Keefe, Bruyette & Woods Reaffirms “Hold” Rating for Genworth Financial Inc (GNW)
Genworth Financial Inc (NYSE:GNW)‘s stock had its “hold” rating reiterated by equities research analysts at Keefe, Bruyette & Woods in a research note issued to investors on Tuesday. They currently have a $4.00 price objective on the financial services provider’s stock. Keefe, Bruyette & Woods’ price objective would suggest a potential upside of 14.61% from the stock’s current price.
GNW has been the subject of a number of other reports. ValuEngine upgraded Genworth Financial from a “sell” rating to a “hold” rating in a research note on Tuesday, June 27th. BidaskClub lowered Genworth Financial from a “hold” rating to a “sell” rating in a report on Tuesday, July 11th. Zacks Investment Research upgraded Genworth Financial from a “hold” rating to a “buy” rating and set a $4.00 price objective on the stock in a research note on Tuesday, September 5th. Wells Fargo & Company restated a “hold” rating on shares of Genworth Financial in a research note on Monday. Finally, Off Wall Street began coverage on Genworth Financial in a report on Monday, September 11th. They set a “buy” rating on the stock. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and three have issued a buy rating to the company. The stock presently has an average rating of “Hold” and an average price target of $4.27.
Shares of Genworth Financial (NYSE:GNW) traded up 3.56% during midday trading on Tuesday, reaching $3.49. 7,008,285 shares of the company traded hands. The firm’s market capitalization is $1.74 billion. Genworth Financial has a 12 month low of $3.12 and a 12 month high of $5.27. The company has a 50 day moving average of $3.62 and a 200 day moving average of $3.70.
Genworth Financial (NYSE:GNW) last announced its quarterly earnings data on Tuesday, August 1st. The financial services provider reported $0.30 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.22 by $0.08. The company had revenue of $2.22 billion during the quarter, compared to analyst estimates of $2.14 billion. Genworth Financial had a negative net margin of 1.66% and a negative return on equity of 1.63%. The firm’s revenue for the quarter was down .6% compared to the same quarter last year. During the same period last year, the business earned $0.39 EPS. On average, equities research analysts predict that Genworth Financial will post $1.03 earnings per share for the current fiscal year.
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Several hedge funds and other institutional investors have recently made changes to their positions in GNW. BlackRock Inc. grew its stake in Genworth Financial by 9,605.2% during the 1st quarter. BlackRock Inc. now owns 48,718,954 shares of the financial services provider’s stock worth $200,723,000 after buying an additional 48,216,968 shares during the last quarter. Southpoint Capital Advisors LP bought a new stake in Genworth Financial in the first quarter valued at $25,192,000. CNH Partners LLC lifted its stake in Genworth Financial by 67.1% in the second quarter. CNH Partners LLC now owns 7,796,296 shares of the financial services provider’s stock valued at $29,392,000 after buying an additional 3,129,795 shares during the last quarter. Vanguard Group Inc. lifted its stake in Genworth Financial by 7.0% in the second quarter. Vanguard Group Inc. now owns 41,753,927 shares of the financial services provider’s stock valued at $157,413,000 after buying an additional 2,745,057 shares during the last quarter. Finally, Saba Capital Management L.P. lifted its stake in Genworth Financial by 84.8% in the first quarter. Saba Capital Management L.P. now owns 2,588,820 shares of the financial services provider’s stock valued at $10,666,000 after buying an additional 1,187,801 shares during the last quarter. 67.61% of the stock is currently owned by institutional investors and hedge funds.
Genworth Financial Company Profile
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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