Genworth Financial (NYSE:GNW) Stock Price Breaks Above 200 Day Moving Average on Disappointing Earnings

Genworth Financial, Inc. (NYSE:GNW) passed above its two hundred day moving average during trading on Wednesday following a better than expected earnings announcement. The stock has a two hundred day moving average of $9.12 and traded as high as $9.25. Genworth Financial shares last traded at $9.1650, with a volume of 3,728,221 shares changing hands.

The financial services provider reported ($0.12) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.28 by ($0.40). The firm had revenue of $1.04 billion during the quarter, compared to analysts’ expectations of $1.88 billion. Genworth Financial had a return on equity of 1.06% and a net margin of 2.87%.

Wall Street Analysts Forecast Growth

GNW has been the subject of several research reports. Wall Street Zen raised shares of Genworth Financial from a “sell” rating to a “hold” rating in a report on Sunday, July 12th. Weiss Ratings raised shares of Genworth Financial from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Wednesday, October 21st. Finally, Keefe, Bruyette & Woods downgraded shares of Genworth Financial from an “outperform” rating to a “market perform” rating and dropped their price objective for the company from $11.50 to $10.50 in a research note on Friday, October 9th. One analyst has rated the stock with a Buy rating and two have given a Hold rating to the company. According to MarketBeat.com, Genworth Financial has an average rating of “Hold” and an average target price of $10.50.

Insider Transactions at Genworth Financial

In other Genworth Financial news, EVP Melissa Hagerman sold 14,708 shares of the firm’s stock in a transaction that occurred on Monday, August 24th. The stock was sold at an average price of $9.91, for a total value of $145,756.28. Following the sale, the executive vice president directly owned 192,539 shares of the company’s stock, valued at approximately $1,908,061.49. This trade represents a 7.10% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Thomas J. Mcinerney sold 100,000 shares of the business’s stock in a transaction on Thursday, September 3rd. The stock was sold at an average price of $10.53, for a total transaction of $1,053,000.00. Following the completion of the sale, the chief executive officer directly owned 5,068,883 shares of the company’s stock, valued at approximately $53,375,337.99. The trade was a 1.93% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 1.80% of the company’s stock.

Institutional Investors Weigh In On Genworth Financial

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Donald Smith & CO. Inc. acquired a new stake in shares of Genworth Financial in the 2nd quarter valued at $212,906,000. Bank of New York Mellon Corp purchased a new stake in Genworth Financial in the second quarter valued at approximately $22,798,000. Bank of America Corp DE boosted its stake in Genworth Financial by 133.2% during the 1st quarter. Bank of America Corp DE now owns 2,158,625 shares of the financial services provider’s stock worth $17,528,000 after purchasing an additional 1,232,931 shares during the period. Fifth Third Bancorp grew its holdings in shares of Genworth Financial by 21,643.4% during the first quarter. Fifth Third Bancorp now owns 562,936 shares of the financial services provider’s stock worth $4,571,000 after buying an additional 560,347 shares during the last quarter. Finally, VIRGINIA RETIREMENT SYSTEMS ET Al raised its stake in shares of Genworth Financial by 1,233.9% during the third quarter. VIRGINIA RETIREMENT SYSTEMS ET Al now owns 342,800 shares of the financial services provider’s stock worth $3,075,000 after purchasing an additional 317,100 shares during the last quarter. Institutional investors and hedge funds own 81.85% of the company’s stock.

Genworth Financial Price Performance

The company’s 50 day moving average price is $9.55 and its 200 day moving average price is $9.12. The company has a market cap of $3.46 billion, a price-to-earnings ratio of 17.63 and a beta of 0.87. The company has a current ratio of 0.29, a quick ratio of 0.29 and a debt-to-equity ratio of 0.15.

Genworth Financial Company Profile

Genworth Financial, Inc is an insurance holding company headquartered in Richmond, Virginia. The company’s principal business is mortgage insurance, primarily through its majority-owned subsidiary, Enact Holdings, Inc Enact provides private mortgage insurance to lenders and mortgage investors, helping eligible borrowers obtain home loans with smaller down payments while reducing lenders’ exposure to borrower default.

Genworth also manages long-term care insurance businesses and legacy insurance obligations in the United States.