Keefe, Bruyette & Woods Cuts Genworth Financial (NYSE:GNW) Price Target to $11.50

Genworth Financial (NYSE:GNW) had its price target decreased by Keefe, Bruyette & Woods from $12.00 to $11.50 in a research note published on Wednesday morning,Benzinga reports. Keefe, Bruyette & Woods currently has an outperform rating on the financial services provider’s stock.

Several other research firms also recently weighed in on GNW. Weiss Ratings raised Genworth Financial from a “hold (c+)” rating to a “buy (b-)” rating in a report on Wednesday, September 2nd. Wall Street Zen raised shares of Genworth Financial from a “sell” rating to a “hold” rating in a report on Sunday, July 12th. Finally, Zacks Research upgraded shares of Genworth Financial to a “hold” rating in a research report on Wednesday, May 27th. Two research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $11.50.

Genworth Financial Stock Down 1.7%

Genworth Financial stock opened at $10.05 on Wednesday. Genworth Financial has a fifty-two week low of $7.84 and a fifty-two week high of $10.69. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.29 and a current ratio of 0.29. The company has a market capitalization of $3.80 billion, a P/E ratio of 19.34 and a beta of 0.85. The stock has a 50-day simple moving average of $10.01 and a 200-day simple moving average of $9.21.

Genworth Financial (NYSE:GNW) last released its quarterly earnings results on Wednesday, August 5th. The financial services provider reported $0.29 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.28 by $0.01. The firm had revenue of $1.03 billion for the quarter, compared to the consensus estimate of $1.90 billion. Genworth Financial had a return on equity of 1.06% and a net margin of 2.87%. Equities research analysts expect that Genworth Financial will post 1.11 earnings per share for the current year.

Insider Activity at Genworth Financial

In other Genworth Financial news, EVP Melissa Hagerman sold 14,708 shares of the company’s stock in a transaction on Monday, August 24th. The shares were sold at an average price of $9.91, for a total transaction of $145,756.28. Following the completion of the transaction, the executive vice president owned 192,539 shares in the company, valued at approximately $1,908,061.49. This represents a 7.10% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Thomas J. Mcinerney sold 100,000 shares of Genworth Financial stock in a transaction dated Thursday, September 3rd. The shares were sold at an average price of $10.53, for a total transaction of $1,053,000.00. Following the completion of the sale, the chief executive officer directly owned 5,068,883 shares in the company, valued at approximately $53,375,337.99. The trade was a 1.93% decrease in their position. The SEC filing for this sale provides additional information. 1.80% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Genworth Financial

A number of institutional investors have recently added to or reduced their stakes in GNW. Donald Smith & CO. Inc. purchased a new position in shares of Genworth Financial during the 2nd quarter worth approximately $212,906,000. Norges Bank purchased a new position in shares of Genworth Financial in the 4th quarter valued at about $45,912,000. Bank of New York Mellon Corp acquired a new stake in shares of Genworth Financial in the second quarter valued at about $22,798,000. Bank of America Corp DE lifted its stake in shares of Genworth Financial by 133.2% in the first quarter. Bank of America Corp DE now owns 2,158,625 shares of the financial services provider’s stock valued at $17,528,000 after purchasing an additional 1,232,931 shares during the period. Finally, Principal Financial Group Inc. boosted its holdings in Genworth Financial by 1.9% during the first quarter. Principal Financial Group Inc. now owns 1,940,885 shares of the financial services provider’s stock worth $15,760,000 after buying an additional 37,098 shares in the last quarter. Hedge funds and other institutional investors own 81.85% of the company’s stock.

About Genworth Financial

Genworth Financial, Inc is an insurance holding company headquartered in Richmond, Virginia. The company’s primary business is U.S. mortgage insurance, which helps lenders manage credit risk and enables eligible homebuyers to purchase homes with down payments below traditional requirements. This business operates through Enact Holdings, Inc, a publicly traded subsidiary in which Genworth remains a significant shareholder.

Genworth also manages a substantial portfolio of long-term care insurance policies, providing benefits that may help cover nursing care, assisted living, home health care and other extended-care services.