Engineers Gate Manager LP Purchases Shares of 209,356 Genworth Financial, Inc. $GNW

Engineers Gate Manager LP acquired a new position in Genworth Financial, Inc. (NYSE:GNW) during the second quarter, HoldingsChannel.com reports. The fund acquired 209,356 shares of the financial services provider’s stock, valued at approximately $1,983,000.

A number of other hedge funds and other institutional investors also recently bought and sold shares of GNW. HB Wealth Management LLC grew its holdings in Genworth Financial by 8.8% in the second quarter. HB Wealth Management LLC now owns 13,482 shares of the financial services provider’s stock worth $128,000 after purchasing an additional 1,089 shares during the last quarter. Truist Financial Corp lifted its holdings in shares of Genworth Financial by 9.6% during the 4th quarter. Truist Financial Corp now owns 14,342 shares of the financial services provider’s stock valued at $130,000 after purchasing an additional 1,257 shares during the last quarter. ProShare Advisors LLC lifted its holdings in shares of Genworth Financial by 1.8% during the 4th quarter. ProShare Advisors LLC now owns 78,983 shares of the financial services provider’s stock valued at $713,000 after purchasing an additional 1,382 shares during the last quarter. EverSource Wealth Advisors LLC boosted its position in shares of Genworth Financial by 21.3% in the 4th quarter. EverSource Wealth Advisors LLC now owns 8,903 shares of the financial services provider’s stock worth $80,000 after purchasing an additional 1,561 shares in the last quarter. Finally, PNC Financial Services Group Inc. boosted its position in shares of Genworth Financial by 2.3% in the 1st quarter. PNC Financial Services Group Inc. now owns 95,745 shares of the financial services provider’s stock worth $777,000 after purchasing an additional 2,139 shares in the last quarter. Hedge funds and other institutional investors own 81.85% of the company’s stock.

Genworth Financial Stock Performance

NYSE GNW opened at $9.99 on Wednesday. The stock has a 50-day simple moving average of $9.96 and a two-hundred day simple moving average of $9.18. The firm has a market capitalization of $3.78 billion, a P/E ratio of 19.22 and a beta of 0.85. Genworth Financial, Inc. has a fifty-two week low of $7.84 and a fifty-two week high of $10.69. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.29 and a current ratio of 0.29.

Genworth Financial (NYSE:GNW) last issued its quarterly earnings data on Wednesday, August 5th. The financial services provider reported $0.29 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.28 by $0.01. Genworth Financial had a return on equity of 1.06% and a net margin of 2.87%.The business had revenue of $1.03 billion during the quarter, compared to analysts’ expectations of $1.90 billion. On average, equities analysts forecast that Genworth Financial, Inc. will post 1.11 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on the company. Zacks Research upgraded Genworth Financial to a “hold” rating in a research note on Wednesday, May 27th. Wall Street Zen upgraded Genworth Financial from a “sell” rating to a “hold” rating in a research note on Sunday, July 12th. Keefe, Bruyette & Woods raised Genworth Financial from a “moderate buy” rating to a “strong-buy” rating in a report on Tuesday, August 11th. Finally, Weiss Ratings upgraded Genworth Financial from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Wednesday, September 2nd. One analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and one has given a Hold rating to the company’s stock. Based on data from MarketBeat.com, Genworth Financial has an average rating of “Buy” and a consensus price target of $12.00.

Insiders Place Their Bets

In related news, CEO Thomas J. Mcinerney sold 100,000 shares of the business’s 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 in the company, valued at approximately $53,375,337.99. The trade was a 1.93% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, EVP Melissa Hagerman sold 14,708 shares of the company’s stock in a transaction dated Monday, August 24th. The shares were sold at an average price of $9.91, for a total transaction of $145,756.28. Following the sale, the executive vice president directly owned 192,539 shares of the company’s stock, valued at approximately $1,908,061.49. This represents a 7.10% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 1.80% of the company’s stock.

About Genworth Financial

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.