Genworth Financial (NYSE:GNW) Stock Gets Downgrade from Keefe, Bruyette & Woods

Genworth Financial (NYSE:GNW) was downgraded by equities researchers at Keefe, Bruyette & Woods from an “outperform” rating to a “market perform” rating in a report released on Thursday, MarketBeat.com reports. They presently have a $10.50 target price on the financial services provider’s stock. Keefe, Bruyette & Woods’ target price points to a potential upside of 11.76% from the company’s current price.

Several other equities research analysts have also recently commented on the stock. Weiss Ratings cut shares of Genworth Financial from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Tuesday, October 6th. Wall Street Zen upgraded shares of Genworth Financial from a “sell” rating to a “hold” rating in a research report on Sunday, July 12th. Three research analysts have rated the stock with a Hold rating. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $10.50.

Genworth Financial Price Performance

Shares of Genworth Financial stock opened at $9.39 on Thursday. The business has a 50 day moving average of $9.89 and a 200 day moving average of $9.35. Genworth Financial has a 52 week low of $7.84 and a 52 week high of $10.69. The company has a market cap of $3.55 billion, a PE ratio of 18.07 and a beta of 0.88. 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 released its quarterly earnings results on Wednesday, August 5th. The financial services provider reported $0.29 earnings per share for the quarter, beating the consensus estimate of $0.28 by $0.01. The business had revenue of $1.03 billion for the quarter, compared to analysts’ expectations of $1.90 billion. Genworth Financial had a net margin of 2.87% and a return on equity of 1.06%. As a group, equities research analysts forecast that Genworth Financial will post 1.11 earnings per share for the current year.

Insider Activity at Genworth Financial

In other Genworth Financial news, CEO Thomas J. Mcinerney sold 100,000 shares of the stock in a transaction on Thursday, September 3rd. The stock was sold at an average price of $10.53, for a total value of $1,053,000.00. Following the completion of the transaction, the chief executive officer owned 5,068,883 shares in the company, valued at approximately $53,375,337.99. This represents a 1.93% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Melissa Hagerman sold 14,708 shares of the stock in a transaction on Monday, August 24th. The stock was sold at an average price of $9.91, for a total value of $145,756.28. Following the completion of the transaction, the executive vice president owned 192,539 shares of the company’s stock, valued at approximately $1,908,061.49. This trade represents a 7.10% decrease in their position. The SEC filing for this sale provides additional information. Insiders own 1.80% of the company’s stock.

Institutional Trading of Genworth Financial

Hedge funds have recently modified their holdings of the business. GAMMA Investing LLC boosted its position in shares of Genworth Financial by 16.6% in the 3rd quarter. GAMMA Investing LLC now owns 18,945 shares of the financial services provider’s stock worth $170,000 after purchasing an additional 2,695 shares in the last quarter. Farther Finance Advisors LLC grew its stake in shares of Genworth Financial by 436.3% in the 3rd quarter. Farther Finance Advisors LLC now owns 5,760 shares of the financial services provider’s stock worth $52,000 after buying an additional 4,686 shares during the last quarter. Tidal Investments LLC purchased a new stake in shares of Genworth Financial in the 2nd quarter worth approximately $96,000. Engineers Gate Manager LP purchased a new stake in shares of Genworth Financial in the 2nd quarter worth approximately $1,983,000. Finally, Integrated Wealth Concepts LLC bought a new position in Genworth Financial during the 2nd quarter valued at approximately $49,000. Institutional investors own 81.85% of the company’s stock.

Genworth Financial Company Profile

Genworth Financial, Inc is a financial services company focused primarily on mortgage insurance and long-term care insurance. Through its U.S. mortgage insurance operations, including its majority-owned subsidiary Enact Holdings, the company helps lenders manage credit risk and supports access to homeownership by insuring residential mortgage loans.

Genworth also manages a portfolio of U.S. life insurance and long-term care insurance products. Its life insurance operations primarily serve existing policyholders, with an emphasis on administering in-force policies and managing long-term obligations rather than pursuing broad new sales.