Genworth Financial, Inc. $GNW Position Lifted by VIRGINIA RETIREMENT SYSTEMS ET Al

VIRGINIA RETIREMENT SYSTEMS ET Al raised its position in Genworth Financial, Inc. (NYSE:GNW) by 1,233.9% during the third quarter, HoldingsChannel.com reports. The firm owned 342,800 shares of the financial services provider’s stock after purchasing an additional 317,100 shares during the period. VIRGINIA RETIREMENT SYSTEMS ET Al’s holdings in Genworth Financial were worth $3,075,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in the business. Donald Smith & CO. Inc. bought a new stake in shares of Genworth Financial during the second quarter valued at approximately $212,906,000. Bank of New York Mellon Corp purchased a new stake in shares of Genworth Financial during the second quarter valued at about $22,798,000. Bank of America Corp DE boosted its holdings in shares of Genworth Financial by 133.2% in the 1st quarter. Bank of America Corp DE now owns 2,158,625 shares of the financial services provider’s stock valued at $17,528,000 after buying an additional 1,232,931 shares in the last quarter. Fifth Third Bancorp grew its position in shares of Genworth Financial by 21,643.4% in the 1st quarter. Fifth Third Bancorp now owns 562,936 shares of the financial services provider’s stock worth $4,571,000 after buying an additional 560,347 shares during the last quarter. Finally, Bessemer Group Inc. grew its position in shares of Genworth Financial by 32.4% in the 1st quarter. Bessemer Group Inc. now owns 856,816 shares of the financial services provider’s stock worth $6,958,000 after buying an additional 209,662 shares during the last quarter. 81.85% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several brokerages recently issued reports on GNW. Keefe, Bruyette & Woods lowered Genworth Financial from an “outperform” rating to a “market perform” rating and reduced their target price for the company from $11.50 to $10.50 in a research report on Friday, October 9th. Wall Street Zen raised Genworth Financial from a “sell” rating to a “hold” rating in a report on Sunday, July 12th. Finally, Weiss Ratings upgraded Genworth Financial from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Wednesday, October 21st. One research analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $10.50.

Insider Buying and Selling

In related news, CEO Thomas J. Mcinerney sold 100,000 shares of Genworth Financial stock in a transaction that occurred on Thursday, September 3rd. The stock was sold at an average price of $10.53, for a total transaction of $1,053,000.00. Following the transaction, the chief executive officer owned 5,068,883 shares in the company, valued at approximately $53,375,337.99. This trade represents a 1.93% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP Melissa Hagerman sold 14,708 shares of Genworth Financial stock in a transaction that occurred on Monday, August 24th. The stock was sold at an average price of $9.91, for a total value of $145,756.28. Following the transaction, the executive vice president owned 192,539 shares in the company, valued at approximately $1,908,061.49. The trade was a 7.10% 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.

Genworth Financial Trading Up 2.4%

GNW stock opened at $8.99 on Tuesday. Genworth Financial, Inc. has a 52-week low of $7.84 and a 52-week high of $10.69. The company has a quick ratio of 0.29, a current ratio of 0.29 and a debt-to-equity ratio of 0.15. The firm has a market cap of $3.40 billion, a P/E ratio of 25.37 and a beta of 0.88. The company’s 50-day simple moving average is $9.58 and its 200-day simple moving average is $9.11.

Genworth Financial (NYSE:GNW) last issued its quarterly earnings results on Wednesday, August 5th. The financial services provider reported $0.29 EPS for the quarter, topping the consensus estimate of $0.28 by $0.01. Genworth Financial had a net margin of 2.87% and a return on equity of 1.06%. The company had revenue of $1.03 billion during the quarter, compared to analyst estimates of $1.90 billion. As a group, equities analysts forecast that Genworth Financial, Inc. will post 1.11 EPS for the current fiscal year.

Genworth Financial Profile

Genworth Financial, Inc is an insurance holding company headquartered in Richmond, Virginia. The company’s principal business is mortgage insurance, primarily through its majority-owned subsidiary, Enact Holdings, Inc Enact provides private mortgage insurance to lenders and mortgage investors, helping eligible borrowers obtain home loans with smaller down payments while reducing lenders’ exposure to borrower default.

Genworth also manages long-term care insurance businesses and legacy insurance obligations in the United States.