Genworth Financial (NYSE:GNW) Downgraded by Keefe, Bruyette & Woods to “Hold”

Keefe, Bruyette & Woods downgraded shares of Genworth Financial (NYSE:GNW) from a moderate buy rating to a hold rating in a research note issued to investors on Thursday morning,Zacks reports.

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

Genworth Financial Stock Down 3.5%

Genworth Financial stock opened at $9.39 on Thursday. Genworth Financial has a 1-year low of $7.84 and a 1-year high of $10.69. The company has a debt-to-equity ratio of 0.15, a current ratio of 0.29 and a quick ratio of 0.29. The stock has a market cap of $3.55 billion, a PE ratio of 18.07 and a beta of 0.88. The stock’s fifty day moving average is $9.89 and its two-hundred day moving average is $9.34.

Genworth Financial (NYSE:GNW) last announced its quarterly earnings results 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. 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. On average, sell-side analysts expect that Genworth Financial will post 1.11 EPS for the current fiscal year.

Insider Buying and Selling

In other news, CEO Thomas J. Mcinerney sold 100,000 shares of Genworth Financial stock in a transaction 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 transaction, the chief executive officer directly owned 5,068,883 shares of the company’s stock, valued at $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 is available through this link. Also, EVP Melissa Hagerman sold 14,708 shares of Genworth Financial 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 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. 1.80% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Genworth Financial

A number of hedge funds and other institutional investors have recently made changes to their positions in GNW. Integrated Wealth Concepts LLC purchased a new stake in Genworth Financial during the 2nd quarter valued at approximately $49,000. Atlas Wealth LLC acquired a new position in shares of Genworth Financial in the first quarter valued at approximately $51,000. Farther Finance Advisors LLC raised its stake in shares of Genworth Financial by 436.3% during the third quarter. Farther Finance Advisors LLC now owns 5,760 shares of the financial services provider’s stock worth $52,000 after purchasing an additional 4,686 shares during the last quarter. Rockefeller Capital Management L.P. raised its stake in shares of Genworth Financial by 124.2% during the fourth quarter. Rockefeller Capital Management L.P. now owns 7,159 shares of the financial services provider’s stock worth $65,000 after purchasing an additional 3,966 shares during the last quarter. Finally, Kiley Juergens Wealth Management LLC acquired a new stake in shares of Genworth Financial during the first quarter worth $82,000. Hedge funds and other 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.