Genworth Financial, Inc. $GNW Stock: State of Alaska Department of Revenue Reduces Holdings

State of Alaska Department of Revenue reduced its holdings in Genworth Financial, Inc. (NYSE:GNW) by 45.7% in the third quarter, HoldingsChannel reports. The firm owned 77,902 shares of the financial services provider’s stock after selling 65,638 shares during the period. State of Alaska Department of Revenue’s holdings in Genworth Financial were worth $698,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Donald Smith & CO. Inc. acquired a new position in shares of Genworth Financial during the second quarter worth approximately $212,906,000. Bank of New York Mellon Corp bought a new position in shares of Genworth Financial during the 2nd quarter worth approximately $22,798,000. Bank of America Corp DE lifted 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 worth $17,528,000 after acquiring an additional 1,232,931 shares during the period. Principal Financial Group Inc. boosted its holdings in shares of 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 worth $15,760,000 after buying an additional 37,098 shares during the last quarter. Finally, SG Americas Securities LLC grew its position in shares of Genworth Financial by 173.7% during the 1st 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 period. Institutional investors own 81.85% of the company’s stock.

Genworth Financial Trading Up 0.8%

NYSE GNW opened at $8.93 on Friday. The company has a quick ratio of 0.29, a current ratio of 0.29 and a debt-to-equity ratio of 0.15. The stock’s 50-day simple moving average is $9.74 and its two-hundred day simple moving average is $9.40. Genworth Financial, Inc. has a twelve month low of $7.84 and a twelve month high of $10.69. The company has a market capitalization of $3.37 billion, a price-to-earnings ratio of 25.29 and a beta of 0.88.

Genworth Financial (NYSE:GNW) last posted its quarterly earnings data on Wednesday, August 5th. The financial services provider reported $0.29 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.28 by $0.01. The firm had revenue of $1.03 billion during the quarter, compared to analysts’ expectations of $1.90 billion. Genworth Financial had a return on equity of 1.06% and a net margin of 2.87%. Research analysts forecast that Genworth Financial, Inc. will post 1.11 EPS for the current fiscal year.

Insider Transactions at Genworth Financial

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

Analysts Set New Price Targets

Several equities research analysts recently weighed in on the company. Weiss Ratings raised Genworth Financial from a “hold (c+)” rating to a “buy (b-)” rating in a report on Wednesday. Keefe, Bruyette & Woods reaffirmed a “market perform” rating and set a $10.50 price objective (down from $11.50) on shares of Genworth Financial in a research note on Friday, October 9th. Finally, Wall Street Zen upgraded shares of Genworth Financial from a “sell” rating to a “hold” rating in a research note on Sunday, July 12th. One equities research analyst has rated the stock with a Buy rating and two have given a Hold rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $10.50.

Genworth Financial 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.