Item 5. Market for Registrant’s Common Equity
Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
Market for Common Stock
Our common stock is listed on the Nasdaq Stock Market under the symbol “ACT.” As of February 24, 2023, we had 7 registered holders of record of our common stock.
Issuer Purchases of Equity Securities
The table below sets forth information regarding repurchases of our common shares during the three months ended December 31, 2022:
Period
(Dollar amounts in thousands except per share amounts)
Total Number of Shares Purchased Average Price Paid per Share Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs Approximate Dollar Value of Shares that May Yet be Purchased under Plans or Programs (1)
October 1 - October 31, 2022 0 $ — 0 $ —
November 1 - November 30, 2022 40,073 $ 24.20 40,073 $ 74,030
December 1 - December 31, 2022 23,498 $ 23.94 23,498 $ 73,468
Total 63,571 $ 24.10 63,571 $ 73,468
(1) On November 1, 2022 the Company announced authorization to repurchase up to $75 million of its common shares. The authorization has no expiration date.
Subsequent to year end, the Company purchased 253,689 shares at an average price of $24.13 through January 31, 2023.
Stock Performance Graph
The graph below compares the cumulative total stockholder return of an investment in (i) our common shares, (ii) the Russell 2000 Index, (iii) the S&P 500 and (iv) a composite peer group consisting of Essent Group Ltd., MGIC Investment Corporation, NMI Holdings, Inc., and Radian Group Inc, for the period from September 16, 2021 (the date our common shares commenced trading on the Nasdaq Stock Market) through December 31, 2022. We selected the members of this peer group because each is a competitor of ours in the private mortgage insurance industry. For the December 2022 Annual Report, we removed Arch Capital Group Ltd. from our peer listing due to the more differentiated nature of their business and outsized market capitalization in relation to the remainder of the peer list.
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September 16, 2021 December 31, 2021 December 31, 2022
Enact Holdings, Inc. $100.00 $106.61 $132.49
Russell 2000 $100.00 $100.56 $78.88
S&P 500 $100.00 $106.54 $85.82
Peer Group (Old) $100.00 $106.12 $127.29
Peer Group (New) $100.00 $98.97 $90.52
Dividends
During the first quarter of 2022, we announced that our Board of Directors has approved the initiation of a dividend program under which the Company intends to pay a quarterly cash dividend. The inaugural quarterly dividend of $0.14 per share was paid in the second quarter of 2022, followed by payments of regular dividends of $0.14 per share in the third and fourth quarters of 2022 as well. In the fourth quarter of 2022, we also paid a special cash dividend of $1.12 per share. See “Item 7—Management’s Discussion and Analysis of Financial Condition and Results of Operations” for additional information on dividends.
Item 6. [Reserved]