Genworth Financial Inc (NYSE:GNW) was downgraded by Zacks Investment Research from a “hold” rating to a “strong sell” rating in a research report issued on Monday, November 6th.
According to Zacks, “Genworth’s third-quarter 2017 earnings missed the Zacks Consensus Estimate. However, its adjusted operating income compared favorably with the year-ago quarter’s loss. While shares of Genworth have underperformed the industry year to date, estimates too have moved south. New products and pricing changes in the U.S. Life Insurance Division implemented over the past couple of years led to lower sales for Genworth. Nonetheless, Genworth has agreed to be acquired by China Oceanwide. The merger will consolidate Genworth’s financial position in the mortgage insurance and long term care insurance markets. Also, it will remain committed toward its key financial priorities of strengthening the balance sheet and stabilizing and improving ratings over time, particularly in its U.S. MI business. It is intensifying focus on streamlining and rationalizing business to mainly improve performance, enhance financial and strategic flexibility.”
A number of other brokerages have also recently commented on GNW. BidaskClub raised shares of Genworth Financial from a “strong sell” rating to a “sell” rating in a report on Wednesday, August 9th. ValuEngine raised shares of Genworth Financial from a “hold” rating to a “buy” rating in a report on Monday, October 2nd. Wells Fargo & Company reaffirmed a “hold” rating on shares of Genworth Financial in a report on Monday, October 2nd. Keefe, Bruyette & Woods reiterated a “hold” rating and issued a $4.00 price objective on shares of Genworth Financial in a research report on Tuesday, October 3rd. Finally, BTIG Research reiterated a “neutral” rating on shares of Genworth Financial in a research report on Saturday, September 16th. Two equities research analysts have rated the stock with a sell rating, three have issued a hold rating and two have issued a buy rating to the company. Genworth Financial currently has an average rating of “Hold” and an average price target of $3.92.
Shares of Genworth Financial (NYSE:GNW) traded up $0.22 during mid-day trading on Monday, reaching $3.38. 3,283,316 shares of the company’s stock traded hands, compared to its average volume of 3,191,482. The company has a current ratio of 0.28, a quick ratio of 0.28 and a debt-to-equity ratio of 0.28. Genworth Financial has a one year low of $3.12 and a one year high of $4.46. The stock has a market capitalization of $1,687.16, a price-to-earnings ratio of 7.19, a PEG ratio of 0.72 and a beta of 2.80.
Genworth Financial (NYSE:GNW) last issued its earnings results on Thursday, November 2nd. The financial services provider reported $0.15 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.20 by ($0.05). Genworth Financial had a net margin of 3.88% and a return on equity of 1.57%. The firm had revenue of $2.22 billion during the quarter, compared to analyst estimates of $2.12 billion. During the same period last year, the business earned ($0.81) EPS. The firm’s revenue was up 3.0% compared to the same quarter last year. sell-side analysts anticipate that Genworth Financial will post 0.94 EPS for the current fiscal year.
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Several hedge funds and other institutional investors have recently modified their holdings of the business. NEXT Financial Group Inc boosted its position in shares of Genworth Financial by 0.5% in the 2nd quarter. NEXT Financial Group Inc now owns 31,651 shares of the financial services provider’s stock worth $119,000 after buying an additional 151 shares in the last quarter. Bayesian Capital Management LP purchased a new stake in shares of Genworth Financial in the 2nd quarter worth about $126,000. Shelton Capital Management purchased a new stake in shares of Genworth Financial in the 2nd quarter worth about $140,000. LS Investment Advisors LLC boosted its position in shares of Genworth Financial by 18.0% in the 2nd quarter. LS Investment Advisors LLC now owns 38,939 shares of the financial services provider’s stock worth $147,000 after buying an additional 5,936 shares in the last quarter. Finally, Teacher Retirement System of Texas raised its stake in Genworth Financial by 1.1% in the 2nd quarter. Teacher Retirement System of Texas now owns 40,020 shares of the financial services provider’s stock valued at $151,000 after purchasing an additional 418 shares during the last quarter. Institutional investors own 68.09% of the company’s stock.
Genworth Financial Company Profile
Genworth Financial, Inc (Genworth) is a financial security company. The Company provides insurance, wealth management, investment and financial solutions. As of December 31, 2011, the Company had more than 15 million customers, with a presence in more than 25 countries. The Company operates in Insurance, Mortgage Insurance and Corporate and Runoff.
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