Core Insights - The article compares Enact Holdings, Inc. (ACT) and Goosehead Insurance (GSHD) to determine which stock is more attractive to value investors [1] Valuation Metrics - ACT has a Zacks Rank of 2 (Buy), indicating a positive earnings estimate revision trend, while GSHD has a Zacks Rank of 4 (Sell) [3] - ACT's forward P/E ratio is 7.58, significantly lower than GSHD's forward P/E of 61.05 [5] - ACT has a PEG ratio of 2.10, while GSHD's PEG ratio is 2.69, suggesting ACT is more favorably valued considering expected EPS growth [5] - ACT's P/B ratio is 1.04, in stark contrast to GSHD's P/B of 1,907.17, indicating a much lower market value relative to book value for ACT [6] - Based on these valuation metrics, ACT earns a Value grade of B, while GSHD receives a Value grade of F [6] Investment Outlook - ACT is positioned as the superior value option due to its solid earnings outlook and favorable valuation figures compared to GSHD [7]

Financial Data and Key Metrics Changes - For the full year 2024, adjusted operating income reached a record high of $718 million or $4.56 per diluted share, up 9% year over year [11] - Adjusted return on equity was 15% and adjusted book value increased by 12% year over year to $34.16 per share [11] - In Q4 2024, adjusted operating income was $169 million, up 7% year over year, with adjusted earnings per share at $1.09 [14][30] Business Line Data and Key Metrics Changes - New insurance written for the year totaled $51 billion, with record insurance in force at $269 billion, supporting approximately 140,000 families [12] - In Q4, primary insurance in force increased to $269 billion, up $1 billion sequentially and up $66 billion or 2% year over year [32] - New insurance written in Q4 was $13 billion, down 2% sequentially but up 27% year over year [32] Market Data and Key Metrics Changes - The operating environment in the US housing market remains constructive, with long-term demographic drivers of housing demand robust [15] - Labor markets showed resilience with consistent wage growth surpassing inflation [16] - Approximately 70% of insurance in force had mortgage rates below 6%, indicating strong credit quality [17] Company Strategy and Development Direction - The company aims to extend its platform into compelling adjacencies leveraging capabilities across mortgage, housing, and credit [24] - Enact RE continues to participate in attractive GSE single and multi-family deals, viewed as a long-term growth opportunity [24] - The capital allocation priorities include supporting existing policyholders, investing in business growth, and returning excess capital to shareholders [23] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the long-term view of the US economy and housing, despite current challenges [16] - The company remains committed to helping people achieve homeownership responsibly, which underpins all business aspects [54] - Management noted that the aging of the portfolio should slow the increase in new delinquency development [71] Other Important Information - The company returned $354 million to shareholders in 2024, exceeding the high end of capital return guidance [13] - Ratings were upgraded by S&P from BBB+ to A- and by Fitch from A- to A, reflecting the strength of the business model [13] - The company maintained a disciplined approach to expense management, reducing expenses by 2% year over year [20] Q&A Session Summary Question: Capital return guidance and potential for increase - Management confirmed the capital return guidance of $350 million for 2025, with the possibility of reassessing based on business performance and macroeconomic conditions [59][60] Question: Reinsurance business and GSE CRT volume - Management indicated potential for GSE CRT volume to increase under different scenarios, which would allow for attractive risk-adjusted returns [64] Question: Impact of portfolio seasoning on delinquencies - Management noted that the average age of the portfolio increased, which should slow the increase in new delinquency development [71]

Company Performance - Enact Holdings, Inc. reported quarterly earnings of $1.09 per share, missing the Zacks Consensus Estimate of $1.11 per share, but showing an increase from $0.98 per share a year ago, resulting in an earnings surprise of -1.80% [1] - The company posted revenues of $308.94 million for the quarter ended December 2024, which was below the Zacks Consensus Estimate by 1.35%, and an increase from $296.19 million year-over-year [2] - Over the last four quarters, Enact Holdings has surpassed consensus EPS estimates three times and topped consensus revenue estimates only once [2] Market Outlook - Enact Holdings shares have increased approximately 3.2% since the beginning of the year, outperforming the S&P 500's gain of 1.9% [3] - The company's earnings outlook is crucial for investors, as it includes current consensus earnings expectations for upcoming quarters and any recent changes to these expectations [4] - The current consensus EPS estimate for the next quarter is $1.13 on revenues of $311.7 million, and for the current fiscal year, it is $4.33 on revenues of $1.24 billion [7] Industry Context - The Zacks Industry Rank indicates that the Insurance - Multi line sector is currently in the top 36% of over 250 Zacks industries, suggesting a favorable environment for stocks in this sector [8] - Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can be tracked by investors or through tools like the Zacks Rank [5][6]

