Citi Starts Enact Holdings Inc (ACT) at Buy
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Citi analyst Arren Cyganovich initiates coverage on Enact Holdings Inc (NASDAQ: ACT) with a Buy rating and a price target of $24.00.
The analyst comments "We are initiating coverage of Enact Holdings, Inc. (ACT) with a Buy rating and a target price of $24. A leading private mortgage insurance (PMI) company founded in 1981, ACT (formerly Genworth Mortgage Insurance) utilizes technology and service to grow market share with mortgage lenders. We believe that Enact will maintain its pro-rata share of a growing underlying market within private mortgage insurance, supported by growth of first-time homebuyers. Its enhanced rate pricing and risk management tools should maintain solid returns and limit credit losses. We expect shares to reduce its discount to peers over time as it executes on its plan and investors become more comfortable with its parent ownership structure."
Shares of Enact Holdings Inc closed at $20.45 yesterday.
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