Wells Fargo & Company Reaffirms “Hold” Rating for Genworth Financial Inc (GNW)
GNW has been the topic of a number of other reports. Zacks Investment Research raised Genworth Financial from a hold rating to a buy rating and set a $4.00 price target on the stock in a research note on Tuesday, September 5th. Off Wall Street initiated coverage on Genworth Financial in a research note on Monday, September 11th. They issued a buy rating on the stock. BidaskClub lowered Genworth Financial from a sell rating to a strong sell rating in a research note on Friday, July 28th. ValuEngine raised Genworth Financial from a sell rating to a hold rating in a research note on Friday, September 1st. Finally, BTIG Research reaffirmed a neutral rating on shares of Genworth Financial in a research note on Saturday, September 16th. One 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’s stock. The company presently has a consensus rating of Hold and a consensus price target of $4.27.
Shares of Genworth Financial (GNW) opened at 3.48 on Monday. The stock has a 50 day moving average price of $3.62 and a 200-day moving average price of $3.70. Genworth Financial has a 52 week low of $3.12 and a 52 week high of $5.27. The company’s market capitalization is $1.74 billion.
Genworth Financial (NYSE:GNW) last announced its quarterly earnings results on Tuesday, August 1st. The financial services provider reported $0.30 EPS for the quarter, beating the Zacks’ consensus estimate of $0.22 by $0.08. Genworth Financial had a negative return on equity of 1.63% and a negative net margin of 1.66%. The firm had revenue of $2.22 billion for the quarter, compared to analyst estimates of $2.14 billion. During the same period last year, the firm posted $0.39 earnings per share. The business’s revenue for the quarter was down .6% on a year-over-year basis. Equities research analysts expect that Genworth Financial will post $1.03 EPS for the current year.
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Several institutional investors have recently bought and sold shares of the stock. Fondren Management LP acquired a new position in shares of Genworth Financial in the second quarter worth approximately $189,000. Capital Returns Management LLC acquired a new position in shares of Genworth Financial in the second quarter worth approximately $2,793,000. Cetera Investment Advisers lifted its stake in shares of Genworth Financial by 59.6% in the second quarter. Cetera Investment Advisers now owns 84,730 shares of the financial services provider’s stock worth $320,000 after acquiring an additional 31,655 shares during the period. The Manufacturers Life Insurance Company lifted its stake in shares of Genworth Financial by 1.1% in the second quarter. The Manufacturers Life Insurance Company now owns 1,107,745 shares of the financial services provider’s stock worth $4,176,000 after acquiring an additional 11,670 shares during the period. Finally, Alpine Global Management LLC lifted its stake in shares of Genworth Financial by 153.3% in the second quarter. Alpine Global Management LLC now owns 253,526 shares of the financial services provider’s stock worth $956,000 after acquiring an additional 153,426 shares during the period. 67.61% of the stock is currently owned by institutional investors.
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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