Genworth Financial (NYSE:GNW) Hits New 52-Week High – Time to Buy?

Genworth Financial, Inc. (NYSE:GNW) shares hit a new 52-week high during mid-day trading on Monday . The company traded as high as $10.27 and last traded at $10.2350, with a volume of 85738 shares traded. The stock had previously closed at $10.16.

Analysts Set New Price Targets

A number of analysts have recently commented on the company. Weiss Ratings raised Genworth Financial from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Wednesday, August 5th. Keefe, Bruyette & Woods raised shares of Genworth Financial from a “moderate buy” rating to a “strong-buy” rating in a research note on Tuesday, August 11th. Zacks Research upgraded shares of Genworth Financial to a “hold” rating in a report on Wednesday, May 27th. Finally, Wall Street Zen raised shares of Genworth Financial from a “sell” rating to a “hold” rating in a research note on Sunday, July 12th. One research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat.com, Genworth Financial currently has a consensus rating of “Buy” and an average price target of $12.00.

Genworth Financial Stock Up 0.1%

The firm has a fifty day simple moving average of $9.53 and a 200-day simple moving average of $8.96. The company has a market capitalization of $3.84 billion, a P/E ratio of 19.61 and a beta of 0.87. The company has a quick ratio of 0.29, a current ratio of 0.29 and a debt-to-equity ratio of 0.15.

Genworth Financial (NYSE:GNW) last released its quarterly earnings results on Wednesday, August 5th. The financial services provider reported $0.29 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 for the quarter, compared to analyst estimates of $1.90 billion. On average, equities research analysts expect that Genworth Financial, Inc. will post 1.1 EPS for the current fiscal year.

Insider Activity at Genworth Financial

In other news, CEO Thomas J. Mcinerney sold 100,000 shares of the company’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 transaction, the chief executive officer owned 5,368,883 shares in the company, valued at $49,769,545.41. This represents a 1.83% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Robert P. Restrepo, Jr. sold 50,000 shares of the stock in a transaction on Friday, May 22nd. The stock was sold at an average price of $9.12, for a total transaction of $456,000.00. Following the sale, the director directly owned 92,655 shares of the company’s stock, valued at $845,013.60. This represents a 35.05% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 1.80% of the company’s stock.

Institutional Investors Weigh In On Genworth Financial

Several institutional investors have recently added to or reduced their stakes in GNW. Royal Bank of Canada raised its stake in shares of Genworth Financial by 75.8% in the 1st quarter. Royal Bank of Canada now owns 118,058 shares of the financial services provider’s stock valued at $837,000 after purchasing an additional 50,911 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in shares of Genworth Financial by 2.9% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 252,152 shares of the financial services provider’s stock worth $1,788,000 after buying an additional 7,106 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position in shares of Genworth Financial by 4.9% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,184,144 shares of the financial services provider’s stock worth $8,396,000 after buying an additional 55,071 shares during the period. Strs Ohio acquired a new position in shares of Genworth Financial during the first quarter worth about $82,000. Finally, Invesco Ltd. grew its holdings in shares of Genworth Financial by 41.0% during the second quarter. Invesco Ltd. now owns 4,291,220 shares of the financial services provider’s stock worth $33,386,000 after buying an additional 1,248,374 shares in the last quarter. 81.85% of the stock is owned by institutional investors.

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.