Keefe, Bruyette & Woods reiterated their market perform rating on shares of Genworth Financial (NYSE:GNW – Free Report) in a report released on Friday morning, Marketbeat.com reports. The brokerage currently has a $10.50 target price on the financial services provider’s stock, down from their previous target price of $11.50.
A number of other equities research analysts have also issued reports on the stock. Wall Street Zen raised shares of Genworth Financial from a “sell” rating to a “hold” rating in a report on Sunday, July 12th. Weiss Ratings downgraded shares of Genworth Financial from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Tuesday, October 6th. Three investment analysts have rated the stock with a Hold rating. According to MarketBeat, Genworth Financial has an average rating of “Hold” and an average target price of $10.50.
Read Our Latest Research Report on GNW
Genworth Financial Stock Down 0.1%
Genworth Financial (NYSE:GNW – Get Free Report) last posted its quarterly earnings results 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 company had revenue of $1.03 billion during the quarter, compared to analyst estimates of $1.90 billion. Genworth Financial had a net margin of 2.87% and a return on equity of 1.06%. Equities research analysts forecast that Genworth Financial will post 1.11 EPS for the current year.
Insider Activity
In related news, EVP Melissa Hagerman sold 14,708 shares of the stock in a transaction dated Monday, August 24th. The shares were sold at an average price of $9.91, for a total value of $145,756.28. Following the completion of the transaction, 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 position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Thomas 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 transaction, the chief executive officer directly owned 5,068,883 shares of the company’s stock, valued at approximately $53,375,337.99. This trade represents a 1.93% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 1.80% of the stock is owned by company insiders.
Institutional Investors Weigh In On Genworth Financial
A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Bank of America Corp DE lifted its holdings in shares of Genworth Financial by 133.2% during 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 last quarter. Fifth Third Bancorp boosted its position in shares of 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 worth $4,571,000 after purchasing an additional 560,347 shares in the last quarter. Hsbc Holdings PLC bought a new stake in shares of Genworth Financial in the 4th quarter worth approximately $1,360,000. SG Americas Securities LLC grew its stake in shares of Genworth Financial by 173.7% in the 1st quarter. SG Americas Securities LLC now owns 1,188,288 shares of the financial services provider’s stock worth $9,649,000 after buying an additional 754,105 shares during the last quarter. Finally, Engineers Gate Manager LP purchased a new stake in shares of Genworth Financial in the 2nd quarter worth approximately $1,983,000. Hedge funds and other institutional investors own 81.85% of the company’s stock.
About Genworth Financial
Genworth Financial, Inc is a financial services company focused primarily on mortgage insurance and long-term care insurance. Through its U.S. mortgage insurance operations, including its majority-owned subsidiary Enact Holdings, the company helps lenders manage credit risk and supports access to homeownership by insuring residential mortgage loans.
Genworth also manages a portfolio of U.S. life insurance and long-term care insurance products. Its life insurance operations primarily serve existing policyholders, with an emphasis on administering in-force policies and managing long-term obligations rather than pursuing broad new sales.
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