Genworth Financial (NYSE:GNW) Raised to “Hold” at Zacks Research

Genworth Financial (NYSE:GNW) was upgraded by Zacks Research to a “hold” rating in a research note issued on Wednesday,Zacks.com reports.

Several other analysts also recently weighed in on GNW. Keefe, Bruyette & Woods lifted their target price on shares of Genworth Financial from $10.50 to $11.00 and gave the company an “outperform” rating in a report on Wednesday, May 13th. Weiss Ratings raised shares of Genworth Financial from a “hold (c)” rating to a “hold (c+)” rating in a report on Wednesday, April 29th. Finally, Wall Street Zen downgraded shares of Genworth Financial from a “hold” rating to a “sell” rating in a report on Sunday, May 17th. One equities research analyst has rated the stock with a Buy rating and two have issued a Hold rating to the company. According to MarketBeat, the company has a consensus rating of “Hold” and an average target price of $11.00.

Genworth Financial Stock Down 2.2%

Shares of NYSE:GNW opened at $8.65 on Wednesday. The company has a market cap of $3.31 billion, a price-to-earnings ratio of 16.63 and a beta of 0.89. The firm’s 50-day simple moving average is $8.72 and its 200-day simple moving average is $8.68. The company has a quick ratio of 0.29, a current ratio of 0.29 and a debt-to-equity ratio of 0.15. Genworth Financial has a fifty-two week low of $6.72 and a fifty-two week high of $9.45.

Genworth Financial (NYSE:GNW) last issued 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 for the quarter, compared to the consensus estimate of $1.72 billion. Genworth Financial had a net margin of 2.96% and a return on equity of 1.73%. As a group, equities research analysts predict that Genworth Financial will post 0.44 earnings per share for the current year.

Insider Activity

In related news, CEO Thomas J. Mcinerney sold 100,000 shares of the firm’s stock in a transaction dated Friday, May 22nd. The shares were sold at an average price of $9.27, for a total value of $927,000.00. Following the completion of the sale, the chief executive officer owned 5,368,883 shares in the company, valued at $49,769,545.41. This trade represents a 1.83% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Robert P. Restrepo, Jr. sold 50,000 shares of the firm’s stock in a transaction dated Friday, May 22nd. The shares were sold at an average price of $9.12, for a total transaction of $456,000.00. Following the completion of the sale, the director owned 92,655 shares of the company’s stock, valued at $845,013.60. This trade 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 owned by company insiders.

Hedge Funds Weigh In On Genworth Financial

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Bessemer Group Inc. raised its position in Genworth Financial by 60.6% during the third quarter. Bessemer Group Inc. now owns 3,830 shares of the financial services provider’s stock worth $34,000 after acquiring an additional 1,445 shares during the last quarter. Larson Financial Group LLC raised its position in Genworth Financial by 12,597.7% during the third quarter. Larson Financial Group LLC now owns 5,587 shares of the financial services provider’s stock worth $50,000 after acquiring an additional 5,543 shares during the last quarter. Headlands Technologies LLC acquired a new position in Genworth Financial during the second quarter worth about $44,000. Atlas Wealth LLC acquired a new position in Genworth Financial during the first quarter worth about $51,000. Finally, Danske Bank A S acquired a new position in Genworth Financial during the third quarter worth about $60,000. Institutional investors and hedge funds own 81.85% of the company’s stock.

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.