Genworth Financial Inc. (GNW) Debt Trading 1% Lower
An issue of Genworth Financial Inc. (NYSE:GNW) bonds fell 1% against their face value during trading on Friday. The high-yield debt issue has a 6.515% coupon and is set to mature on May 22, 2018. The bonds in the issue are now trading at $102.00 and were trading at $102.32 last week. Price moves in a company’s bonds in credit markets sometimes predict parallel moves in its stock price.
Several brokerages have weighed in on GNW. Morgan Stanley reissued a “neutral” rating on shares of Genworth Financial in a report on Wednesday, August 3rd. Zacks Investment Research raised Genworth Financial from a “hold” rating to a “strong-buy” rating and set a $4.00 price objective for the company in a report on Thursday, August 4th. Keefe, Bruyette & Woods reissued a “market perform” rating and set a $3.50 price objective on shares of Genworth Financial in a report on Monday, September 5th. Compass Point downgraded Genworth Financial from a “buy” rating to a “neutral” rating in a research report on Monday, September 19th. Finally, Goldman Sachs Group Inc. increased their target price on Genworth Financial from $3.00 to $4.00 and gave the stock a “neutral” rating in a research report on Friday, September 23rd. Seven analysts have rated the stock with a hold rating and one has given a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average target price of $5.54.
Shares of Genworth Financial Inc. (NYSE:GNW) opened at 4.96 on Friday. Genworth Financial Inc. has a 12 month low of $1.57 and a 12 month high of $5.75. The company has a 50 day moving average price of $4.60 and a 200-day moving average price of $3.48. The stock’s market cap is $2.47 billion.
Genworth Financial (NYSE:GNW) last posted its earnings results on Tuesday, August 2nd. The company reported $0.25 EPS for the quarter, beating the Zacks’ consensus estimate of $0.21 by $0.04. Genworth Financial had a negative net margin of 4.24% and a positive return on equity of 1.32%. The company earned $2.24 billion during the quarter, compared to analysts’ expectations of $2.09 billion. During the same quarter in the prior year, the company posted $0.24 earnings per share. Genworth Financial’s revenue for the quarter was up 3.7% compared to the same quarter last year. On average, equities research analysts predict that Genworth Financial Inc. will post $0.88 earnings per share for the current year.
Large investors have recently bought and sold shares of the stock. Dynamic Technology Lab Private Ltd purchased a new stake in Genworth Financial during the second quarter worth approximately $102,000. Oppenheimer & Co. Inc. boosted its stake in Genworth Financial by 81.6% in the second quarter. Oppenheimer & Co. Inc. now owns 39,826 shares of the company’s stock worth $103,000 after buying an additional 17,900 shares during the last quarter. Ontario Teachers Pension Plan Board boosted its stake in Genworth Financial by 89.0% in the second quarter. Ontario Teachers Pension Plan Board now owns 46,201 shares of the company’s stock worth $119,000 after buying an additional 21,754 shares during the last quarter. Springbok Capital Management LLC purchased a new stake in Genworth Financial during the first quarter worth approximately $120,000. Finally, Rational Advisors LLC purchased a new stake in Genworth Financial during the second quarter worth approximately $126,000. 71.74% of the stock is owned by institutional investors.
About Genworth Financial
Genworth Financial, Inc (Genworth) is a financial security company. The Company provides insurance, wealth management, investment and financial solutions. As of December 31, 2011, the Company had more than 15 million customers, with a presence in more than 25 countries. The Company operates in Insurance, Mortgage Insurance and Corporate and Runoff.
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