Genworth Financial, Inc. (NYSE:GNW – Get Free Report)’s share price gapped down prior to trading on Tuesday . The stock had previously closed at $10.60, but opened at $9.95. Genworth Financial shares last traded at $10.1950, with a volume of 1,006,763 shares.
Wall Street Analysts Forecast Growth
A number of equities research analysts have recently commented on the stock. Keefe, Bruyette & Woods upgraded shares of Genworth Financial from a “moderate buy” rating to a “strong-buy” rating in a report on Tuesday, August 11th. Zacks Research upgraded shares of Genworth Financial to a “hold” rating in a report on Wednesday, May 27th. Weiss Ratings raised Genworth Financial from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Wednesday, September 2nd. Finally, Wall Street Zen upgraded Genworth Financial from a “sell” rating to a “hold” rating in a research note on Sunday, July 12th. One investment analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and one has issued a Hold rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus target price of $12.00.
Check Out Our Latest Research Report on Genworth Financial
Genworth Financial Stock Down 6.8%
Genworth Financial (NYSE:GNW – Get Free Report) last announced its quarterly earnings results on Wednesday, August 5th. The financial services provider reported $0.29 EPS for the quarter, topping analysts’ consensus estimates of $0.28 by $0.01. Genworth Financial had a net margin of 2.87% and a return on equity of 1.06%. The firm had revenue of $1.03 billion during the quarter, compared to analyst estimates of $1.90 billion. Research analysts forecast that Genworth Financial, Inc. will post 1.11 earnings per share for the current fiscal year.
Insider Activity at Genworth Financial
In other Genworth Financial news, CEO Thomas McInerney sold 100,000 shares of Genworth Financial stock in a transaction that occurred on Thursday, September 3rd. The shares were sold at an average price of $10.53, for a total value of $1,053,000.00. Following the completion of the sale, the chief executive officer owned 5,068,883 shares of the company’s stock, valued at approximately $53,375,337.99. The trade was a 1.93% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Melissa Hagerman sold 14,708 shares of the business’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 sale, the executive vice president owned 192,539 shares of the company’s stock, valued at approximately $1,908,061.49. This represents a 7.10% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Company insiders own 1.80% of the company’s stock.
Institutional Trading of Genworth Financial
Large investors have recently modified their holdings of the company. Donald Smith & CO. Inc. purchased a new stake in Genworth Financial during the second quarter valued at $212,906,000. Norges Bank purchased a new position in Genworth Financial in the fourth quarter worth about $45,912,000. California State Teachers Retirement System grew its stake in shares of Genworth Financial by 772.0% during the 2nd quarter. California State Teachers Retirement System now owns 4,200,295 shares of the financial services provider’s stock valued at $39,777,000 after purchasing an additional 3,718,616 shares during the period. Bank of New York Mellon Corp bought a new stake in shares of Genworth Financial during the 2nd quarter valued at about $22,798,000. Finally, Bank of America Corp DE increased its position in shares of Genworth Financial by 133.2% during the 1st 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 last quarter. Institutional investors own 81.85% of the company’s stock.
Genworth Financial Company Profile
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.
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