Assenagon Asset Management S.A. Sells 36,086 Shares of Genworth Financial, Inc. $GNW

Key Points

• Assenagon Asset Management S.A. reduced its stake in Genworth Financial, Inc. by 1.7%, selling 36,086 shares, leaving it with 2,042,705 shares valued at approximately $15.89 million.
• CEO Rohit Gupta sold 86,406 shares in August, resulting in a 9.81% decrease of his ownership while retaining 794,630 shares valued at around $6.9 million.
• Genworth Financial received a downgrade from Wall Street Zen from a "hold" to a "sell" rating, while Keefe, Bruyette & Woods increased the price target on the stock from $9.00 to $9.50.

Assenagon Asset Management S.A. cut its stake in Genworth Financial, Inc. (NYSE:GNW - Free Report) by 1.7% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 2,042,705 shares of the financial services provider's stock after selling 36,086 shares during the quarter. Assenagon Asset Management S.A. owned about 0.49% of Genworth Financial worth $15,892,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in the company. Byrne Asset Management LLC raised its stake in shares of Genworth Financial by 69.5% during the first quarter. Byrne Asset Management LLC now owns 7,595 shares of the financial services provider's stock valued at $54,000 after acquiring an additional 3,115 shares in the last quarter. Abel Hall LLC bought a new stake in shares of Genworth Financial in the first quarter valued at about $71,000. Blueshift Asset Management LLC bought a new stake in shares of Genworth Financial in the 1st quarter valued at about $71,000. Strs Ohio bought a new position in Genworth Financial in the first quarter worth approximately $82,000. Finally, GTS Securities LLC bought a new position in Genworth Financial in the fourth quarter worth approximately $93,000. Institutional investors own 81.85% of the company's stock.

Analyst Ratings Changes

GNW has been the subject of a number of recent research reports. Wall Street Zen downgraded shares of Genworth Financial from a "hold" rating to a "sell" rating in a report on Sunday, September 7th. Keefe, Bruyette & Woods upped their price target on Genworth Financial from $9.00 to $9.50 and gave the stock an "outperform" rating in a research report on Wednesday, July 9th. One equities research analyst has rated the stock with a Buy rating, Based on data from MarketBeat.com, Genworth Financial has a consensus rating of "Buy" and an average target price of $9.50.

Insider Activity at Genworth Financial

In other news, CEO Rohit Gupta sold 86,406 shares of the firm's stock in a transaction dated Wednesday, August 27th. The shares were sold at an average price of $8.68, for a total value of $750,004.08. Following the transaction, the chief executive officer directly owned 794,630 shares of the company's stock, valued at approximately $6,897,388.40. This trade represents a 9.81% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. 1.80% of the stock is owned by company insiders.

Genworth Financial Stock Down 0.1%

Shares of NYSE GNW opened at $9.03 on Tuesday. The company's 50-day simple moving average is $8.27 and its 200-day simple moving average is $7.46. Genworth Financial, Inc. has a 52-week low of $5.99 and a 52-week high of $9.06. The firm has a market cap of $3.70 billion, a price-to-earnings ratio of 20.06 and a beta of 0.94. The company has a quick ratio of 0.29, a current ratio of 0.29 and a debt-to-equity ratio of 0.16.

Genworth Financial (NYSE:GNW - Get Free Report) last posted its quarterly earnings data on Wednesday, July 30th. The financial services provider reported $0.16 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.05 by $0.11. Genworth Financial had a return on equity of 1.91% and a net margin of 2.61%.The company had revenue of $1.80 billion for the quarter.

Genworth Financial Company Profile

Genworth Financial, Inc, together with its subsidiaries, provides mortgage and long-term care insurance products in the United States and internationally. It operates in three segments: Enact, Long-Term Care Insurance, and Life and Annuities. The Enact segment offers private mortgage insurance products primarily insuring prime-based, individually underwritten residential mortgage loans; and pool mortgage insurance products.

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