Genworth Financial (NYSE:GNW) Price Target Raised to $12.00

Genworth Financial (NYSE:GNW) had its price objective lifted by analysts at Keefe, Bruyette & Woods from $11.00 to $12.00 in a report released on Monday,Benzinga reports. The firm presently has an “outperform” rating on the financial services provider’s stock. Keefe, Bruyette & Woods’ price objective suggests a potential upside of 30.36% from the company’s current price.

Other equities analysts have also recently issued research reports about the company. Wall Street Zen upgraded Genworth Financial from a “sell” rating to a “hold” rating in a report on Sunday. Zacks Research upgraded shares of Genworth Financial to a “hold” rating in a research note on Wednesday, May 27th. Finally, Weiss Ratings upgraded shares of Genworth Financial from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Tuesday, June 30th. Two equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $12.00.

Genworth Financial Trading Up 0.1%

NYSE:GNW opened at $9.21 on Monday. The business’s 50-day moving average is $9.06 and its two-hundred day moving average is $8.75. 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 has a 12 month low of $7.13 and a 12 month high of $9.69. The firm has a market capitalization of $3.53 billion, a PE ratio of 17.70 and a beta of 0.85.

Genworth Financial (NYSE:GNW) last issued its earnings results on Tuesday, May 5th. The financial services provider reported $0.28 earnings per share for the quarter, topping 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 during the quarter, compared to the consensus estimate of $1.72 billion. Research analysts predict that Genworth Financial will post 0.44 earnings per share for the current fiscal year.

Insider Activity

In related news, CEO Thomas J. Mcinerney sold 100,000 shares of the company’s stock in a transaction that occurred on Friday, May 22nd. The shares were sold at an average price of $9.27, for a total value of $927,000.00. Following the completion of the sale, the chief executive officer owned 5,368,883 shares in the company, valued at approximately $49,769,545.41. This represents a 1.83% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Robert P. Restrepo, Jr. sold 50,000 shares of the firm’s stock in a transaction on Friday, May 22nd. The stock was sold at an average price of $9.12, for a total value of $456,000.00. Following the completion of the sale, the director directly owned 92,655 shares of the company’s stock, valued at approximately $845,013.60. This trade represents a 35.05% decrease in their position. The disclosure for this sale is available in the SEC filing. Company insiders own 1.80% of the company’s stock.

Institutional Trading of Genworth Financial

A number of hedge funds have recently bought and sold shares of the stock. Norges Bank bought a new position in shares of Genworth Financial during the 4th quarter worth about $45,912,000. Gendell Jeffrey L increased its stake in Genworth Financial by 168.0% during the fourth quarter. Gendell Jeffrey L now owns 6,485,888 shares of the financial services provider’s stock valued at $58,568,000 after acquiring an additional 4,065,684 shares during the period. UBS Group AG raised its holdings in Genworth Financial by 621.2% in the 4th quarter. UBS Group AG now owns 3,598,588 shares of the financial services provider’s stock valued at $32,495,000 after acquiring an additional 3,099,582 shares in the last quarter. Invesco Ltd. lifted its position in shares of Genworth Financial by 41.0% in the 2nd quarter. Invesco Ltd. now owns 4,291,220 shares of the financial services provider’s stock worth $33,386,000 after acquiring an additional 1,248,374 shares during the period. Finally, Bank of America Corp DE grew its holdings in shares of 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 in the last quarter. 81.85% of the stock is owned by institutional investors.

About Genworth Financial

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.