RALEIGH, N.C. – In a recent transaction, Genworth Holdings, Inc., a significant shareholder in Enact Holdings, Inc. (NASDAQ:ACT), has sold a substantial number of shares in the insurer. According to the latest filings, Genworth Holdings parted with 422,870 shares of Enact Holdings at a price of $31.0336 per share, totaling approximately $13.1 million.
The sale, as detailed in the regulatory documents, was conducted under a Share Repurchase Agreement between Enact Holdings and Genworth Holdings, which was initially entered into on August 1, 2023. This agreement was referenced in Enact Holdings' quarterly report for the period ending June 30, 2023, and can be accessed on the SEC website.
The price per share was determined based on a weighted average of the price paid by Enact Holdings for purchases from third parties, as stipulated by the terms of the Share Repurchase Agreement. Following this transaction, Genworth Holdings still owns a significant stake in Enact Holdings, with approximately 81.6% of the outstanding shares.
Investors and market watchers often keep a close eye on insider transactions as they may provide insights into a company's financial health or future performance. The sale by Genworth Holdings is notable due to the volume of shares and the total value of the transaction.
Enact Holdings, specializing in insurance agents, brokers, and services, continues to be a prominent player in the industry, with Genworth Holdings remaining a key shareholder after this sizable transaction.
InvestingPro Insights
Enact Holdings, Inc. (NASDAQ:ACT) has recently been the subject of significant financial moves, as highlighted by Genworth Holdings' share sale. To provide a broader perspective on the company's current financial standing and future prospects, here are some key metrics and insights from InvestingPro.
With an adjusted market capitalization of $4.86 billion, Enact Holdings is trading at a P/E ratio of 7.59, which is slightly lower than the last twelve months' adjusted P/E ratio of 7.5. This valuation suggests that the company is potentially undervalued compared to earnings. The company's revenue has seen a growth of 5.24% over the last twelve months as of Q1 2024, indicating a steady increase in its financial performance.
InvestingPro Tips for Enact Holdings highlight that analysts have recently revised their earnings upwards for the upcoming period, which may signal confidence in the company's ability to continue its growth trajectory. Additionally, Enact Holdings is trading near its 52-week high, with its price hovering at 97.02% of this peak, and analysts predict the company will be profitable this year, having been profitable over the last twelve months.
These metrics and insights can be especially relevant to investors considering the recent insider transaction. For those looking for more in-depth analysis, there are additional InvestingPro Tips available for Enact Holdings at https://www.investing.com/pro/ACT. To access these tips and take advantage of the full suite of features offered by InvestingPro, use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
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