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Mar 31, 2024
Enact Q1 2024 Earnings Report
Enact announced a dividend increase and a new share repurchase program.
Key Takeaways
Enact Holdings announced a 16% increase to its quarterly dividend and a new $250 million share repurchase program, reflecting the company's strong financial position and confidence in its business.
Enact's Board of Directors declared a quarterly dividend of $0.185 per common share, a 16% increase from the prior quarter.
The dividend is payable on June 13, 2024, to shareholders of record on May 29, 2024.
Enact authorized a new share repurchase program, allowing the company to purchase up to $250 million of its common stock.
As of April 26, 2024, $24 million remains available under the current $100 million share repurchase program.
Enact
Enact
Forward Guidance
Enact's share repurchase program allows for opportunistic purchases of common stock, depending on various factors.
Positive Outlook
- Share repurchases can be made through open market purchases.
- Share repurchases can be made through privately negotiated transactions.
- Purchases may be made under Rule 10b5-1 trading plans.
- Purchases may be made under Rule 10b-18 trading plans.
- Enact has entered into an agreement with Genworth Holdings, Inc. to repurchase its Enact shares on a pro rata basis as part of the program.
Challenges Ahead
- The timing and amount of share repurchases will depend on Enact’s share price.
- The timing and amount of share repurchases will depend on capital availability.
- The timing and amount of share repurchases will depend on business and market conditions.
- The timing and amount of share repurchases will depend on regulatory requirements.
- The timing and amount of share repurchases will depend on debt covenant restrictions.