Financial Performance - GAAP net income for Q4 2024 was $163 million, or $1.05 per diluted share, compared to $181 million, or $1.15 per diluted share in Q3 2024[1] - Adjusted operating income for Q4 2024 was $169 million, or $1.09 per diluted share, down from $182 million, or $1.16 per diluted share in Q3 2024[3] - Net income for Q4 2024 was $162,738,000, down 9.7% from Q3 2024 but up 3.4% from Q4 2023[18] - Adjusted operating income for Q4 2024 was $168,725,000, a decrease of 7.4% from Q3 2024 and an increase of 6.5% from Q4 2023[18] - The company reported a U.S. GAAP ROE of 13.0% in Q4 2024, down from 14.7% in Q3 2024[19] Revenue and Premiums - Total revenues for Q4 2024 were $301,776,000, a decrease of 2.6% from Q3 2024 and an increase of 1.9% from Q4 2023[18] - Net premiums earned were $246 million, down 1% from Q3 2024 but up 2% from Q4 2023[7] - New insurance written (NIW) was approximately $13 billion, a 2% decrease from Q3 2024 but a 27% increase from Q4 2023[7] Losses and Expenses - Losses incurred for Q4 2024 were $24 million, with a loss ratio of 10%, compared to a loss ratio of 5% in Q3 2024[7] - The loss ratio for Q4 2024 was 10%, up from 5% in Q3 2024 and equal to 10% in Q4 2023[18] - Operating expenses were $58 million, with an expense ratio of 24%, compared to 22% in Q3 2024[7] - The expense ratio for Q4 2024 was 24%, an increase from 22% in Q3 2024 and 25% in Q4 2023[18] Assets and Liabilities - Total assets decreased to $6,521,531,000 in Q4 2024 from $6,597,046,000 in Q3 2024[19] - Total liabilities decreased to $1,525,435,000 in Q4 2024 from $1,560,801,000 in Q3 2024[19] Shareholder Returns - The company returned over $350 million to shareholders in 2024, including dividends and share repurchases[7] - A quarterly cash dividend of $0.185 per common share was announced, payable on March 14, 2025[13] Capital and Ratios - PMIERs sufficiency was 167%, representing $2.1 billion above the PMIERs requirements[13] - The debt to capital ratio remained stable at 13% in both Q4 2024 and Q3 2024[19] - Book value per share increased to $32.80 in Q4 2024 from $32.61 in Q3 2024 and $29.07 in Q4 2023[19] Insurance Metrics - Primary insurance in-force reached a record $269 billion, a 2% increase from Q4 2023[7]

Core Insights - Enact Holdings, Inc. reported strong financial performance for the fourth quarter and full year of 2024, highlighting effective strategy execution in a complex economic environment [2][4] Financial Performance - GAAP Net Income for Q4 2024 was $163 million, or $1.05 per diluted share, compared to $181 million, or $1.15 per diluted share in Q3 2024, and $157 million, or $0.98 per diluted share in Q4 2023 [3][4] - Adjusted Operating Income for Q4 2024 was $169 million, or $1.09 per diluted share, down from $182 million, or $1.16 per diluted share in Q3 2024, but up from $158 million, or $0.98 per diluted share in Q4 2023 [3][4] - The company achieved a Return on Equity of 13.0% and an Adjusted Operating Return on Equity of 13.5% for Q4 2024, compared to 14.7% and 14.8% in Q3 2024, respectively [3][4][22] Insurance Metrics - New Insurance Written (NIW) for Q4 2024 was approximately $13 billion, a decrease of 2% from Q3 2024 but an increase of 27% from Q4 2023 [4][8] - Primary Insurance In-Force (IIF) reached a record $269 billion, up 2% from $263 billion in Q4 2023 [3][4] - The Primary Persistency Rate was 82%, down from 83% in Q3 2024 and 86% in Q4 2023 [3][4] Capital Management - The company returned over $350 million to shareholders in 2024, including a quarterly cash dividend of $0.185 per common share [3][4][8] - PMIERs Sufficiency was reported at 167%, equating to $2.1 billion above the PMIERs requirements [3][4][22] Investment Income - Net Investment Income for Q4 2024 was $63 million, an increase from $61 million in Q3 2024 and $56 million in Q4 2023, driven by elevated interest rates [4][8] - Net Investment Losses for the quarter were $(7) million, compared to $(1) million in both the previous quarter and the same period last year [4][8] Shareholder Actions - The company repurchased 7.6 million shares at an average price of $31.95 for a total of $243 million in 2024 [4][8] - As of December 31, 2024, Enact held $243 million in cash and cash equivalents, along with $298 million in invested assets [4][8]

