Assenagon Asset Management S.A. Reduces Stake in Genworth Financial, Inc. $GNW

Key Points

• Assenagon Asset Management reduced its Genworth Financial stake by 19.5% in the second quarter, selling 315,989 shares and retaining 1.31 million shares valued at approximately $12.4 million.
• Genworth reported quarterly EPS of $0.29, slightly ahead of analyst expectations, while revenue came in at $1.03 billion. The stock opened at $9.77 and has traded between $7.84 and $10.20 over the past year.
• Analyst sentiment improved, with ratings upgrades and Keefe, Bruyette & Woods raising its price target to $12; the stock carries a “Moderate Buy” consensus rating. Meanwhile, the CEO and a director sold shares, and insiders own 1.80% of the company.

Assenagon Asset Management S.A. decreased its holdings in Genworth Financial, Inc. (NYSE:GNW - Free Report) by 19.5% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 1,308,094 shares of the financial services provider's stock after selling 315,989 shares during the quarter. Assenagon Asset Management S.A. owned about 0.34% of Genworth Financial worth $12,388,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors have also added to or reduced their stakes in GNW. Headlands Technologies LLC bought a new stake in shares of Genworth Financial during the 2nd quarter valued at about $44,000. Larson Financial Group LLC boosted its holdings 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 valued at $50,000 after buying an additional 5,543 shares in the last quarter. Atlas Wealth LLC purchased a new stake in shares of Genworth Financial in the 1st quarter worth about $51,000. Danske Bank A S purchased a new stake in shares of Genworth Financial in the 3rd quarter worth about $60,000. Finally, EverSource Wealth Advisors LLC grew its position in shares of Genworth Financial by 140.3% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 8,063 shares of the financial services provider's stock worth $63,000 after buying an additional 4,708 shares during the period. Institutional investors own 81.85% of the company's stock.

Genworth Financial Price Performance

Shares of GNW opened at $9.77 on Tuesday. Genworth Financial, Inc. has a 1-year low of $7.84 and a 1-year high of $10.20. The firm has a fifty day simple moving average of $9.42 and a two-hundred day simple moving average of $8.91. The company has a current ratio of 0.29, a quick ratio of 0.29 and a debt-to-equity ratio of 0.15. The firm has a market cap of $3.74 billion, a PE ratio of 18.79 and a beta of 0.87.

Genworth Financial (NYSE:GNW - Get Free Report) last released its quarterly earnings results on Wednesday, August 5th. The financial services provider reported $0.29 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.28 by $0.01. Genworth Financial had a return on equity of 1.06% and a net margin of 2.87%.The business had revenue of $1.03 billion during the quarter, compared to the consensus estimate of $1.90 billion. On average, equities analysts anticipate that Genworth Financial, Inc. will post 1.1 EPS for the current year.

Insider Activity at Genworth Financial

In other news, CEO Thomas J. Mcinerney sold 100,000 shares of the firm's stock in a transaction dated Friday, May 22nd. The stock was sold at an average price of $9.27, for a total value of $927,000.00. Following the transaction, the chief executive officer owned 5,368,883 shares of the company's stock, valued at $49,769,545.41. This trade represents a 1.83% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available 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 transaction, the director owned 92,655 shares of the company's stock, valued at approximately $845,013.60. The trade was a 35.05% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 1.80% of the stock is currently owned by company insiders.

Analyst Ratings Changes

GNW has been the subject of a number of analyst reports. Wall Street Zen raised Genworth Financial from a "sell" rating to a "hold" rating in a research report on Sunday, July 12th. Zacks Research raised Genworth Financial to a "hold" rating in a report on Wednesday, May 27th. Weiss Ratings raised Genworth Financial from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Wednesday, August 5th. Finally, Keefe, Bruyette & Woods raised their price target on Genworth Financial from $11.00 to $12.00 and gave the company an "outperform" rating in a report on Monday, July 13th. Two investment analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $12.00.

About Genworth Financial

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

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