Genworth Financial (NYSE:GNW) Releases Quarterly Earnings Results, Beats Estimates By $0.01 EPS

Genworth Financial (NYSE:GNW) issued its quarterly earnings data on Wednesday. The financial services provider reported $0.29 EPS for the quarter, topping the consensus estimate of $0.28 by $0.01, FiscalAI reports. Genworth Financial had a net margin of 2.87% and a return on equity of 1.06%. The firm had revenue of $1.03 billion for the quarter, compared to analyst estimates of $1.70 billion.

Genworth Financial Price Performance

Shares of NYSE:GNW opened at $9.67 on Friday. The company has a quick ratio of 0.29, a current ratio of 0.29 and a debt-to-equity ratio of 0.15. Genworth Financial has a 52 week low of $7.84 and a 52 week high of $10.20. The company has a market cap of $3.70 billion, a P/E ratio of 18.60 and a beta of 0.87. The company has a 50-day moving average price of $9.37 and a 200 day moving average price of $8.89.

Insider Activity

In other Genworth Financial news, Director Robert P. Restrepo, Jr. sold 50,000 shares of the company’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 transaction, the director directly owned 92,655 shares in the company, valued at approximately $845,013.60. This represents a 35.05% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Thomas J. Mcinerney sold 100,000 shares of the company’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 completion of the sale, the chief executive officer directly owned 5,368,883 shares in the company, valued at $49,769,545.41. This trade represents 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 company insiders.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the stock. Jain Global LLC acquired a new position in Genworth Financial during the fourth quarter valued at approximately $118,000. Captrust Financial Advisors boosted its position in shares of Genworth Financial by 8.3% in the fourth quarter. Captrust Financial Advisors now owns 14,770 shares of the financial services provider’s stock worth $133,000 after buying an additional 1,133 shares during the period. DRW Securities LLC acquired a new stake in shares of Genworth Financial in the fourth quarter valued at about $111,000. Brooklyn Investment Group acquired a new position in Genworth Financial during the 4th quarter worth approximately $115,000. Finally, Advisory Services Network LLC purchased a new position in Genworth Financial in the 3rd quarter worth approximately $120,000. 81.85% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities analysts have commented on GNW shares. Wall Street Zen raised shares of Genworth Financial from a “sell” rating to a “hold” rating in a research report on Sunday, July 12th. Weiss Ratings upgraded shares of Genworth Financial from a “hold (c+)” rating to a “buy (b-)” rating in a report on Wednesday. Zacks Research raised Genworth Financial to a “hold” rating in a research report on Wednesday, May 27th. Finally, Keefe, Bruyette & Woods increased their price target on shares of Genworth Financial from $11.00 to $12.00 and gave the company an “outperform” rating in a research note on Monday, July 13th. Two investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $12.00.

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.