Genworth Financial (NYSE:GNW) Hits New 52-Week High – Here’s What Happened

Genworth Financial, Inc. (NYSE:GNW) shares reached a new 52-week high during trading on Friday . The company traded as high as $9.45 and last traded at $9.3970, with a volume of 81361 shares trading hands. The stock had previously closed at $9.40.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on the company. Wall Street Zen cut Genworth Financial from a “hold” rating to a “sell” rating in a research note on Sunday, May 17th. Keefe, Bruyette & Woods raised their price objective on Genworth Financial from $10.50 to $11.00 and gave the company an “outperform” rating in a research report on Wednesday, May 13th. Weiss Ratings upgraded shares of Genworth Financial from a “hold (c)” rating to a “hold (c+)” rating in a report on Tuesday, June 16th. Finally, Zacks Research raised shares of Genworth Financial to a “hold” rating in a research report on Wednesday, May 27th. One equities research analyst has rated the stock with a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat.com, Genworth Financial presently has an average rating of “Hold” and an average price target of $11.00.

Genworth Financial Stock Up 0.7%

The stock’s 50 day simple moving average is $8.92 and its two-hundred day simple moving average is $8.72. The firm has a market cap of $3.63 billion, a P/E ratio of 18.20 and a beta of 0.86. The company has a debt-to-equity ratio of 0.15, a current ratio of 0.29 and a quick ratio of 0.29.

Genworth Financial (NYSE:GNW) last issued its quarterly earnings results on Tuesday, May 5th. The financial services provider reported $0.28 EPS for the quarter, topping analysts’ consensus estimates of $0.18 by $0.10. The firm had revenue of $1.04 billion for the quarter, compared to analysts’ expectations of $1.72 billion. Genworth Financial had a return on equity of 1.73% and a net margin of 2.96%. As a group, research analysts forecast that Genworth Financial, Inc. will post 0.44 earnings per share for the current year.

Insiders Place Their Bets

In other news, Director Robert P. Restrepo, Jr. sold 50,000 shares of the stock in a transaction on Friday, May 22nd. The stock was sold at an average price of $9.12, for a total value of $456,000.00. Following the sale, the director directly owned 92,655 shares of the company’s stock, valued at approximately $845,013.60. This represents a 35.05% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Thomas J. Mcinerney sold 100,000 shares of the firm’s stock in a transaction on Friday, May 22nd. The shares were sold at an average price of $9.27, for a total value of $927,000.00. Following the transaction, the chief executive officer owned 5,368,883 shares of the company’s stock, valued at $49,769,545.41. The trade was a 1.83% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 1.80% of the stock is currently owned by insiders.

Institutional Trading of Genworth Financial

Institutional investors have recently bought and sold shares of the company. Headlands Technologies LLC bought a new stake in Genworth Financial during the 2nd quarter valued at about $44,000. Larson Financial Group LLC lifted its stake in shares of Genworth Financial by 12,597.7% in the third quarter. Larson Financial Group LLC now owns 5,587 shares of the financial services provider’s stock worth $50,000 after buying an additional 5,543 shares in the last quarter. Atlas Wealth LLC bought a new position in shares of Genworth Financial in the first quarter worth approximately $51,000. Danske Bank A S purchased a new stake in shares of Genworth Financial during the third quarter valued at approximately $60,000. Finally, EverSource Wealth Advisors LLC grew its holdings in shares of Genworth Financial by 140.3% during the second quarter. EverSource Wealth Advisors LLC now owns 8,063 shares of the financial services provider’s stock valued at $63,000 after buying an additional 4,708 shares during the last quarter. 81.85% of the stock is owned by hedge funds and other institutional investors.

Genworth Financial Company Profile

Genworth Financial (NYSE: GNW) is a leading financial security company offering a broad range of insurance products. Based in Richmond, Virginia, Genworth provides individuals and families with solutions designed to protect against long-term care expenses, secure life insurance needs and support homeownership through private mortgage insurance. With operations spanning the United States, Canada and Australia, the company serves both retail and institutional clients through a diversified portfolio of risk management services.

The company’s Private Mortgage Insurance (PMI) segment offers coverage to lenders and consumers in the US, Canada and Australia, enabling homebuyers to purchase properties with lower down payments.