025, and the quarter included a $37 million reserve release. Operating expenses were $52 million, with an expense ratio of 21% versus 20% in Q1 2026 and 22% in Q2 2025. For full year 2026, expenses excluding reorganization costs are now expected to be $205 million-$210 million, and total capital return guidance was raised to $550 million-$600 million from $500 million.
Rohit Gupta characterized the quarter as another strong period of disciplined execution, resilient credit, and long-term value creation. He emphasized that the housing market remains challenged by rates and policy uncertainty, but underlying demand is intact and private mortgage insurance still has a critical role in expanding homeownership. He also highlighted technology investments, including the new ELLA underwriting tool using generative AI, and said adoption is growing quickly.
Dean Mitchell focused on the quarter’s financial details and reiterated the company’s conservative but constructive outlook. He cited $177 million of adjusted operating income, $73 million of investment income, $245 million of net premiums earned, and the $37 million reserve release that helped drive a 14% loss ratio. He also noted PMIERs sufficiency of 161%, or $1.9 billion above requirements, $1.9 billion of CRT capital credit, quarterly capital returned of $127 million through buybacks and dividends, and the new full-year expense outlook of $205 million-$210 million excluding reorganization costs.
Analysts pressed management on base premium rate trends, competitive intensity, and whether ROE on new business can be quantified; management said base premium rate guidance remains roughly flat versus 2025 and declined to give numeric ROE guidance, saying returns are accretive but too granular and market-dependent to quantify. Questions on credit centered on delinquency trends and timing of a potential peak; management said second-half seasonality should pressure delinquency rates modestly, but strong home price appreciation and 88% of delinquencies having at least 10% mark-to-market equity support cures. On VantageScore, management said the rollout is still limited, most current loans appear to come with Vantage only, and Enact is building underwriting and pricing capability to support the transition.
The bull case from this call is that Enact is still growing profitably while keeping credit losses contained. NIW rose to $15 billion, credit metrics remained strong, and management sounded confident enough to raise 2026 capital return expectations to $550 million-$600 million. The company also pointed to solid capital flexibility, with 161% PMIERs sufficiency and continued share repurchases.
The main risks discussed were a still-challenging housing affordability backdrop, elevated rates, and policy uncertainty, all of which can limit transaction volumes. Management also said the second half of 2026 could see some pressure on delinquency rates as seasonality normalizes and newer vintages with less embedded home price appreciation age into the portfolio. Competitive pricing remains active, and the VantageScore rollout is still early and immaterial so far.
AI summary of the company's earnings call · Paraphrased · Not investment advice
- Free Float
- 19.5%
- Shares Outstanding
- 139.60M
- Float Shares
- 27.17M
of shares held by institutions
243 13F filers
Buy/sell ratio 0.00. Sells can include pre-scheduled 10b5-1 plan sales, not just discretionary selling.
Congressional trading
Senate and House stock disclosures for ACT, newest first.
Source: public STOCK Act disclosures. Filed weeks after the trade — a lagging signal, not a real-time one.
Top institutional holders
Largest 13F positions, with quarter-over-quarter change.
| Holder | Shares | Δ Quarter |
|---|---|---|
| Vanguard Group Inc | 3.14M | ▼ 95.83K |
| Two Sigma Advisers, LP | 127.40K | ▼ 14.60K |
| Brandywine Global Investment Management, LLC | 94.25K | ▲ 41.51K |
| Axa Investment Managers S.A. | 73.85K | ▲ 73.85K |
| Virginia Retirement Systems Et Al | 60.94K | ▲ 4.85K |
| Nebula Research & Development LLC | 49.80K | ▲ 19.10K |
| Janus Henderson Group PLC | 40.94K | ▲ 29.81K |
| Richard Bernstein Advisors LLC | 29.81K | ▼ 10.86K |
| California State Teachers Retirement System | 28.34K | ▼ 237 |
| Quest Partners LLC | 27.88K | ▼ 2.19K |
| Dgs Capital Management, LLC | 17.74K | ▲ 2.66K |
| Cwm, LLC | 14.71K | ▼ 133 |
Held by 328 ETFs
Biggest fund positions in ACT by dollar value.
Recent insider transactions
Who's buying, who's selling, and how much.
| Date | Insider | Type | Shares |
|---|---|---|---|
| Aug 17, 26 | Stolove Evan | sell | 20,024 |
| Jul 31, 26 | Genworth Holdings, Inc. | sell | 523,226 |
| Jun 30, 26 | Genworth Holdings, Inc. | sell | 605,067 |
| Jun 18, 26 | Gould Brian | other | 23 |
| Jun 18, 26 | Gould Brian | other | 19 |
| Jun 18, 26 | Gould Brian | other | 12 |
| Jun 18, 26 | BLESS MICHAEL A | other | 176 |
| Jun 18, 26 | STILL DEBRA | other | 201 |
| Jun 18, 26 | Hooda Sheila | other | 201 |
| Jun 18, 26 | Addesso Dominic James | other | 348 |
A “Sell” may be a pre-scheduled 10b5-1 plan sale rather than a discretionary decision — read insider selling with that in mind.
Our ACT coverage
Recent articles, reports, and earnings notes.
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