Genworth Financial (NYSE:GNW) Stock Rating Lowered by Keefe, Bruyette & Woods

Genworth Financial (NYSE:GNW) was downgraded by research analysts at Keefe, Bruyette & Woods from a “moderate buy” rating to a “hold” rating in a report released on Thursday, Zacks reports.

Several other research analysts have also recently commented on GNW. Weiss Ratings cut shares of Genworth Financial from a “buy (b-)” rating to a “hold (c+)” rating in a report on Tuesday. Wall Street Zen raised Genworth Financial from a “sell” rating to a “hold” rating in a research report on Sunday, July 12th. Three analysts have rated the stock with a Hold rating. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $10.50.

Genworth Financial Stock Down 3.5%

NYSE GNW opened at $9.39 on Thursday. Genworth Financial has a 12 month low of $7.84 and a 12 month high of $10.69. The company has a market capitalization of $3.55 billion, a P/E ratio of 18.07 and a beta of 0.88. The company’s 50 day simple moving average is $9.89 and its 200 day simple moving average is $9.34. 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 announced its quarterly earnings data on Wednesday, August 5th. The financial services provider reported $0.29 EPS 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 company had revenue of $1.03 billion during the quarter, compared to the consensus estimate of $1.90 billion. Equities research analysts expect that Genworth Financial will post 1.11 earnings per share for the current fiscal year.

Insider Activity at Genworth Financial

In other news, CEO Thomas McInerney sold 100,000 shares of the stock in a transaction on Thursday, September 3rd. The shares were sold at an average price of $10.53, for a total transaction of $1,053,000.00. Following the transaction, the chief executive officer owned 5,068,883 shares in the company, valued at $53,375,337.99. This represents a 1.93% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Melissa Hagerman sold 14,708 shares of the stock in a transaction on Monday, August 24th. The stock was sold at an average price of $9.91, for a total transaction of $145,756.28. Following the transaction, the executive vice president directly owned 192,539 shares in the company, valued at $1,908,061.49. The trade was a 7.10% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders own 1.80% of the company’s stock.

Institutional Investors Weigh In On Genworth Financial

A number of large investors have recently added to or reduced their stakes in the stock. Donald Smith & CO. Inc. bought a new position in shares of Genworth Financial in the second quarter valued at approximately $212,906,000. Bank of New York Mellon Corp bought a new stake in shares of Genworth Financial during the 2nd quarter worth $22,798,000. Bank of America Corp DE grew its stake in Genworth Financial by 133.2% in the 1st 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 last quarter. Principal Financial Group Inc. grew its stake in Genworth Financial by 1.9% in the 1st quarter. Principal Financial Group Inc. now owns 1,940,885 shares of the financial services provider’s stock valued at $15,760,000 after buying an additional 37,098 shares during the last quarter. Finally, SG Americas Securities LLC raised its holdings in Genworth Financial by 173.7% in the 1st quarter. SG Americas Securities LLC now owns 1,188,288 shares of the financial services provider’s stock worth $9,649,000 after acquiring an additional 754,105 shares during the period. Institutional investors own 81.85% of the company’s stock.

About Genworth Financial

Genworth Financial, Inc is a financial services company focused primarily on mortgage insurance and long-term care insurance. Through its U.S. mortgage insurance operations, including its majority-owned subsidiary Enact Holdings, the company helps lenders manage credit risk and supports access to homeownership by insuring residential mortgage loans.

Genworth also manages a portfolio of U.S. life insurance and long-term care insurance products. Its life insurance operations primarily serve existing policyholders, with an emphasis on administering in-force policies and managing long-term obligations rather than pursuing broad new sales.