The Vanguard Group, Inc. has recently announced that it has increased stake in Enact Holdings Inc. (NASDAQ:ACT) by 17.94%. After grabbing 2.93 million shares, the institutional investor is now in possession of 0.45 million shares of the Financial Company. The new investment brought the stake of investor firm to 1.80% having worth around $70.73 million. Moreover, BlackRock Fund Advisors increased its share by 0.34 million to have a control over 1.71 million shares. And Donald Smith & Co., Inc. raised its holdings to 115.0 shares by acquiring 1.29 million shares or 0.79% of the stake.
Enact Holdings Inc. (ACT) concluded trading on 01/18/23 at a closing price of $23.99, with 0.21 million shares of worth about $4.95 million changed hands on the day. Half year performance of the stock remained positive as price took a surge of 14.91% during that period and on Wednesday the price saw a loss of about -0.91%. Currently the company’s common shares owned by public are about 162.84M shares, out of which, 29.82M shares are available for trading.
A deeper look into what the analysts at Wall Street are thinking about the price target of this stock provides us with the following: 8 analysts are covering the ACT stock and their offered price forecasts bring an average price target of $26.50. Over the next 12 months, analysts forecasted that the stock’s price could jump as high as $30.00 and could fall to a lowest price of $24.50. The stock’s current price level is 9.74% above of average price target set by the analysts, while a rise to estimated low would result in gain of 2.08% for the stock. However, touching the estimated high of $30.00 would mean a gain of 20.03% for the stock.
According to filings with the U.S. Securities and Exchange Commission (SEC), insiders took part in trade of the company’s stock for 5 times over the past 12 months. They bought 18,690 shares in 4 of the transactions. In 1 selling transactions, insiders dumped 32,699 shares.
Fidelity Low Priced Stock Fund, Vanguard Total Stock Market Index, and Vanguard Small Cap Index Fund are the top 3 mutual funds which are holding stakes in Enact Holdings Inc. Fidelity Low Priced Stock Fund is currently holding 2.57 million shares of worth totaling $62.06 million. The company recently came selling 6688.0 shares which brought its stake up to 1.58% of the company’s outstanding shares. Vanguard Total Stock Market Index bought 3147.0 shares, after which its hold over company’s outstanding shares expand to 0.62%, leaving 1.02 million shares with the mutual fund that have a worth of about $24.48 million. Vanguard Small Cap Index Fund, after buying 0.84 million shares, have now control over 0.52% of the stake in the company. It holds 70.0 shares of worth $20.28 million.
Enact Holdings Inc. (NASDAQ: ACT) started trading at $24.27, above $0.06 from concluding price of the previous day. However, the stock later moved at a day high price of 24.32, or with a loss of -0.91%. Stock saw a price change of 1.44% in past 5 days and over the past one month there was a price change of 1.61%. Year-to-date (YTD), ACT shares are showing a performance of -0.54% which increased to 12.29% when we look at its performance for past 12 months. Over the period of past 52 weeks, stock dropped to lowest price of $18.37 but also hit the highest price of $27.13 during that period. The average intraday trading volume for Enact Holdings Inc. shares is 155.74K. The stock is currently trading -0.31% below its 20-day simple moving average (SMA20), while that difference is down -1.15% for SMA50 and it goes to 4.58% higher than SMA200.
The Vanguard Group, Inc. acquired 2.93 million shares of Enact Holdings Inc. having value of about $70.73 million. Data submitted at the U.S SEC by The Vanguard Group, Inc. revealed that the firm now holds 0.45 million shares in the company valued at close to $10703282.44, or have control over 17.94% stake in the company. Enact Holdings Inc. (NASDAQ: ACT) currently have 162.84M outstanding shares and institutions hold larger chunk of about 20.40% of that. Holding of mutual funds in the company is about 6.90% while other institutional holders and individual stake holders have control over 81.66% and 13.03% of the stake respectively.
The stock has a current market capitalization of $3.89B. PE ratio of stock for trailing 12 months is 5.48, while it has posted earnings per share of $4.38 in the same period. Its PEG reads 27.69 while making debt-to-equity ratio of 0.18. Volatility of a stock is a metric used to know how much the price of that stock is under influence and for ACT, volatility over the week remained 1.68% while standing at 2.04% over the month.
Analysts are in expectations that Enact Holdings Inc. (ACT) stock would likely to be making an EPS of $0.87 in the current quarter, while forecast for next quarter EPS is $0.82 and it is $3.31 for next year. For the current quarter EPS, analysts have given the company a lowest target $0.77 which is $0.96 at the higher side of the target for the same. When we compare those targets with actual EPS, we find that company posted an EPS of $0.84 in the same quarter a year ago. Stock’s fiscal year EPS is expected to rise by 47.50% while it is estimated to decrease by -23.86% in next year.
Analysts at 8 brokerage firms have issued recommendations for the Enact Holdings Inc. (ACT)’s stock and average of those rates the stock at a “Moderate Buy” and assign it a score of 2.70. Out of those 8 Wall Street analysts, 2 recommended a “Buy” rating, while 4 were in favor recommending the stock as a “Hold” and 1 analyst recommended the stock as “Sell”.
Digging deeper we find that several firms have released their research notes about the support levels of the stock. Most recent of them is a note released by Credit Suisse on January 09, 2023 offering an Underperform rating for the stock and assigned a target price of $24.50 to it. Coverage by JP Morgan stated Enact Holdings Inc. (ACT) stock as a Neutral in their note to investors on September 06, 2022, suggesting a price target of $27 for the stock. On August 18, 2022, BofA Securities Downgrade their recommendations, while on July 18, 2022, Keefe Bruyette Downgrade their ratings for the stock with a price target of $27. Stock get a Buy rating from Citigroup on October 12, 2021.