Principal Financial Group Inc. Buys 29,918 Shares of Genworth Financial Inc (GNW)
Principal Financial Group Inc. increased its stake in shares of Genworth Financial Inc (NYSE:GNW) by 1.4% during the 1st quarter, HoldingsChannel reports. The fund owned 2,166,308 shares of the financial services provider’s stock after purchasing an additional 29,918 shares during the period. Principal Financial Group Inc.’s holdings in Genworth Financial were worth $6,130,000 as of its most recent SEC filing.
Other institutional investors also recently added to or reduced their stakes in the company. CIBC World Markets Inc. grew its stake in Genworth Financial by 103.6% during the 1st quarter. CIBC World Markets Inc. now owns 67,181 shares of the financial services provider’s stock worth $190,000 after buying an additional 34,181 shares during the last quarter. Xact Kapitalforvaltning AB grew its stake in Genworth Financial by 36.4% during the 1st quarter. Xact Kapitalforvaltning AB now owns 70,890 shares of the financial services provider’s stock worth $201,000 after buying an additional 18,900 shares during the last quarter. Millennium Management LLC bought a new position in Genworth Financial during the 1st quarter worth $111,000. Saba Capital Management L.P. grew its stake in Genworth Financial by 3.6% during the 1st quarter. Saba Capital Management L.P. now owns 4,372,434 shares of the financial services provider’s stock worth $12,374,000 after buying an additional 151,200 shares during the last quarter. Finally, Ladenburg Thalmann Financial Services Inc. grew its stake in Genworth Financial by 6.2% during the 1st quarter. Ladenburg Thalmann Financial Services Inc. now owns 303,284 shares of the financial services provider’s stock worth $858,000 after buying an additional 17,750 shares during the last quarter. 64.06% of the stock is currently owned by hedge funds and other institutional investors.
GNW has been the subject of a number of recent research reports. Wells Fargo & Co restated a “hold” rating on shares of Genworth Financial in a research note on Tuesday, April 24th. BTIG Research restated a “hold” rating on shares of Genworth Financial in a research note on Tuesday, June 12th. Zacks Investment Research downgraded Genworth Financial from a “hold” rating to a “sell” rating in a research note on Tuesday, June 26th. Finally, ValuEngine downgraded Genworth Financial from a “sell” rating to a “strong sell” rating in a research note on Monday, July 2nd. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating, one has assigned a buy rating and one has issued a strong buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus target price of $4.75.
Genworth Financial (NYSE:GNW) last released its quarterly earnings results on Tuesday, July 31st. The financial services provider reported $0.40 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.27 by $0.13. Genworth Financial had a return on equity of 4.85% and a net margin of 9.32%. The company had revenue of $2.16 billion during the quarter, compared to analysts’ expectations of $2.15 billion. During the same quarter in the prior year, the business posted $0.30 earnings per share. The company’s revenue for the quarter was down 2.9% compared to the same quarter last year. sell-side analysts predict that Genworth Financial Inc will post 1.11 earnings per share for the current year.
Genworth Financial Company Profile
Genworth Financial, Inc provides insurance and homeownership solutions in the United States and internationally. It operates through five segments: U.S. Mortgage Insurance, Canada Mortgage Insurance, Australia Mortgage Insurance, U.S. Life Insurance, and Runoff. The U.S. Mortgage Insurance segment offers mortgage insurance products primarily insuring prime-based, individually underwritten residential mortgage loans.
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