Genworth Financial (NYSE:GNW) Sets New 12-Month High – Here’s Why

Genworth Financial, Inc. (NYSE:GNW)’s stock price hit a new 52-week high during trading on Thursday . The company traded as high as $9.19 and last traded at $9.2050, with a volume of 535162 shares changing hands. The stock had previously closed at $9.04.

Analyst Ratings Changes

GNW has been the subject of a number of recent analyst reports. Weiss Ratings restated a “buy (b-)” rating on shares of Genworth Financial in a report on Monday. Wall Street Zen raised shares of Genworth Financial from a “sell” rating to a “hold” rating in a research note on Saturday, November 15th. Finally, Keefe, Bruyette & Woods upped their price objective on Genworth Financial from $9.50 to $10.00 and gave the stock an “outperform” rating in a report on Thursday, October 9th. Two investment analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, Genworth Financial has an average rating of “Buy” and an average target price of $10.00.

Genworth Financial Trading Up 1.7%

The firm has a market cap of $3.67 billion, a P/E ratio of 17.35 and a beta of 1.02. The business’s 50 day moving average is $8.62 and its 200-day moving average is $8.27. 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 (NYSE:GNW) last issued its quarterly earnings results on Wednesday, November 5th. The financial services provider reported $0.04 earnings per share for the quarter, missing analysts’ consensus estimates of $0.06 by ($0.02). The firm had revenue of $1.04 billion during the quarter. Genworth Financial had a net margin of 3.01% and a return on equity of 1.56%.

Hedge Funds Weigh In On Genworth Financial

Hedge funds and other institutional investors have recently made changes to their positions in the business. Norges Bank bought a new position in shares of Genworth Financial during the 2nd quarter valued at about $26,992,000. Invesco Ltd. boosted its holdings in Genworth Financial by 41.0% during the second 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 in the last quarter. American Century Companies Inc. grew its position in Genworth Financial by 11.6% in the first quarter. American Century Companies Inc. now owns 8,056,534 shares of the financial services provider’s stock worth $57,121,000 after buying an additional 836,192 shares during the last quarter. Trexquant Investment LP grew its position in Genworth Financial by 162.4% in the first quarter. Trexquant Investment LP now owns 1,330,661 shares of the financial services provider’s stock worth $9,434,000 after buying an additional 823,470 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership increased its holdings in shares of Genworth Financial by 28.2% in the second quarter. Arrowstreet Capital Limited Partnership now owns 3,523,537 shares of the financial services provider’s stock valued at $27,413,000 after buying an additional 774,010 shares in the last quarter. 81.85% of the stock is currently owned by institutional investors and hedge funds.

About Genworth Financial

Genworth Financial, Inc, together with its subsidiaries, provides mortgage and long-term care insurance products in the United States and internationally. It operates in three segments: Enact, Long-Term Care Insurance, and Life and Annuities. The Enact segment offers private mortgage insurance products primarily insuring prime-based, individually underwritten residential mortgage loans; and pool mortgage insurance products.