The EPS miss and rising loss ratio could pressure the stock near-term, though strong NIW growth and capital return (dividend increase + buyback) provide a floor. Watch for housing market data and persistency trends in coming quarters.
Price Chart
Executive Summary
Enact Holdings reported Q1 2026 adjusted operating EPS of $1.21, missing the $1.25 consensus by 3.2%, with GAAP net income of $168M. NIW grew 30% YoY to $13B, but the loss ratio rose to 15% from 12% a year ago. The board approved a 14% dividend increase and $438M remains on the buyback authorization, partially offsetting the earnings miss.
Key Financial Metrics
Key Facts
- Adjusted operating income $172M, diluted EPS $1.21 (vs consensus $1.25, miss of 3.2%)
- GAAP net income $168M, diluted EPS $1.18
- NIW $13B, up 30% YoY; primary IIF $272B, up 2% YoY
- Net premiums earned $243M, down 1% YoY; loss ratio 15% vs 12% YoY
- Dividend increased 14% to $0.24/share; $438M remaining on $500M buyback authorization
- PMIERs sufficiency 162%, $1.9B above requirements
Financial Impact
EPS miss of ~3% vs consensus; loss ratio deterioration of 300bps YoY
Risk Factors
- Higher loss ratio from elevated delinquencies (2.61% vs 2.34% YoY)
- Persistency decline (80% vs 84% YoY) may pressure premium run-rate
- Mortgage rate volatility impacting origination volumes
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 7 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001823529-26-000106 |
| Document: enactqfs1q26final.htm | 0001823529-26-000106 |
| Document: act-20260505.htm | 0001823529-26-000106 |
| Document: 0001823529-26-000106-index-headers.html | 0001823529-26-000106 |
| Document: 0001823529-26-000106-index.html | 0001823529-26-000106 |
| Document: 0001823529-26-000106.txt | 0001823529-26-000106 |
| 8-K Data (Synthetic) | 0001823529-26-000106 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Aug 11, 2026 10w ago | Institutional Cluster | $49.38 $49.50 | ▼ −0.24% | ▼ −2.14% | $48.27 (+2.25%) |
Jun 3, 2026 20w ago | Insider Cluster | $40.95 $45.34 | ▲ +10.72% | ▲ +12.09% | $48.27 (+17.88%) |
May 5, 2026 24w ago | 8-K | $43.06 $40.57 | ▼ −5.78% | ▼ −8.56% | $48.27 (+12.10%) |
May 5, 2026 24w ago | Press Release | $43.06 $40.57 | ▼ −5.78% | ▼ −8.56% | $48.27 (+12.10%) |
Mar 25, 2026 30w ago | Press Release | $40.30 $43.91 | ▲ +8.96% | ▲ +1.10% | $48.27 (+19.78%) |
Mar 25, 2026 30w ago | DEFA14A | $40.30 $43.91 | ▲ +8.96% | ▲ +1.10% | $48.27 (+19.78%) |
Feb 27, 2026 34w ago | Insider Cluster | $41.84 $40.17 | ▼ −3.99% | ▲ +3.56% | $48.27 (+15.37%) |
Feb 27, 2026 34w ago | Insider Cluster | $41.84 $40.17 | ▲ +3.99% | ▼ −3.56% | $48.27 (−15.37%) |
US Market Status
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