Genworth Financial Inc. (GNW) Downgraded to “Neutral” at BTIG Research
Genworth Financial Inc. (NYSE:GNW) was downgraded by stock analysts at BTIG Research from a “buy” rating to a “neutral” rating in a report released on Wednesday.
GNW has been the subject of a number of other reports. Zacks Investment Research lowered shares of Genworth Financial from a “hold” rating to a “strong sell” rating in a research note on Tuesday, July 5th. JPMorgan Chase & Co. restated a “hold” rating on shares of Genworth Financial in a research note on Wednesday, August 3rd. Morgan Stanley restated a “neutral” rating on shares of Genworth Financial in a research note on Wednesday, August 3rd. Keefe, Bruyette & Woods restated a “market perform” rating and set a $3.50 price objective on shares of Genworth Financial in a research note on Monday, September 5th. Finally, Compass Point lowered shares of Genworth Financial from a “buy” rating to a “neutral” rating in a research note on Monday, September 19th. Seven investment analysts have rated the stock with a hold rating and one has issued a buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus price target of $5.75.
Shares of Genworth Financial (NYSE:GNW) opened at 5.07 on Wednesday. The company’s 50 day moving average is $4.68 and its 200-day moving average is $3.52. Genworth Financial has a 52 week low of $1.57 and a 52 week high of $5.75. The stock’s market capitalization is $2.53 billion.
Genworth Financial (NYSE:GNW) last issued its quarterly earnings results on Tuesday, August 2nd. The company reported $0.25 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 period last year, the company posted $0.24 EPS. Genworth Financial’s revenue was up 3.7% on a year-over-year basis. On average, equities analysts predict that Genworth Financial will post $0.88 earnings per share for the current year.
A number of institutional investors have recently modified their holdings of GNW. State Street Corp increased its position in shares of Genworth Financial by 5.6% in the first quarter. State Street Corp now owns 17,972,546 shares of the company’s stock valued at $49,070,000 after buying an additional 948,072 shares in the last quarter. Solus Alternative Asset Management LP increased its position in shares of Genworth Financial by 57.6% in the first quarter. Solus Alternative Asset Management LP now owns 15,000,000 shares of the company’s stock valued at $40,950,000 after buying an additional 5,483,200 shares in the last quarter. Saba Capital Management L.P. purchased a new position in shares of Genworth Financial during the first quarter valued at $1,881,000. BlackRock Fund Advisors increased its position in shares of Genworth Financial by 1.8% in the first quarter. BlackRock Fund Advisors now owns 16,249,355 shares of the company’s stock valued at $44,361,000 after buying an additional 285,180 shares in the last quarter. Finally, BNP Paribas Arbitrage SA increased its position in shares of Genworth Financial by 109.0% in the second quarter. BNP Paribas Arbitrage SA now owns 369,093 shares of the company’s stock valued at $952,000 after buying an additional 192,485 shares in the last quarter. 71.74% of the stock is currently owned by institutional investors and hedge funds.
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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