Genworth Financial (NYSE:GNW – Get Free Report) had its price objective cut by equities researchers at Keefe, Bruyette & Woods from $12.00 to $11.50 in a report issued on Wednesday, Benzinga reports. The brokerage currently has an “outperform” rating on the financial services provider’s stock. Keefe, Bruyette & Woods’ target price suggests a potential upside of 14.14% from the stock’s previous close.
GNW has been the topic of several other reports. Wall Street Zen upgraded shares of Genworth Financial from a “sell” rating to a “hold” rating in a research report on Sunday, July 12th. Weiss Ratings upgraded Genworth Financial from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Wednesday, September 2nd. Finally, Zacks Research raised shares of Genworth Financial to a “hold” rating in a research report on Wednesday, May 27th. Two analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $11.50.
Get Our Latest Analysis on GNW
Genworth Financial Trading Up 0.6%
Genworth Financial (NYSE:GNW – Get Free Report) last released its quarterly earnings data on Wednesday, August 5th. The financial services provider reported $0.29 EPS for the quarter, beating analysts’ consensus estimates of $0.28 by $0.01. The business 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%. On average, sell-side analysts predict that Genworth Financial will post 1.11 EPS for the current fiscal year.
Insider Transactions at Genworth Financial
In other news, CEO Thomas J. Mcinerney sold 100,000 shares of Genworth Financial stock in a transaction that occurred on Thursday, September 3rd. The stock was sold at an average price of $10.53, for a total value of $1,053,000.00. Following the sale, the chief executive officer directly owned 5,068,883 shares in the company, valued at approximately $53,375,337.99. This trade represents a 1.93% 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, EVP Melissa Hagerman sold 14,708 shares of the company’s stock in a transaction that occurred on Monday, August 24th. The stock was sold at an average price of $9.91, for a total value of $145,756.28. Following the sale, the executive vice president directly owned 192,539 shares in the company, valued at $1,908,061.49. This trade represents a 7.10% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 1.80% of the stock is currently owned by insiders.
Institutional Inflows and Outflows
A number of institutional investors have recently modified their holdings of the stock. Bank of America Corp DE grew its stake in Genworth Financial by 133.2% in the 1st quarter. Bank of America Corp DE now owns 2,158,625 shares of the financial services provider’s stock worth $17,528,000 after acquiring an additional 1,232,931 shares during the period. Fifth Third Bancorp increased its holdings in Genworth Financial by 21,643.4% in the 1st quarter. Fifth Third Bancorp now owns 562,936 shares of the financial services provider’s stock valued at $4,571,000 after purchasing an additional 560,347 shares in the last quarter. Hsbc Holdings PLC acquired a new position in shares of Genworth Financial in the 4th quarter valued at approximately $1,360,000. SG Americas Securities LLC boosted its stake in Genworth Financial by 173.7% during the 1st quarter. SG Americas Securities LLC now owns 1,188,288 shares of the financial services provider’s stock valued at $9,649,000 after purchasing an additional 754,105 shares in the last quarter. Finally, Norges Bank purchased a new position in Genworth Financial in the 4th quarter worth about $45,912,000. Institutional investors and hedge funds 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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