Genworth Financial (NYSE:GNW) Given New $11.50 Price Target at Keefe, Bruyette & Woods

Key Points

• Keefe, Bruyette & Woods lowered Genworth Financial’s price target from $12.00 to $11.50 while maintaining an “outperform” rating, implying 14.14% upside from the prior close.
• Genworth shares traded at $10.07, near their 52-week high of $10.69. The company reported quarterly EPS of $0.29, slightly above the $0.28 consensus estimate.
• Analyst sentiment remains favorable, with a “Moderate Buy” consensus and an average target price of $11.50; institutional investors own approximately 81.85% of the stock.

Genworth Financial (NYSE:GNW - Get Free Report) had its price objective lowered by research analysts at Keefe, Bruyette & Woods from $12.00 to $11.50 in a research note issued to investors on Wednesday, Benzinga reports. The firm presently has an "outperform" rating on the financial services provider's stock. Keefe, Bruyette & Woods' price objective indicates a potential upside of 14.14% from the company's previous close.

GNW has been the topic of a number of other research reports. Weiss Ratings raised Genworth Financial from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Wednesday, September 2nd. Zacks Research raised Genworth Financial to a "hold" rating in a report on Wednesday, May 27th. Finally, Wall Street Zen raised Genworth Financial from a "sell" rating to a "hold" rating in a report on Sunday, July 12th. Two research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $11.50.

Genworth Financial Price Performance

Genworth Financial stock traded up $0.07 during midday trading on Wednesday, reaching $10.07. 3,068,934 shares of the stock were exchanged, compared to its average volume of 3,237,828. The company's fifty day moving average is $9.96 and its 200-day moving average is $9.18. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.29 and a current ratio of 0.29. Genworth Financial has a 52 week low of $7.84 and a 52 week high of $10.69. The firm has a market cap of $3.81 billion, a PE ratio of 19.36 and a beta of 0.85.

Genworth Financial (NYSE:GNW - Get Free Report) last released its 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. The business had revenue of $1.03 billion for the quarter, compared to the consensus estimate of $1.90 billion. Genworth Financial had a return on equity of 1.06% and a net margin of 2.87%. On average, sell-side analysts forecast that Genworth Financial will post 1.11 EPS for the current year.

Insider Transactions at Genworth Financial

In related news, CEO Thomas McInerney sold 100,000 shares of the stock in a transaction that occurred on Thursday, September 3rd. The shares were sold at an average price of $10.53, for a total transaction of $1,053,000.00. Following the completion of the sale, the chief executive officer directly owned 5,068,883 shares of the company's stock, valued at $53,375,337.99. This represents a 1.93% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Melissa Hagerman sold 14,708 shares of the company's stock in a transaction dated Monday, August 24th. The shares were sold at an average price of $9.91, for a total value of $145,756.28. Following the completion of the transaction, the executive vice president owned 192,539 shares in the company, valued at $1,908,061.49. This represents a 7.10% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 1.80% of the stock is currently owned by corporate insiders.

Institutional Trading of Genworth Financial

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Tidal Investments LLC bought a new stake in Genworth Financial in the second quarter valued at $96,000. Engineers Gate Manager LP purchased a new stake in Genworth Financial in the 2nd quarter worth about $1,983,000. Integrated Wealth Concepts LLC purchased a new stake in shares of Genworth Financial during the 2nd quarter valued at approximately $49,000. Nykredit A S bought a new stake in shares of Genworth Financial during the 2nd quarter valued at $88,000. Finally, Corient Private Wealth LP lifted its position in Genworth Financial by 34.9% during the second quarter. Corient Private Wealth LP now owns 24,014 shares of the financial services provider's stock valued at $227,000 after purchasing an additional 6,216 shares during the last quarter. Institutional investors and hedge funds own 81.85% of the company's stock.

Genworth Financial Company Profile

Genworth Financial, Inc is an insurance holding company headquartered in Richmond, Virginia. The company's primary business is U.S. mortgage insurance, which helps lenders manage credit risk and enables eligible homebuyers to purchase homes with down payments below traditional requirements. This business operates through Enact Holdings, Inc, a publicly traded subsidiary in which Genworth remains a significant shareholder.

Genworth also manages a substantial portfolio of long-term care insurance policies, providing benefits that may help cover nursing care, assisted living, home health care and other extended-care services.

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