Core Points - Integra Resources Corp. supports Idaho Governor Brad Little's Executive Order 2025-02, known as the SPEED Act, which aims to streamline the permitting process for development projects in Idaho [1][3] - The SPEED Act establishes a SPEED Council to enhance collaboration among state agencies and expedite permit reviews while maintaining environmental safeguards [4][6] - The Act is expected to significantly advance mining projects in Idaho, particularly Integra's DeLamar and Florida Mountain Project, by facilitating the permitting process [2][3] Company Initiatives - Integra plans to submit a revised Mine Plan of Operations (MPO) for the DeLamar Project in 2025, which will be part of an upcoming Feasibility Study [2] - Following the acceptance of the revised MPO, the U.S. Bureau of Land Management will publish a Notice of Intent (NOI) to initiate the Draft Environmental Impact Statement (DEIS) process [2] - The DeLamar Project is highlighted as one of the most advanced gold-silver development projects in the Western U.S., indicating its significant scarcity value [2] Industry Context - The SPEED Act aligns with federal initiatives, such as the Unleashing American Energy executive order, aimed at expediting permitting for domestic mineral production [3][6] - The SPEED Council's goals include fostering responsible development, job creation, and maintaining a high quality of life for Idaho residents through efficient permitting processes [4][5] - Both state and federal directives emphasize the importance of balancing resource development with environmental protection [6]

Group 1 - Enact Holdings, Inc. has secured approximately $225 million and $260 million of excess of loss reinsurance coverage for the 2025 and 2026 book years respectively, effective January 1, 2025, and January 1, 2026 [1] - The reinsurance coverage is provided by a panel of reinsurers rated "A-" or better by Standard & Poor's or A.M. Best, or rated "A3" or better by Moody's [1] - The transactions are part of Enact's credit risk transfer strategy, aimed at managing credit risk and strengthening the company's financial position [2] Group 2 - Enact operates primarily through its wholly-owned subsidiary, Enact Mortgage Insurance Corporation, and has been a leading provider of private mortgage insurance in the U.S. since 1981 [3] - The company focuses on partnering with lenders to provide best-in-class service, underwriting expertise, and risk management, thereby helping more people achieve homeownership [3] - Enact is headquartered in Raleigh, North Carolina, and aims to positively impact the communities it serves in a sustainable manner [3]

Core Viewpoint - Enact Holdings, Inc. has received upgrades in its insurance financial strength rating and senior debt rating from Fitch Ratings, indicating a strong financial performance and robust capital position [1][2]. Company Overview - Enact Holdings, Inc. operates primarily through its subsidiary, Enact Mortgage Insurance Corporation, and is a leading provider of private mortgage insurance in the U.S. since 1981 [3]. - The company aims to assist individuals in achieving homeownership by partnering with lenders to provide top-tier service, underwriting expertise, and risk management [3]. Rating Upgrades - Fitch Ratings upgraded Enact's insurance financial strength rating from A- to A and its senior debt rating from BBB- to BBB, with a stable outlook for both ratings [1][2]. - The upgrades reflect the company's progress in strengthening its financial foundation and effectively managing risk while focusing on strategic priorities [2].

Core Viewpoint - Enact Holdings, Inc. is set to release its fourth quarter earnings on February 4, 2025, with a conference call scheduled for February 5, 2025, to discuss the financial results [1]. Company Overview - Enact Holdings, Inc. operates primarily through its subsidiary, Enact Mortgage Insurance Corporation, and has been a leading private mortgage insurance provider in the U.S. since 1981 [4]. - The company focuses on helping individuals achieve homeownership by partnering with lenders to provide superior service, underwriting expertise, and risk management [4]. - Enact is headquartered in Raleigh, North Carolina, and aims to positively impact communities through its services [4]. Conference Call Details - Participants interested in the live question and answer session must pre-register to obtain a dial-in number and unique PIN, with a recommendation to join at least 15 minutes early [2]. - A live webcast of the conference call will be available on the company's website, and the event will be archived for one year [3].

Core Viewpoint - The heavy selling of ACT shares is nearing exhaustion, suggesting a potential trend reversal as indicated by its RSI reading of 29.26, which is in oversold territory [3][4]. Group 1: Stock Performance - ACT has experienced a downtrend with an 8.1% decline over the past four weeks due to excessive selling pressure [4]. - The stock is currently in oversold territory, which may lead to a turnaround as investors look for entry opportunities [4][5]. Group 2: Technical Indicators - The Relative Strength Index (RSI) is a key technical indicator used to identify oversold conditions, with readings below 30 indicating potential price reversals [5]. - The current RSI reading for ACT is 29.26, suggesting that the stock is nearing a point of reversal [3][5]. Group 3: Analyst Sentiment - There is a strong consensus among sell-side analysts that ACT will report better earnings than previously predicted, leading to a 0.1% increase in the consensus EPS estimate over the last 30 days [6]. - ACT holds a Zacks Rank 2 (Buy), placing it in the top 20% of over 4,000 ranked stocks based on earnings estimate revisions and EPS surprises, indicating a favorable outlook for a near-term turnaround [6].