Genworth Financial Inc (NYSE:GNW) Downgraded by Zacks Investment Research

Genworth Financial Inc (NYSE:GNW) was downgraded by Zacks Investment Research from a “hold” rating to a “strong sell” rating in a report released 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.”

Other equities analysts also recently issued research reports about the stock. ValuEngine raised shares of Genworth Financial from a “hold” rating to a “buy” rating in a research note on Monday, October 2nd. Off Wall Street began coverage on shares of Genworth Financial in a research note on Monday, September 11th. They set a “buy” rating on the stock. Wells Fargo & Company reissued a “hold” rating and issued a $3.75 price objective on shares of Genworth Financial in a research report on Friday, November 3rd. Keefe, Bruyette & Woods reissued 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 reissued 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’s stock. The stock has an average rating of “Hold” and a consensus price target of $3.92.

Genworth Financial (NYSE GNW) opened at $3.45 on Monday. The company has a debt-to-equity ratio of 0.28, a quick ratio of 0.28 and a current ratio of 0.28. The stock has a market cap of $1,722.10, a P/E ratio of 7.34, a P/E/G ratio of 0.74 and a beta of 2.80. Genworth Financial has a one year low of $3.12 and a one year high of $4.42.

Genworth Financial (NYSE:GNW) last announced its quarterly earnings data on Thursday, November 2nd. The financial services provider reported $0.15 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.20 by ($0.05). The firm had revenue of $2.22 billion for the quarter, compared to analysts’ expectations of $2.12 billion. Genworth Financial had a net margin of 3.88% and a return on equity of 1.57%. The business’s quarterly revenue was up 3.0% on a year-over-year basis. During the same period in the previous year, the company posted ($0.81) EPS. research analysts forecast that Genworth Financial will post 0.94 EPS for the current fiscal year.

A number of hedge funds have recently made changes to their positions in GNW. NEXT Financial Group Inc lifted 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 during the last quarter. Bayesian Capital Management LP bought a new position in shares of Genworth Financial in the 2nd quarter worth about $126,000. Shelton Capital Management bought a new position in shares of Genworth Financial in the 2nd quarter worth about $140,000. LS Investment Advisors LLC lifted 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 during the last quarter. Finally, Teacher Retirement System of Texas lifted its position in shares of 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 worth $151,000 after buying an additional 418 shares during the last quarter. 68.09% of the stock is owned by institutional investors.

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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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