Genworth Financial (NYSE:GNW) Upgraded to “Hold” at Wall Street Zen

Genworth Financial (NYSE:GNW) was upgraded by analysts at Wall Street Zen from a “sell” rating to a “hold” rating in a research report issued on Sunday.

Other equities analysts have also issued research reports about the stock. Weiss Ratings upgraded shares of Genworth Financial from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Tuesday, June 30th. Keefe, Bruyette & Woods boosted their target price on shares of Genworth Financial from $10.50 to $11.00 and gave the stock an “outperform” rating in a report on Wednesday, May 13th. Finally, Zacks Research upgraded shares of Genworth Financial to a “hold” rating in a report on Wednesday, May 27th. Two equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat, Genworth Financial presently has an average rating of “Moderate Buy” and an average price target of $11.00.

Genworth Financial Price Performance

Shares of GNW traded down $0.01 during midday trading on Friday, reaching $9.21. The stock had a trading volume of 1,818,977 shares, compared to its average volume of 3,043,826. The company has a debt-to-equity ratio of 0.15, a current ratio of 0.29 and a quick ratio of 0.29. The company has a market capitalization of $3.53 billion, a P/E ratio of 17.70 and a beta of 0.85. The firm’s 50 day moving average price is $9.06 and its 200-day moving average price is $8.76. Genworth Financial has a 52 week low of $7.13 and a 52 week high of $9.69.

Genworth Financial (NYSE:GNW) last announced its earnings results on Tuesday, May 5th. The financial services provider reported $0.28 earnings per share for the quarter, beating the consensus estimate of $0.18 by $0.10. The business had revenue of $1.04 billion during the quarter, compared to analysts’ expectations of $1.72 billion. Genworth Financial had a return on equity of 1.73% and a net margin of 2.96%. On average, analysts forecast that Genworth Financial will post 0.44 earnings per share for the current fiscal year.

Insider Transactions at Genworth Financial

In other news, CEO Thomas J. Mcinerney sold 100,000 shares of Genworth Financial stock in a transaction that occurred on Friday, May 22nd. The shares were sold at an average price of $9.27, for a total value of $927,000.00. Following the transaction, the chief executive officer directly owned 5,368,883 shares of the company’s stock, valued at $49,769,545.41. This trade represents a 1.83% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Robert P. Restrepo, Jr. sold 50,000 shares of the business’s stock in a transaction that occurred on Friday, May 22nd. The shares were sold at an average price of $9.12, for a total transaction of $456,000.00. Following the sale, the director owned 92,655 shares in the company, valued at $845,013.60. This represents a 35.05% decrease in their position. The disclosure for this sale is available in the SEC filing. 1.80% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Genworth Financial

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Norges Bank purchased a new stake in Genworth Financial in the 4th quarter worth approximately $45,912,000. Gendell Jeffrey L grew its holdings in shares of Genworth Financial by 168.0% during the 4th quarter. Gendell Jeffrey L now owns 6,485,888 shares of the financial services provider’s stock valued at $58,568,000 after acquiring an additional 4,065,684 shares in the last quarter. UBS Group AG increased its stake in shares of Genworth Financial by 621.2% in the fourth quarter. UBS Group AG now owns 3,598,588 shares of the financial services provider’s stock worth $32,495,000 after acquiring an additional 3,099,582 shares during the last quarter. Invesco Ltd. increased its stake in shares of Genworth Financial by 41.0% in the second quarter. Invesco Ltd. now owns 4,291,220 shares of the financial services provider’s stock worth $33,386,000 after acquiring an additional 1,248,374 shares during the last quarter. Finally, Bank of America Corp DE raised its holdings in shares of Genworth Financial by 133.2% during the first quarter. Bank of America Corp DE now owns 2,158,625 shares of the financial services provider’s stock worth $17,528,000 after acquiring an additional 1,232,931 shares in the last quarter. 81.85% of the stock is currently owned by hedge funds and other institutional investors.

About Genworth Financial

Genworth Financial (NYSE: GNW) is a leading financial security company offering a broad range of insurance products. Based in Richmond, Virginia, Genworth provides individuals and families with solutions designed to protect against long-term care expenses, secure life insurance needs and support homeownership through private mortgage insurance. With operations spanning the United States, Canada and Australia, the company serves both retail and institutional clients through a diversified portfolio of risk management services.

The company’s Private Mortgage Insurance (PMI) segment offers coverage to lenders and consumers in the US, Canada and Australia, enabling homebuyers to purchase properties with lower down payments.