Hsbc Holdings PLC Takes Position in Genworth Financial, Inc. $GNW

Hsbc Holdings PLC purchased a new position in shares of Genworth Financial, Inc. (NYSE:GNW) during the fourth quarter, HoldingsChannel.com reports. The institutional investor purchased 150,069 shares of the financial services provider’s stock, valued at approximately $1,360,000.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. Norges Bank bought a new stake in shares of Genworth Financial during the fourth quarter worth $45,912,000. Gendell Jeffrey L grew its holdings in Genworth Financial by 168.0% during the 4th quarter. Gendell Jeffrey L now owns 6,485,888 shares of the financial services provider’s stock worth $58,568,000 after acquiring an additional 4,065,684 shares during the last quarter. UBS Group AG increased its position in Genworth Financial by 621.2% in the 4th quarter. UBS Group AG now owns 3,598,588 shares of the financial services provider’s stock valued at $32,495,000 after acquiring an additional 3,099,582 shares in the last quarter. Invesco Ltd. increased its position in Genworth Financial by 41.0% in the 2nd quarter. Invesco Ltd. now owns 4,291,220 shares of the financial services provider’s stock valued at $33,386,000 after acquiring an additional 1,248,374 shares in the last quarter. Finally, Hudson Bay Capital Management LP bought a new position in shares of Genworth Financial in the second quarter worth about $5,616,000. 81.85% of the stock is owned by institutional investors and hedge funds.

Genworth Financial Trading Up 0.8%

Shares of NYSE GNW opened at $9.54 on Thursday. The company’s 50 day simple moving average is $8.98 and its 200 day simple moving average is $8.74. Genworth Financial, Inc. has a fifty-two week low of $7.13 and a fifty-two week high of $9.65. The firm has a market capitalization of $3.66 billion, a P/E ratio of 18.36 and a beta of 0.85. The company has a debt-to-equity ratio of 0.15, a current ratio of 0.29 and a quick ratio of 0.29.

Genworth Financial (NYSE:GNW) last released its earnings results on Tuesday, May 5th. The financial services provider reported $0.28 EPS for the quarter, topping analysts’ consensus estimates of $0.18 by $0.10. The firm had revenue of $1.04 billion during the quarter, compared to analyst estimates of $1.72 billion. Genworth Financial had a net margin of 2.96% and a return on equity of 1.73%. On average, analysts predict that Genworth Financial, Inc. will post 0.44 EPS for the current year.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on the stock. Weiss Ratings upgraded shares of Genworth Financial from a “hold (c)” rating to a “hold (c+)” rating in a research report on Tuesday, June 16th. Zacks Research upgraded shares of Genworth Financial to a “hold” rating in a research report on Wednesday, May 27th. Keefe, Bruyette & Woods upped their price objective on Genworth Financial from $10.50 to $11.00 and gave the stock an “outperform” rating in a report on Wednesday, May 13th. Finally, Wall Street Zen lowered Genworth Financial from a “hold” rating to a “sell” rating in a research report on Sunday, May 17th. One investment analyst has rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $11.00.

Insider Buying and Selling at Genworth Financial

In related news, CEO Thomas J. Mcinerney sold 100,000 shares of Genworth Financial stock in a transaction on Friday, May 22nd. The stock was sold at an average price of $9.27, for a total transaction of $927,000.00. Following the completion of the sale, the chief executive officer directly owned 5,368,883 shares of the company’s stock, valued at $49,769,545.41. The trade was a 1.83% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Robert P. Restrepo, Jr. sold 50,000 shares of Genworth Financial stock in a transaction on Friday, May 22nd. The stock was sold at an average price of $9.12, for a total value of $456,000.00. Following the sale, the director directly owned 92,655 shares of the company’s stock, valued at approximately $845,013.60. This trade represents a 35.05% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 1.80% of the stock is owned by company insiders.

About Genworth Financial

Genworth Financial (NYSE: GNW) is a leading financial security company offering a broad range of insurance products. Based in Richmond, Virginia, Genworth provides individuals and families with solutions designed to protect against long-term care expenses, secure life insurance needs and support homeownership through private mortgage insurance. With operations spanning the United States, Canada and Australia, the company serves both retail and institutional clients through a diversified portfolio of risk management services.

The company’s Private Mortgage Insurance (PMI) segment offers coverage to lenders and consumers in the US, Canada and Australia, enabling homebuyers to purchase properties with lower down payments.