Genworth Financial (NYSE:GNW) Hits New 1-Year High – Here’s What Happened

Genworth Financial, Inc. (NYSE:GNW) hit a new 52-week high during trading on Monday . The stock traded as high as $10.20 and last traded at $10.1650, with a volume of 159495 shares trading hands. The stock had previously closed at $10.09.

Analyst Ratings Changes

Several brokerages have weighed in on GNW. Keefe, Bruyette & Woods upped their target price on shares of Genworth Financial from $11.00 to $12.00 and gave the stock an “outperform” rating in a research report on Monday, July 13th. Weiss Ratings lowered Genworth Financial from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Friday. Wall Street Zen raised Genworth Financial from a “sell” rating to a “hold” rating in a research note on Sunday, July 12th. Finally, Zacks Research upgraded Genworth Financial to a “hold” rating in a research report on Wednesday, May 27th. One investment analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, Genworth Financial has an average rating of “Hold” and an average target price of $12.00.

Genworth Financial Price Performance

The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.29 and a current ratio of 0.29. The company has a 50-day moving average of $9.14 and a 200-day moving average of $8.78. The stock has a market capitalization of $3.87 billion, a price-to-earnings ratio of 19.45 and a beta of 0.85.

Genworth Financial (NYSE:GNW) last announced its earnings results on Tuesday, May 5th. The financial services provider reported $0.28 EPS 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 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, equities research analysts expect that Genworth Financial, Inc. will post 1.1 earnings per share for the current fiscal year.

Insider Buying and Selling at Genworth Financial

In related 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 transaction of $456,000.00. Following the sale, the director owned 92,655 shares of the company’s stock, valued at $845,013.60. This trade represents a 35.05% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Thomas J. Mcinerney sold 100,000 shares of the 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 sale, the chief executive officer directly owned 5,368,883 shares in the company, valued at approximately $49,769,545.41. The trade was a 1.83% decrease in their position. The disclosure for this sale is available in the SEC filing. 1.80% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Genworth Financial

Several hedge funds have recently modified their holdings of the company. Norges Bank purchased a new stake in Genworth Financial in the 4th quarter valued at about $45,912,000. Gendell Jeffrey L lifted its holdings in shares of Genworth Financial by 168.0% during the 4th quarter. Gendell Jeffrey L now owns 6,485,888 shares of the financial services provider’s stock worth $58,568,000 after acquiring an additional 4,065,684 shares during the period. UBS Group AG lifted its holdings in shares of 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 acquiring an additional 3,099,582 shares during the period. Invesco Ltd. boosted its position in shares of Genworth Financial by 41.0% in the second quarter. Invesco Ltd. now owns 4,291,220 shares of the financial services provider’s stock worth $33,386,000 after acquiring an additional 1,248,374 shares during the last quarter. Finally, Bank of America Corp DE grew its holdings in Genworth Financial by 133.2% in 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 period. 81.85% of the stock is owned by institutional investors and hedge funds.

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.