The Vanguard Group, Inc. recently announced the acquisition of new stake in Enact Holdings Inc. (NASDAQ:ACT). The institutional investor has increased its shareholding in the Financial company by 1.62% to 2.98 million shares with purchase of 47424.0 shares. This fresh investment now brings its stake to 1.83% valued currently at $71.94 million. In addition, American Century Investment Manag raised its holdings by 0.21 million to 0.74 million shares. And Geode Capital Management LLC has lifted its position by 4.97% or 31473.0 shares – to 0.66 million shares.
With over 1.26 million Enact Holdings Inc. (ACT) shares trading Tuesday and a closing price of $24.37 on the day, the dollar volume was approximately $30.79 million. The shares have shown a positive half year performance of 1.50% and its price on 05/23/23 gained nearly 0.33%. Currently, there are 162.44M common shares owned by the public and among those 29.82M shares have been available to trade.
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An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 8 analysts who have offered their price forecasts for ACT have a consensus price objective of $26.64. The analysts have set the share’s price value over the next 12 months at a high of $28.00 and a low of $24.50. The average price target is 9.47% above its recent price level and an upside to the estimated low will see the stock gain 0.53% over that period. But an upside of 12.96% will see the stock hit the forecast high price target while median target price for the stock is $27.00.
Insiders at the company have transacted a total of 20 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 8 of these insider trades were purchases, accounting for 58,517 shares. Insider sales of the common stock occurred on 12 occasions, with total insider shares sold totaling 1,101,061 shares.
The top 3 mutual fund holders in Enact Holdings Inc. are Fidelity Low Priced Stock Fund, Vanguard Total Stock Market ETF, and Vanguard Small Cap Index Fund. Fidelity Low Priced Stock Fund owns 2.58 million shares of the company’s stock, all valued at over $62.22 million. Vanguard Small Cap Index Fund sold 1800.0 shares to bring its total holdings to over 0.85 million shares at a value of $20.51 million. Vanguard Small Cap Index Fund now owns shares totaling to 0.52% of the shares outstanding.
Shares of Enact Holdings Inc. (NASDAQ: ACT) opened at $24.18, down -$0.11 from a prior closing price of $24.29. However, the script later moved the day high at 24.51, up 0.33%. The company’s stock has a 5-day price change of 2.91% and 0.49% over the past three months. ACT shares are trading 1.04% year to date (YTD), with the 12-month market performance up to 8.48% higher. It has a 12-month low price of $19.38 and touched a high of $27.13 over the same period. ACT has an average intraday trading volume of 166.74K shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by 2.02%, 4.25%, and 2.23% respectively.
Institutional ownership of Enact Holdings Inc. (NASDAQ: ACT) shares accounts for 20.40% of the company’s 162.44M shares outstanding. Mutual fund holders own 7.39%, while other institutional holders and individual stakeholders account for 81.20% and 12.15% respectively.
It has a market capitalization of $4.00B. The stock’s trailing 12-month PE ratio is 5.56, while the earnings-per-share (ttm) stands at $4.38. The company has a PEG of 28.09 and the debt-to-equity ratio at 0.17. Price movements for the stock have been influenced by the stock’s volatility, which stands at 2.44% over the week and 2.93% over the month.
Analysts forecast that Enact Holdings Inc. (ACT) will achieve an EPS of $0.83 for the current quarter, $0.81 for the next quarter and $3.45 for 2024. The lowest estimate earnings-per-share for the quarter is $0.71 while analysts give the company a high EPS estimate of $0.93. Comparatively, EPS for the current quarter was $1.25 a year ago. Earnings per share for the fiscal year are expected to increase by 28.50%, and -0.60% over the next financial year.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 8 brokerage firm advisors rate Enact Holdings Inc. (ACT) as a “Moderate Buy” at a consensus score of 2.50. Specifically, 3 Wall Street analysts polled rate the stock as a buy, while 4 of the 8 advise that investors “hold,” and 1 rated it as a “Sell.”
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