Genworth Financial Inc (GNW) Upgraded at Zacks Investment Research
Zacks Investment Research upgraded shares of Genworth Financial Inc (NYSE:GNW) from a hold rating to a buy rating in a research note published on Tuesday. The firm currently has $4.00 price target on the financial services provider’s stock.
According to Zacks, “Genworth has agreed to be acquired by China Oceanwide. The merger will consolidate Genworth’s financial position in the mortgage insurance and long term care insurance markets. Also, Genworth will 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. The company is intensifying focus on streamlining and rationalizing business to mainly improve performance, enhance financial and strategic flexibility. Moreover, the company saw its 2017 and 2018 estimates moving north over the last 60 days. However, new products and pricing changes in the U.S. Life Insurance Division implemented over the past couple of years, led to lower sales for Genworth. Also, shares of Genworth underperformed the industry year to date.”
Other equities research analysts have also recently issued reports about the stock. ValuEngine upgraded shares of Genworth Financial from a sell rating to a hold rating in a research note on Friday, September 1st. Wells Fargo & Company reiterated a hold rating on shares of Genworth Financial in a research report on Tuesday, August 1st. Finally, BidaskClub upgraded shares of Genworth Financial from a sell rating to a hold rating in a research report on Tuesday, June 13th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and two have issued a buy rating to the company’s stock. The stock currently has an average rating of Hold and an average target price of $4.27.
Genworth Financial (NYSE:GNW) opened at 3.45 on Tuesday. The stock’s market cap is $1.72 billion. Genworth Financial has a 12 month low of $3.22 and a 12 month high of $5.27. The firm’s 50-day moving average is $3.44 and its 200-day moving average is $3.73.
Genworth Financial (NYSE:GNW) last announced its quarterly earnings results on Tuesday, August 1st. The financial services provider reported $0.30 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.22 by $0.08. Genworth Financial had a negative net margin of 1.66% and a negative return on equity of 1.63%. The company had revenue of $2.22 billion during the quarter, compared to the consensus estimate of $2.14 billion. During the same quarter in the previous year, the company posted $0.39 earnings per share. The company’s revenue for the quarter was down .6% compared to the same quarter last year. On average, equities analysts forecast that Genworth Financial will post $1.03 earnings per share for the current fiscal year.
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A number of hedge funds and other institutional investors have recently bought and sold shares of the business. BlackRock Inc. raised its holdings in Genworth Financial by 9,605.2% during the 1st quarter. BlackRock Inc. now owns 48,718,954 shares of the financial services provider’s stock worth $200,723,000 after buying an additional 48,216,968 shares during the period. Vanguard Group Inc. grew its stake in Genworth Financial by 7.0% during the 2nd quarter. Vanguard Group Inc. now owns 41,753,927 shares of the financial services provider’s stock valued at $157,413,000 after acquiring an additional 2,745,057 shares in the last quarter. State Street Corp grew its stake in Genworth Financial by 4.8% during the 1st quarter. State Street Corp now owns 22,984,009 shares of the financial services provider’s stock valued at $94,689,000 after acquiring an additional 1,047,155 shares in the last quarter. FMR LLC grew its stake in Genworth Financial by 2.3% during the 2nd quarter. FMR LLC now owns 17,648,582 shares of the financial services provider’s stock valued at $66,535,000 after acquiring an additional 391,790 shares in the last quarter. Finally, Southpoint Capital Advisors LP grew its stake in Genworth Financial by 63.5% during the 2nd quarter. Southpoint Capital Advisors LP now owns 10,000,000 shares of the financial services provider’s stock valued at $37,700,000 after acquiring an additional 3,885,469 shares in the last quarter. Hedge funds and other institutional investors own 67.59% 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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