Fifth Third Bancorp Grows Stake in Genworth Financial, Inc. $GNW

Fifth Third Bancorp lifted its holdings in shares of Genworth Financial, Inc. (NYSE:GNW) by 21,643.4% during the 1st quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 562,936 shares of the financial services provider’s stock after acquiring an additional 560,347 shares during the period. Fifth Third Bancorp owned 0.15% of Genworth Financial worth $4,571,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Nuveen LLC grew its holdings in shares of Genworth Financial by 2.3% during the fourth quarter. Nuveen LLC now owns 9,781,111 shares of the financial services provider’s stock worth $88,323,000 after purchasing an additional 223,279 shares during the last quarter. Gendell Jeffrey L lifted its holdings in shares of Genworth Financial by 168.0% in the 4th quarter. Gendell Jeffrey L now owns 6,485,888 shares of the financial services provider’s stock valued at $58,568,000 after purchasing an additional 4,065,684 shares during the last quarter. Norges Bank acquired a new stake in shares of Genworth Financial in the 4th quarter valued at about $45,912,000. Invesco Ltd. grew its stake in Genworth Financial by 41.0% during the 2nd quarter. Invesco Ltd. now owns 4,291,220 shares of the financial services provider’s stock worth $33,386,000 after buying an additional 1,248,374 shares during the last quarter. Finally, UBS Group AG grew its stake in Genworth Financial by 621.2% during the 4th quarter. UBS Group AG now owns 3,598,588 shares of the financial services provider’s stock worth $32,495,000 after buying an additional 3,099,582 shares during the last quarter. 81.85% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities analysts have recently commented 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. Zacks Research raised shares of Genworth Financial to a “hold” rating in a research report on Wednesday, May 27th. Weiss Ratings upgraded shares of Genworth Financial from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Tuesday, June 30th. Finally, Keefe, Bruyette & Woods upped their target price on shares of Genworth Financial from $11.00 to $12.00 and gave the company an “outperform” rating in a report on Monday, July 13th. Two analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $12.00.

Insider Activity

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

Genworth Financial Price Performance

Genworth Financial stock opened at $10.09 on Friday. The company has a debt-to-equity ratio of 0.15, a current ratio of 0.29 and a quick ratio of 0.29. The business has a 50 day simple moving average of $9.14 and a 200-day simple moving average of $8.78. Genworth Financial, Inc. has a 12 month low of $7.32 and a 12 month high of $10.15. The stock has a market capitalization of $3.86 billion, a PE ratio of 19.40 and a beta of 0.85.

Genworth Financial (NYSE:GNW) last posted its quarterly earnings data on Tuesday, May 5th. The financial services provider reported $0.28 earnings per share for the quarter, beating analysts’ consensus estimates of $0.18 by $0.10. The firm had revenue of $1.04 billion for the quarter, compared to analyst estimates of $1.72 billion. Genworth Financial had a net margin of 2.96% and a return on equity of 1.73%. Equities analysts predict that Genworth Financial, Inc. will post 1.1 earnings per share for the current year.

About Genworth Financial

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.