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J.P. Morgan Believes Enact Holdings (ACT) Won’t Stop Here

J.P. Morgan analyst Richard Shane maintained a Buy rating on Enact Holdings (ACTResearch Report) on August 2 and set a price target of $27.00. The company’s shares closed last Wednesday at $25.07, close to its 52-week high of $25.86.

According to TipRanks.com, Shane is a 5-star analyst with an average return of 14.2% and a 68.0% success rate. Shane covers the Financial sector, focusing on stocks such as Claros Mortgage Trust, Inc., Discover Financial Services, and Kkr Real Estate Finance.

The word on The Street in general, suggests a Moderate Buy analyst consensus rating for Enact Holdings with a $26.90 average price target, implying an 8.7% upside from current levels. In a report released yesterday, Citigroup also maintained a Buy rating on the stock with a $27.00 price target.

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Based on Enact Holdings’ latest earnings release for the quarter ending March 31, the company reported a quarterly revenue of $269 million and net profit of $165 million. In comparison, last year the company earned revenue of $234 million and had a net profit of $131 million.

Based on the recent corporate insider activity of 16 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of ACT in relation to earlier this year.

TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.

Enact Holdings Inc is a private mortgage insurance provider. It is committed towards helping more people to achieve the dream of homeownership.

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