Genworth Financial (NYSE:GNW) Sets New 52-Week High After Better-Than-Expected Earnings

Shares of Genworth Financial, Inc. (NYSE:GNW) hit a new 52-week high on Wednesday following a better than expected earnings announcement. The company traded as high as $9.45 and last traded at $9.2550, with a volume of 319341 shares traded. The stock had previously closed at $8.87.

The financial services provider reported $0.28 earnings per share for the quarter, topping the consensus estimate of $0.18 by $0.10. Genworth Financial had a return on equity of 1.48% and a net margin of 3.05%.The business had revenue of $1.04 billion during the quarter, compared to analysts’ expectations of $1.48 billion.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on the company. Weiss Ratings upgraded Genworth Financial from a “hold (c)” rating to a “hold (c+)” rating in a report on Wednesday, April 29th. Keefe, Bruyette & Woods reiterated a “moderate buy” rating and issued a $10.50 target price on shares of Genworth Financial in a report on Thursday, March 26th. Finally, Wall Street Zen cut Genworth Financial from a “hold” rating to a “sell” rating in a report on Saturday, February 28th. One analyst has rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $10.50.

Institutional Investors Weigh In On Genworth Financial

Hedge funds have recently made changes to their positions in the stock. Salomon & Ludwin LLC lifted its stake in shares of Genworth Financial by 1,731.8% during the 3rd quarter. Salomon & Ludwin LLC now owns 3,279 shares of the financial services provider’s stock worth $29,000 after purchasing an additional 3,100 shares during the last quarter. Bessemer Group Inc. lifted its stake in shares of Genworth Financial by 60.6% during the 3rd quarter. Bessemer Group Inc. now owns 3,830 shares of the financial services provider’s stock worth $34,000 after purchasing an additional 1,445 shares during the last quarter. Headlands Technologies LLC purchased a new stake in shares of Genworth Financial during the 2nd quarter worth $44,000. Larson Financial Group LLC lifted its stake in shares of Genworth Financial by 12,597.7% during the 3rd quarter. Larson Financial Group LLC now owns 5,587 shares of the financial services provider’s stock worth $50,000 after purchasing an additional 5,543 shares during the last quarter. Finally, Danske Bank A S purchased a new stake in shares of Genworth Financial during the 3rd quarter worth $60,000. 81.85% of the stock is currently owned by hedge funds and other institutional investors.

Genworth Financial Stock Up 4.3%

The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.29 and a current ratio of 0.29. The stock has a market capitalization of $3.58 billion, a PE ratio of 17.48 and a beta of 0.89. The business has a 50 day moving average of $8.46 and a two-hundred day moving average of $8.61.

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.