Genworth Financial (NYSE:GNW) Hits New 52-Week High – Here’s What Happened

Shares of Genworth Financial, Inc. (NYSE:GNW) hit a new 52-week high on Friday . The stock traded as high as $9.45 and last traded at $9.3970, with a volume of 81361 shares changing hands. The stock had previously closed at $9.40.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on GNW. Weiss Ratings raised Genworth Financial from a “hold (c)” rating to a “hold (c+)” rating in a research note on Tuesday, June 16th. Zacks Research raised shares of Genworth Financial to a “hold” rating in a research note on Wednesday, May 27th. Wall Street Zen lowered shares of Genworth Financial from a “hold” rating to a “sell” rating in a report on Sunday, May 17th. Finally, Keefe, Bruyette & Woods increased their price target on shares of Genworth Financial from $10.50 to $11.00 and gave the company an “outperform” rating in a research report on Wednesday, May 13th. One investment analyst has rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $11.00.

Genworth Financial Stock Performance

The business has a fifty day moving average of $8.92 and a 200-day moving average of $8.72. The company has a market cap of $3.63 billion, a PE ratio of 18.20 and a beta of 0.86. The company has a current ratio of 0.29, a quick ratio of 0.29 and a debt-to-equity ratio of 0.15.

Genworth Financial (NYSE:GNW) last released its quarterly earnings data on Tuesday, May 5th. The financial services provider reported $0.28 earnings per share for the quarter, topping the consensus estimate of $0.18 by $0.10. The business had revenue of $1.04 billion during the quarter, compared to analysts’ expectations of $1.72 billion. Genworth Financial had a return on equity of 1.73% and a net margin of 2.96%. Equities research analysts anticipate that Genworth Financial, Inc. will post 0.44 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Genworth Financial news, Director Robert P. Restrepo, Jr. sold 50,000 shares of the business’s stock in a transaction on Friday, May 22nd. The shares were sold at an average price of $9.12, for a total transaction of $456,000.00. Following the transaction, the director directly owned 92,655 shares of the company’s stock, valued at approximately $845,013.60. The trade was a 35.05% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Thomas J. Mcinerney sold 100,000 shares of the business’s stock in a transaction on Friday, May 22nd. The shares were sold at an average price of $9.27, for a total transaction of $927,000.00. Following the transaction, 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 SEC filing for this sale provides additional information. Company insiders own 1.80% of the company’s stock.

Institutional Investors Weigh In On Genworth Financial

A number of large investors have recently modified their holdings of the stock. Larson Financial Group LLC raised its stake in Genworth Financial by 12,597.7% in the third quarter. Larson Financial Group LLC now owns 5,587 shares of the financial services provider’s stock worth $50,000 after buying an additional 5,543 shares in the last quarter. Headlands Technologies LLC bought a new stake in Genworth Financial during the 2nd quarter valued at approximately $44,000. Atlas Wealth LLC bought a new stake in Genworth Financial during the 1st quarter valued at approximately $51,000. Danske Bank A S purchased a new position in shares of Genworth Financial during the 3rd quarter worth approximately $60,000. Finally, Rockefeller Capital Management L.P. grew its holdings in shares of Genworth Financial by 124.2% during the 4th quarter. Rockefeller Capital Management L.P. now owns 7,159 shares of the financial services provider’s stock worth $65,000 after acquiring an additional 3,966 shares during the period. Institutional investors own 81.85% of the company’s stock.

Genworth Financial Company Profile

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.