Genworth Financial Inc. (GNW) Rating Lowered to Strong Sell at Zacks Investment Research
Genworth Financial Inc. (NYSE:GNW) was downgraded by Zacks Investment Research from a “hold” rating to a “strong sell” rating in a note issued to investors on Tuesday.
According to Zacks, “Genworth reported net operating loss per share in the third quarter of 2016, comparing unfavorably with the Zacks Consensus Estimate earnings as well as year ago earnings. The company completed a review of its LTC claim reserves, thereby impacting claim terminations, benefits utilization and incurred but not reported reserves. Genworth has agreed to be acquired by China Oceanwide as the transaction will enhance value for its customers through better services than is currently provided on the basis of its existing business plan or other strategic alternatives. It will however remain committed toward its key financial priorities of strengthening the balance sheet and stabilizing and improving ratings over time, particularly in its U.S. MI business. Genworth is intensifying focus on streamlining and rationalizing business to mainly improve performance, enhance financial and strategic flexibility.”
A number of other brokerages have also weighed in on GNW. BTIG Research set a $5.00 price objective on shares of Genworth Financial and gave the company a “hold” rating in a report on Monday, October 24th. Compass Point lowered shares of Genworth Financial from a “buy” rating to a “neutral” rating in a report on Monday, September 19th. Goldman Sachs Group Inc. raised their price objective on shares of Genworth Financial from $3.00 to $4.00 and gave the company a “neutral” rating in a report on Friday, September 23rd. Wells Fargo & Co. started coverage on shares of Genworth Financial in a report on Friday, September 23rd. They issued a “market perform” rating on the stock. Finally, Keefe, Bruyette & Woods reiterated a “market perform” rating and set a $3.50 price target on shares of Genworth Financial in a research note on Monday, September 5th. One research analyst has rated the stock with a sell rating, six have issued a hold rating and one has assigned a buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $4.42.
Genworth Financial (NYSE:GNW) opened at 4.44 on Tuesday. The firm’s market capitalization is $2.21 billion. The company has a 50 day moving average price of $4.60 and a 200 day moving average price of $3.91. Genworth Financial has a 12 month low of $1.57 and a 12 month high of $5.27.
A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Vanguard Group Inc. increased its stake in shares of Genworth Financial by 6.0% in the second quarter. Vanguard Group Inc. now owns 36,006,431 shares of the company’s stock valued at $92,895,000 after buying an additional 2,028,101 shares during the last quarter. State Street Corp increased its stake in shares of Genworth Financial by 16.9% in the second quarter. State Street Corp now owns 21,007,742 shares of the company’s stock valued at $54,201,000 after buying an additional 3,035,196 shares during the last quarter. BlackRock Fund Advisors increased its stake in shares of Genworth Financial by 2.3% in the third quarter. BlackRock Fund Advisors now owns 20,944,944 shares of the company’s stock valued at $103,887,000 after buying an additional 472,499 shares during the last quarter. BlackRock Institutional Trust Company N.A. increased its stake in shares of Genworth Financial by 1.9% in the third quarter. BlackRock Institutional Trust Company N.A. now owns 14,563,222 shares of the company’s stock valued at $72,234,000 after buying an additional 278,203 shares during the last quarter. Finally, Northern Trust Corp increased its stake in shares of Genworth Financial by 2.3% in the third quarter. Northern Trust Corp now owns 7,966,905 shares of the company’s stock valued at $39,516,000 after buying an additional 177,994 shares during the last quarter. Institutional investors own 75.21% of the company’s stock.
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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