Genworth Financial (NYSE:GNW) Issues Earnings Results

Genworth Financial (NYSE:GNW) announced its quarterly earnings data on Wednesday. The financial services provider reported $0.29 earnings per share for the quarter, beating the consensus estimate of $0.28 by $0.01, FiscalAI reports. The firm had revenue of $1.03 billion during the quarter, compared to analyst estimates of $1.70 billion. Genworth Financial had a return on equity of 1.73% and a net margin of 2.96%.

Genworth Financial Stock Performance

Shares of GNW traded down $0.02 during mid-day trading on Thursday, hitting $9.67. The company’s stock had a trading volume of 3,753,895 shares, compared to its average volume of 3,233,094. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.29 and a current ratio of 0.29. The firm has a market capitalization of $3.70 billion, a PE ratio of 18.60 and a beta of 0.87. The stock’s 50-day moving average is $9.35 and its two-hundred day moving average is $8.88. Genworth Financial has a one year low of $7.84 and a one year high of $10.20.

Insider Transactions at Genworth Financial

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

Institutional Trading of Genworth Financial

Several large investors have recently made changes to their positions in the business. Nuveen LLC increased its stake in shares of Genworth Financial by 2.3% in the fourth quarter. Nuveen LLC now owns 9,781,111 shares of the financial services provider’s stock valued at $88,323,000 after buying an additional 223,279 shares in the last quarter. Gendell Jeffrey L boosted its stake in Genworth Financial by 168.0% in the 4th quarter. Gendell Jeffrey L now owns 6,485,888 shares of the financial services provider’s stock worth $58,568,000 after purchasing an additional 4,065,684 shares during the period. Invesco Ltd. lifted its stake in shares of Genworth Financial by 41.0% during the 2nd quarter. Invesco Ltd. now owns 4,291,220 shares of the financial services provider’s stock worth $33,386,000 after buying an additional 1,248,374 shares during the last quarter. Goldman Sachs Group Inc. boosted its holdings in shares of Genworth Financial by 41.1% during the 4th quarter. Goldman Sachs Group Inc. now owns 1,903,060 shares of the financial services provider’s stock worth $17,185,000 after buying an additional 554,804 shares during the period. Finally, Cubist Systematic Strategies LLC boosted its holdings in shares of Genworth Financial by 4.0% during the 2nd quarter. Cubist Systematic Strategies LLC now owns 1,835,764 shares of the financial services provider’s stock worth $14,282,000 after buying an additional 70,157 shares during the period. Institutional investors own 81.85% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have weighed in on GNW. Weiss Ratings cut shares of Genworth Financial from a “buy (b-)” rating to a “hold (c+)” rating in a report on Friday, July 17th. Keefe, Bruyette & Woods lifted their price objective on shares of Genworth Financial from $11.00 to $12.00 and gave the company an “outperform” rating in a research note on Monday, July 13th. Wall Street Zen upgraded Genworth Financial from a “sell” rating to a “hold” rating in a report on Sunday, July 12th. Finally, Zacks Research upgraded shares of Genworth Financial to a “hold” rating in a report on Wednesday, May 27th. One equities research analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat.com, Genworth Financial presently has an average rating of “Hold” and an average target price of $12.00.

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.