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

Shares of Genworth Financial, Inc. (NYSE:GNW) reached a new 52-week high on Monday . The company traded as high as $10.20 and last traded at $10.1650, with a volume of 159495 shares traded. The stock had previously closed at $10.09.

Analyst Upgrades and Downgrades

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

Genworth Financial Price Performance

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 firm has a fifty day simple moving average of $9.18 and a 200 day simple moving average of $8.79. The company has a market capitalization of $3.87 billion, a PE ratio of 19.43 and a beta of 0.85.

Genworth Financial (NYSE:GNW) last posted its quarterly earnings results on Tuesday, May 5th. The financial services provider reported $0.28 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.18 by $0.10. The business had revenue of $1.04 billion for the quarter, compared to the consensus estimate of $1.72 billion. Genworth Financial had a return on equity of 1.73% and a net margin of 2.96%. Equities analysts anticipate that Genworth Financial, Inc. will post 1.1 EPS for the current year.

Insider Activity

In other news, CEO Thomas J. Mcinerney sold 100,000 shares of the business’s stock in a transaction dated 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 owned 5,368,883 shares in the company, valued at approximately $49,769,545.41. The trade was a 1.83% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Robert P. Restrepo, Jr. sold 50,000 shares of the company’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 transaction of $456,000.00. Following the completion of the sale, the director directly owned 92,655 shares of the company’s stock, valued at $845,013.60. The trade was a 35.05% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 1.80% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Genworth Financial

A number of large investors have recently bought and sold shares of GNW. Bank of America Corp DE boosted its position in Genworth Financial by 133.2% during 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 acquiring an additional 1,232,931 shares in the last quarter. Kentucky Retirement Systems bought a new position in shares of Genworth Financial in the 1st quarter worth $331,000. Amundi grew its stake in Genworth Financial by 43.0% in the first quarter. Amundi now owns 99,230 shares of the financial services provider’s stock valued at $806,000 after purchasing an additional 29,827 shares during the last quarter. California State Teachers Retirement System raised its holdings in Genworth Financial by 25.3% in the first quarter. California State Teachers Retirement System now owns 481,679 shares of the financial services provider’s stock worth $3,911,000 after purchasing an additional 97,272 shares in the last quarter. Finally, Royal Bank of Canada raised its holdings in Genworth Financial by 46.0% in the first quarter. Royal Bank of Canada now owns 50,232 shares of the financial services provider’s stock worth $408,000 after purchasing an additional 15,828 shares in the last quarter. 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.