Allspring Global Investments Holdings LLC Has $5.18 Million Position in Genworth Financial, Inc. $GNW

Key Points

• Allspring Global Investments cut its Genworth Financial stake by 27.5% in the first quarter, but still held 632,493 shares valued at about $5.18 million.
• Genworth shares were trading around $9.92, near the top of their 52-week range, and the company reported mixed quarterly results: $0.28 EPS beat estimates, while revenue came in well below expectations.
• Insiders sold stock recently, including CEO Thomas J. McInerney and Director Robert P. Restrepo Jr., even as analysts kept an overall Hold rating with a $12.00 average price target.

Allspring Global Investments Holdings LLC lessened its holdings in Genworth Financial, Inc. (NYSE:GNW - Free Report) by 27.5% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 632,493 shares of the financial services provider's stock after selling 240,044 shares during the quarter. Allspring Global Investments Holdings LLC owned 0.16% of Genworth Financial worth $5,180,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in GNW. Norges Bank bought a new stake in shares of Genworth Financial in the 4th quarter valued at approximately $45,912,000. Gendell Jeffrey L lifted its position in shares of Genworth Financial by 168.0% during the 4th quarter. Gendell Jeffrey L now owns 6,485,888 shares of the financial services provider's stock worth $58,568,000 after buying an additional 4,065,684 shares during the period. UBS Group AG boosted its stake in Genworth Financial by 621.2% in the 4th quarter. UBS Group AG now owns 3,598,588 shares of the financial services provider's stock valued at $32,495,000 after buying an additional 3,099,582 shares in the last quarter. Invesco Ltd. boosted its stake in Genworth Financial by 41.0% in the 2nd quarter. Invesco Ltd. now owns 4,291,220 shares of the financial services provider's stock valued at $33,386,000 after buying an additional 1,248,374 shares in the last quarter. Finally, SG Americas Securities LLC grew its position in Genworth Financial by 173.7% in the first quarter. SG Americas Securities LLC now owns 1,188,288 shares of the financial services provider's stock valued at $9,649,000 after acquiring an additional 754,105 shares during the period. Institutional investors and hedge funds own 81.85% of the company's stock.

Genworth Financial Stock Down 0.8%

Shares of NYSE:GNW opened at $9.92 on Friday. 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 $3.80 billion, a P/E ratio of 19.08 and a beta of 0.85. Genworth Financial, Inc. has a 12 month low of $7.32 and a 12 month high of $10.20. The company's 50-day moving average price is $9.21 and its two-hundred day moving average price is $8.81.

Genworth Financial (NYSE:GNW - Get Free Report) last announced its earnings results on Tuesday, May 5th. The financial services provider reported $0.28 earnings per share for the quarter, topping analysts' consensus estimates of $0.18 by $0.10. The company had revenue of $1.04 billion during the quarter, compared to the consensus estimate of $1.72 billion. Genworth Financial had a net margin of 2.96% and a return on equity of 1.73%. As a group, research analysts forecast that Genworth Financial, Inc. will post 1.1 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CEO Thomas J. Mcinerney sold 100,000 shares of the business's stock in a transaction on Friday, May 22nd. The stock was sold at an average price of $9.27, for a total transaction of $927,000.00. Following the completion of the sale, the chief executive officer owned 5,368,883 shares in the company, valued at $49,769,545.41. The trade was a 1.83% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Robert P. Restrepo, Jr. sold 50,000 shares of the company's stock in a transaction on Friday, May 22nd. The shares were sold at an average price of $9.12, for a total value of $456,000.00. Following the transaction, the director directly owned 92,655 shares in the company, valued at $845,013.60. This trade represents 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 currently owned by company insiders.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on GNW shares. Weiss Ratings lowered shares of Genworth Financial from a "buy (b-)" rating to a "hold (c+)" rating in a report on Friday, July 17th. Wall Street Zen upgraded shares of Genworth Financial from a "sell" rating to a "hold" rating in a research report on Sunday, July 12th. Zacks Research raised shares of Genworth Financial to a "hold" rating in a research note on Wednesday, May 27th. Finally, Keefe, Bruyette & Woods upped their price objective on shares of Genworth Financial from $11.00 to $12.00 and gave the stock an "outperform" rating in a research note on Monday, July 13th. One research analyst has rated the stock with a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Hold" and an average price target of $12.00.

Genworth Financial 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.

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