Genworth Financial Inc (GNW) Downgraded by Zacks Investment Research to Strong Sell
Zacks Investment Research downgraded shares of Genworth Financial Inc (NYSE:GNW) from a hold rating to a strong sell rating in a report released on Monday.
According to Zacks, “Genworth’s third-quarter 2017 earnings missed the Zacks Consensus Estimate. However, its adjusted operating income compared favorably with the year-ago quarter’s loss. While shares of Genworth have underperformed the industry year to date, estimates too have moved south. New products and pricing changes in the U.S. Life Insurance Division implemented over the past couple of years led to lower sales for Genworth. Nonetheless, Genworth has agreed to be acquired by China Oceanwide. The merger will consolidate Genworth’s financial position in the mortgage insurance and long term care insurance markets. Also, it will remain committed toward its key financial priorities of strengthening the balance sheet and stabilizing and improving ratings over time, particularly in its U.S. MI business. It is intensifying focus on streamlining and rationalizing business to mainly improve performance, enhance financial and strategic flexibility.”
A number of other research analysts have also recently weighed in on GNW. BidaskClub cut Genworth Financial from a hold rating to a sell rating in a research report on Tuesday, July 11th. Wells Fargo & Company restated a hold rating on shares of Genworth Financial in a research report on Tuesday, August 1st. ValuEngine upgraded Genworth Financial from a sell rating to a hold rating in a research report on Friday, September 1st. Off Wall Street assumed coverage on Genworth Financial in a research report on Monday, September 11th. They set a buy rating for the company. Finally, BTIG Research reiterated a neutral rating on shares of Genworth Financial in a research report on Saturday, September 16th. Two investment analysts have rated the stock with a sell rating, three have given a hold rating and three have issued a buy rating to the company’s stock. Genworth Financial currently has an average rating of Hold and an average price target of $3.96.
Genworth Financial (GNW) traded down $0.01 during trading hours on Monday, reaching $3.45. The company’s stock had a trading volume of 1,904,388 shares, compared to its average volume of 4,060,000. The stock has a market capitalization of $1,710.00, a PE ratio of 7.30, a price-to-earnings-growth ratio of 0.71 and a beta of 2.80. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.25 and a quick ratio of 0.28. Genworth Financial has a 1 year low of $3.12 and a 1 year high of $4.46.
Genworth Financial (NYSE:GNW) last released its quarterly earnings data on Thursday, November 2nd. The financial services provider reported $0.15 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.20 by ($0.05). The business had revenue of $2.22 billion during the quarter, compared to analysts’ expectations of $2.12 billion. Genworth Financial had a return on equity of 1.57% and a net margin of 3.88%. The company’s revenue was up 3.0% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($0.81) EPS. sell-side analysts anticipate that Genworth Financial will post 0.97 EPS for the current fiscal year.
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Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. OMERS ADMINISTRATION Corp lifted its stake in shares of Genworth Financial by 1.6% in the 2nd quarter. OMERS ADMINISTRATION Corp now owns 2,890,200 shares of the financial services provider’s stock valued at $10,896,000 after purchasing an additional 45,500 shares in the last quarter. Ameriprise Financial Inc. lifted its stake in shares of Genworth Financial by 2.4% in the 2nd quarter. Ameriprise Financial Inc. now owns 1,407,648 shares of the financial services provider’s stock valued at $5,306,000 after purchasing an additional 33,482 shares in the last quarter. Geode Capital Management LLC lifted its stake in shares of Genworth Financial by 8.6% in the 1st quarter. Geode Capital Management LLC now owns 3,909,751 shares of the financial services provider’s stock valued at $16,108,000 after purchasing an additional 309,296 shares in the last quarter. Gotham Asset Management LLC lifted its stake in shares of Genworth Financial by 37.0% in the 1st quarter. Gotham Asset Management LLC now owns 86,934 shares of the financial services provider’s stock valued at $358,000 after purchasing an additional 23,470 shares in the last quarter. Finally, Evercore Trust Company N.A. lifted its stake in shares of Genworth Financial by 2.6% in the 2nd quarter. Evercore Trust Company N.A. now owns 2,548,761 shares of the financial services provider’s stock valued at $9,609,000 after purchasing an additional 65,419 shares in the last quarter. 67.68% of the stock is currently owned by institutional investors and hedge funds.
About Genworth Financial
Genworth Financial, Inc (Genworth) is a financial security company. The Company provides insurance, wealth management, investment and financial solutions. As of December 31, 2011, the Company had more than 15 million customers, with a presence in more than 25 countries. The Company operates in Insurance, Mortgage Insurance and Corporate and Runoff.
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