Norges Bank Acquires New Shares in Genworth Financial, Inc. $GNW

Norges Bank acquired a new stake in shares of Genworth Financial, Inc. (NYSE:GNW) during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 5,084,432 shares of the financial services provider’s stock, valued at approximately $45,912,000. Norges Bank owned about 1.27% of Genworth Financial at the end of the most recent reporting period.

Other institutional investors also recently modified their holdings of the company. Bessemer Group Inc. boosted its position in shares of Genworth Financial by 60.6% during the third quarter. Bessemer Group Inc. now owns 3,830 shares of the financial services provider’s stock valued at $34,000 after buying an additional 1,445 shares during the last quarter. Headlands Technologies LLC purchased a new stake in Genworth Financial in the second quarter worth approximately $44,000. Larson Financial Group LLC boosted its holdings in Genworth Financial by 12,597.7% in the third quarter. Larson Financial Group LLC now owns 5,587 shares of the financial services provider’s stock worth $50,000 after purchasing an additional 5,543 shares during the last quarter. Danske Bank A S purchased a new stake in Genworth Financial in the third quarter worth approximately $60,000. Finally, EverSource Wealth Advisors LLC boosted its holdings in Genworth Financial by 140.3% in the second quarter. EverSource Wealth Advisors LLC now owns 8,063 shares of the financial services provider’s stock worth $63,000 after purchasing an additional 4,708 shares during the last quarter. 81.85% of the stock is owned by hedge funds and other institutional investors.

Genworth Financial Price Performance

NYSE GNW opened at $8.60 on Tuesday. The company has a market capitalization of $3.29 billion, a PE ratio of 16.53 and a beta of 0.86. 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 business’s fifty day moving average is $8.78 and its 200 day moving average is $8.68. Genworth Financial, Inc. has a fifty-two week low of $6.75 and a fifty-two week high of $9.45.

Genworth Financial (NYSE:GNW) last released its earnings results on Tuesday, May 5th. The financial services provider reported $0.28 earnings per share for the quarter, beating the consensus estimate of $0.18 by $0.10. Genworth Financial had a return on equity of 1.73% and a net margin of 2.96%.The company had revenue of $1.04 billion for the quarter, compared to the consensus estimate of $1.72 billion. Sell-side analysts predict that Genworth Financial, Inc. will post 0.44 earnings per share for the current year.

Insider Transactions at Genworth Financial

In other news, CEO Thomas J. Mcinerney sold 100,000 shares of Genworth Financial stock in a transaction dated Friday, May 22nd. The stock was sold at an average price of $9.27, for a total transaction of $927,000.00. Following the transaction, the chief executive officer directly owned 5,368,883 shares of the company’s stock, valued at $49,769,545.41. The trade was a 1.83% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Robert P. Restrepo, Jr. sold 50,000 shares of Genworth Financial stock in a transaction dated Friday, May 22nd. The shares were sold at an average price of $9.12, for a total value of $456,000.00. Following the transaction, the director directly owned 92,655 shares in the company, valued at approximately $845,013.60. The trade was a 35.05% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 1.80% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on the stock. Wall Street Zen cut shares of Genworth Financial from a “hold” rating to a “sell” rating in a report on Sunday, May 17th. Keefe, Bruyette & Woods raised their target price on shares of Genworth Financial from $10.50 to $11.00 and gave the stock an “outperform” rating in a report on Wednesday, May 13th. Zacks Research upgraded shares of Genworth Financial to a “hold” rating in a report on Wednesday, May 27th. Finally, Weiss Ratings cut Genworth Financial from a “hold (c+)” rating to a “hold (c)” rating in a research report on Monday, June 1st. One analyst has rated the stock with a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $11.00.

Genworth Financial Company Profile

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.