Genworth Financial (NYSE:GNW) Stock Gets Downgrade from Keefe, Bruyette & Woods

Genworth Financial (NYSE:GNW) was downgraded by investment analysts at Keefe, Bruyette & Woods from an “outperform” rating to a “market perform” rating in a research note issued to investors on Friday, October 9th, Marketbeat Ratings reports. They currently have a $10.50 price objective on the financial services provider’s stock, down from their previous price objective of $11.50. Keefe, Bruyette & Woods‘s target price would suggest a potential upside of 18.31% from the company’s current price.

A number of other analysts have also commented on the company. Wall Street Zen raised Genworth Financial from a “sell” rating to a “hold” rating in a research note on Sunday, July 12th. Weiss Ratings downgraded shares of Genworth Financial from a “buy (b-)” rating to a “hold (c+)” rating in a report on Tuesday, October 6th. One investment analyst has rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $10.50.

Genworth Financial Stock Down 0.2%

Shares of GNW traded down $0.01 during midday trading on Friday, reaching $8.88. 1,859,898 shares of the company were exchanged, compared to its average volume of 3,340,775. The company has a market cap of $3.35 billion, a price-to-earnings ratio of 17.07 and a beta of 0.88. Genworth Financial has a 1-year low of $7.84 and a 1-year high of $10.69. The stock has a 50-day moving average price of $9.66 and a 200-day moving average price of $9.11. 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 (NYSE:GNW) last issued its quarterly earnings results on Wednesday, August 5th. The financial services provider reported $0.29 earnings per share for the quarter, beating analysts’ consensus estimates of $0.28 by $0.01. Genworth Financial had a return on equity of 1.06% and a net margin of 2.87%. The business had revenue of $1.03 billion for the quarter, compared to the consensus estimate of $1.90 billion. Research analysts expect that Genworth Financial will post 1.11 earnings per share for the current year.

Insider Buying and Selling at Genworth Financial

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

Hedge Funds Weigh In On Genworth Financial

Institutional investors and hedge funds have recently modified their holdings of the company. Bank of America Corp DE increased its holdings in Genworth Financial by 133.2% during the first quarter. Bank of America Corp DE now owns 2,158,625 shares of the financial services provider’s stock valued at $17,528,000 after buying an additional 1,232,931 shares during the period. Fifth Third Bancorp grew its position 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 acquiring an additional 560,347 shares during the last quarter. Hsbc Holdings PLC acquired a new position in Genworth Financial during the fourth quarter worth $1,360,000. SG Americas Securities LLC boosted its holdings in Genworth Financial by 173.7% in the first quarter. SG Americas Securities LLC now owns 1,188,288 shares of the financial services provider’s stock valued at $9,649,000 after acquiring an additional 754,105 shares during the last quarter. Finally, Engineers Gate Manager LP bought a new stake in shares of Genworth Financial in the 2nd quarter worth about $1,983,000. 81.85% of the stock is currently owned by hedge funds and other institutional investors.

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.