Genworth Financial (NYSE:GNW) Releases Quarterly Earnings Results, Beats Estimates By $0.01 EPS

Genworth Financial (NYSE:GNW) announced its quarterly earnings data on Wednesday. The financial services provider reported $0.29 EPS for the quarter, beating the consensus estimate of $0.28 by $0.01, FiscalAI reports. Genworth Financial had a net margin of 2.96% and a return on equity of 1.73%. The firm had revenue of $1.03 billion during the quarter, compared to analyst estimates of $1.70 billion.

Genworth Financial Price Performance

Shares of Genworth Financial stock traded down $0.02 during trading hours on Thursday, reaching $9.67. The stock had a trading volume of 3,753,905 shares, compared to its average volume of 3,233,094. The stock’s 50 day moving average is $9.35 and its 200 day moving average is $8.88. The firm has a market capitalization of $3.70 billion, a PE ratio of 18.60 and a beta of 0.87. Genworth Financial has a twelve month low of $7.84 and a twelve month high of $10.20. The company has a current ratio of 0.29, a quick ratio of 0.29 and a debt-to-equity ratio of 0.15.

Insider Transactions at Genworth Financial

In other Genworth Financial news, Director Robert P. Restrepo, Jr. sold 50,000 shares of the firm’s stock in a transaction that occurred on Friday, May 22nd. The stock was sold at an average price of $9.12, for a total value of $456,000.00. Following the sale, the director directly owned 92,655 shares of the company’s stock, valued at approximately $845,013.60. This trade represents a 35.05% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Thomas J. Mcinerney sold 100,000 shares of the firm’s stock in a transaction that occurred on Friday, May 22nd. The shares were sold at an average price of $9.27, for a total value of $927,000.00. Following the completion of the sale, the chief executive officer directly owned 5,368,883 shares in the company, valued at approximately $49,769,545.41. The trade was a 1.83% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 1.80% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the business. Gendell Jeffrey L raised its holdings in shares of Genworth Financial by 168.0% during the fourth quarter. Gendell Jeffrey L now owns 6,485,888 shares of the financial services provider’s stock valued at $58,568,000 after acquiring an additional 4,065,684 shares during the last quarter. Invesco Ltd. boosted its stake in shares of Genworth Financial by 41.0% in the second quarter. Invesco Ltd. now owns 4,291,220 shares of the financial services provider’s stock worth $33,386,000 after acquiring an additional 1,248,374 shares during the last quarter. Hudson Bay Capital Management LP acquired a new stake in shares of Genworth Financial in the second quarter worth approximately $5,616,000. Man Group plc increased its position in shares of Genworth Financial by 109.8% during the fourth quarter. Man Group plc now owns 1,062,868 shares of the financial services provider’s stock worth $9,598,000 after purchasing an additional 556,163 shares in the last quarter. Finally, Goldman Sachs Group Inc. raised its stake in Genworth Financial by 41.1% in the 4th quarter. Goldman Sachs Group Inc. now owns 1,903,060 shares of the financial services provider’s stock valued at $17,185,000 after purchasing an additional 554,804 shares during the last quarter. Hedge funds and other institutional investors own 81.85% of the company’s stock.

Analyst Upgrades and Downgrades

GNW has been the topic of a number of research analyst reports. Wall Street Zen raised shares of Genworth Financial from a “sell” rating to a “hold” rating in a report on Sunday, July 12th. Keefe, Bruyette & Woods boosted their price target on Genworth Financial from $11.00 to $12.00 and gave the company an “outperform” rating in a research note on Monday, July 13th. Zacks Research raised Genworth Financial to a “hold” rating in a report on Wednesday, May 27th. Finally, Weiss Ratings downgraded Genworth Financial from a “buy (b-)” rating to a “hold (c+)” rating in a report on Friday, July 17th. One investment analyst has rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat, Genworth Financial currently has a consensus rating of “Hold” and an average target price of $12.00.

About Genworth Financial

Genworth Financial (NYSE: GNW) is a leading financial security company offering a broad range of insurance products. Based in Richmond, Virginia, Genworth provides individuals and families with solutions designed to protect against long-term care expenses, secure life insurance needs and support homeownership through private mortgage insurance. With operations spanning the United States, Canada and Australia, the company serves both retail and institutional clients through a diversified portfolio of risk management services.

The company’s Private Mortgage Insurance (PMI) segment offers coverage to lenders and consumers in the US, Canada and Australia, enabling homebuyers to purchase properties with lower down payments.