Genworth Financial Inc (GNW) Bonds Drop 2.2% During Trading
An issue of Genworth Financial Inc (NYSE:GNW) bonds fell 2.2% as a percentage of their face value during trading on Wednesday. The high-yield issue of debt has a 6.515% coupon and will mature on May 22, 2018. The debt is now trading at $97.61 and was trading at $100.85 last week. Price moves in a company’s bonds in credit markets often anticipate parallel moves in its share price.
GNW has been the topic of several analyst reports. Zacks Investment Research downgraded Genworth Financial from a “buy” rating to a “hold” rating in a report on Tuesday. Wells Fargo & Company reiterated a “hold” rating on shares of Genworth Financial in a report on Tuesday, August 1st. BTIG Research reiterated a “neutral” rating on shares of Genworth Financial in a report on Saturday, September 16th. BidaskClub upgraded Genworth Financial from a “sell” rating to a “hold” rating in a report on Saturday, July 1st. Finally, ValuEngine upgraded Genworth Financial from a “sell” rating to a “hold” rating in a report on Friday, September 1st. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and three have assigned a buy rating to the stock. Genworth Financial presently has an average rating of “Hold” and a consensus price target of $4.27.
Shares of Genworth Financial Inc (GNW) traded down 0.29% during midday trading on Wednesday, hitting $3.48. 3,625,302 shares of the stock traded hands. Genworth Financial Inc has a 12-month low of $3.12 and a 12-month high of $5.27. The company’s market capitalization is $1.74 billion. The firm’s 50 day moving average price is $3.62 and its 200 day moving average price is $3.70.
Genworth Financial (NYSE:GNW) last announced its quarterly earnings data on Tuesday, August 1st. The financial services provider reported $0.30 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.22 by $0.08. Genworth Financial had a negative return on equity of 1.63% and a negative net margin of 1.66%. The company had revenue of $2.22 billion for the quarter, compared to analysts’ expectations of $2.14 billion. During the same quarter in the prior year, the business posted $0.39 EPS. The business’s revenue was down .6% compared to the same quarter last year. Analysts expect that Genworth Financial Inc will post $1.03 EPS for the current year.
A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Fondren Management LP bought a new stake in Genworth Financial in the 2nd quarter valued at $189,000. Capital Returns Management LLC bought a new stake in Genworth Financial in the 2nd quarter valued at $2,793,000. Cetera Investment Advisers raised its stake in Genworth Financial by 59.6% in the 2nd quarter. Cetera Investment Advisers now owns 84,730 shares of the financial services provider’s stock valued at $320,000 after acquiring an additional 31,655 shares during the period. The Manufacturers Life Insurance Company raised its stake in Genworth Financial by 1.1% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 1,107,745 shares of the financial services provider’s stock valued at $4,176,000 after acquiring an additional 11,670 shares during the period. Finally, Alpine Global Management LLC raised its stake in Genworth Financial by 153.3% in the 2nd quarter. Alpine Global Management LLC now owns 253,526 shares of the financial services provider’s stock valued at $956,000 after acquiring an additional 153,426 shares during the period. Institutional investors and hedge funds own 67.61% of the company’s stock.
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Genworth Financial Company Profile
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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