Zacks Investment Research Lowers Genworth Financial Inc (GNW) to Hold
Zacks Investment Research downgraded shares of Genworth Financial Inc (NYSE:GNW) from a buy rating to a hold rating in a research report sent to investors on Tuesday.
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, there were no earnings momentum 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.”
GNW has been the topic of a number of other reports. Off Wall Street started coverage on shares of Genworth Financial in a research report on Monday, September 11th. They set a buy rating on the stock. BidaskClub lowered shares of Genworth Financial from a sell rating to a strong sell rating in a research report on Friday, July 28th. BTIG Research restated a neutral rating on shares of Genworth Financial in a research report on Saturday, September 16th. ValuEngine upgraded shares of Genworth Financial from a sell rating to a hold rating in a research report on Friday, September 1st. Finally, Wells Fargo & Company restated a hold rating on shares of Genworth Financial in a research report on Tuesday, August 1st. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and three have assigned a buy rating to the company’s stock. The stock presently has an average rating of Hold and an average target price of $4.27.
Genworth Financial (GNW) traded up 4.89% during mid-day trading on Tuesday, reaching $3.65. 4,514,306 shares of the company’s stock traded hands. Genworth Financial has a 52 week low of $3.12 and a 52 week high of $5.27. The stock’s 50 day moving average is $3.62 and its 200-day moving average is $3.70. The stock’s market capitalization is $1.82 billion.
Genworth Financial (NYSE:GNW) last announced its earnings results 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. The business had revenue of $2.22 billion for the quarter, compared to analyst estimates of $2.14 billion. Genworth Financial had a negative net margin of 1.66% and a negative return on equity of 1.63%. The company’s revenue for the quarter was down .6% compared to the same quarter last year. During the same period last year, the firm posted $0.39 earnings per share. On average, equities analysts anticipate that Genworth Financial will post $1.03 EPS for the current year.
A number of large investors have recently bought and sold shares of the stock. Fondren Management LP purchased a new position in Genworth Financial in the 2nd quarter valued at $189,000. Capital Returns Management LLC purchased a new position in Genworth Financial in the 2nd quarter valued at $2,793,000. Cetera Investment Advisers grew its position 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 buying an additional 31,655 shares during the last quarter. The Manufacturers Life Insurance Company grew its position 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 buying an additional 11,670 shares during the last quarter. Finally, Alpine Global Management LLC grew its position 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 buying an additional 153,426 shares during the last quarter. Hedge funds and other institutional investors own 67.61% of the company’s stock.
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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