Enact Announces 16% Increase to Quarterly Dividend and New $250 Million Share Repurchase Program
Rhea-AI Summary
Enact Holdings, a leading provider of private mortgage insurance, announced a 16% increase in its quarterly dividend to $0.185 per common share. The company also introduced a new $250 million share repurchase program, in addition to its existing $100 million program. The decision reflects Enact's strong financial position and commitment to creating long-term value for shareholders.
Positive
16% increase in quarterly dividend to $0.185 per common share.
Introduction of a new $250 million share repurchase program.
Company's commitment to creating long-term value for shareholders.
Negative
- None.
News Market Reaction – ACT
In the trading session that priced this news, ACT declined 0.03%, reflecting a mild negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
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RALEIGH, N.C., May 01, 2024 (GLOBE NEWSWIRE) -- Enact Holdings, Inc. (Nasdaq: ACT) (Enact) a leading provider of private mortgage insurance through its insurance subsidiaries, today announced that its Board of Directors declared a quarterly dividend of
Additionally, Enact announced that its Board of Directors authorized a new share repurchase program under which the company may purchase up to
“Today’s announcement underscores the strength of our financial position and our ongoing confidence in our business,” said Rohit Gupta, Enact’s President and Chief Executive Officer. “The decision by the Board to raise our quarterly dividend and authorize a new share repurchase program are aligned with our disciplined and balanced approach to capital allocation focused on creating long-term value for our shareholders.”
Enact’s new share repurchase program authorizes the purchase of up to
Enact expects the timing and amount of any share repurchases will be opportunistic and will depend on a variety of factors, including Enact’s share price, capital availability, business and market conditions, regulatory requirements, and debt covenant restrictions. The program does not obligate Enact to acquire any amount of common stock, it may be suspended or terminated at any time at the Company’s discretion without prior notice, and it does not have a specified expiration date.
About Enact Holdings, Inc.
Enact (Nasdaq: ACT), operating principally through its wholly-owned subsidiary Enact Mortgage Insurance Corporation since 1981, is a leading U.S. private mortgage insurance provider committed to helping more people achieve the dream of homeownership. Building on a deep understanding of lenders' businesses and a legacy of financial strength, we partner with lenders to bring best-in class service, leading underwriting expertise, and extensive risk and capital management to the mortgage process, helping to put more people in homes and keep them there. By empowering customers and their borrowers, Enact seeks to positively impact the lives of those in the communities in which it serves in a sustainable way. Enact is headquartered in Raleigh, North Carolina.
FAQ
What is the new quarterly dividend amount announced by Enact?
Enact announced a quarterly dividend of $0.185 per common share, reflecting a 16% increase from the prior quarter.
How will Enact repurchase its common stock under the new program?
Enact may repurchase its common stock through open market purchases, privately negotiated transactions, or under Rule 10b5-1 and Rule 10b-18 trading plans.