Bank of New York Mellon Corp Purchases New Position in Genworth Financial, Inc. $GNW

Key Points

• Bank of New York Mellon purchased 2.41 million Genworth Financial shares worth approximately $22.8 million, acquiring a 0.63% stake. Institutional investors and hedge funds collectively own 81.85% of GNW.
• Genworth reported quarterly EPS of $0.29, slightly exceeding the $0.28 consensus estimate, on revenue of $1.03 billion. Analysts expect full-year EPS of approximately $1.10.
• GNW opened at $9.98, near its 52-week high of $10.28, while analyst opinions remain mixed but lean positive: the stock has a consensus “Moderate Buy” rating and a $12.00 price target.

Bank of New York Mellon Corp purchased a new stake in Genworth Financial, Inc. (NYSE:GNW - Free Report) during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor purchased 2,407,393 shares of the financial services provider's stock, valued at approximately $22,798,000. Bank of New York Mellon Corp owned 0.63% of Genworth Financial as of its most recent SEC filing.

Several other hedge funds have also recently bought and sold shares of GNW. Bank of America Corp DE lifted its holdings in shares of Genworth Financial by 133.2% during the first quarter. Bank of America Corp DE now owns 2,158,625 shares of the financial services provider's stock worth $17,528,000 after buying an additional 1,232,931 shares in the last quarter. Fifth Third Bancorp grew its stake in shares of Genworth Financial by 21,643.4% in the first quarter. Fifth Third Bancorp now owns 562,936 shares of the financial services provider's stock valued at $4,571,000 after acquiring an additional 560,347 shares in the last quarter. UBS Group AG grew its stake in shares of Genworth Financial by 621.2% in the fourth quarter. UBS Group AG now owns 3,598,588 shares of the financial services provider's stock valued at $32,495,000 after acquiring an additional 3,099,582 shares in the last quarter. Hsbc Holdings PLC acquired a new position in shares of Genworth Financial in the fourth quarter valued at about $1,360,000. Finally, SG Americas Securities LLC increased its position in Genworth Financial by 173.7% during the first quarter. SG Americas Securities LLC now owns 1,188,288 shares of the financial services provider's stock worth $9,649,000 after acquiring an additional 754,105 shares during the period. 81.85% of the stock is currently owned by institutional investors and hedge funds.

Genworth Financial Price Performance

GNW stock opened at $9.98 on Monday. Genworth Financial, Inc. has a 52 week low of $7.84 and a 52 week high of $10.28. The business has a 50-day simple moving average of $9.75 and a 200 day simple moving average of $9.05. 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 company has a market cap of $3.77 billion, a PE ratio of 19.19 and a beta of 0.87.

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

Insider Activity

In related news, EVP Melissa Hagerman sold 14,708 shares of Genworth Financial stock in a transaction that occurred on Monday, August 24th. The shares were sold at an average price of $9.91, for a total value of $145,756.28. Following the transaction, the executive vice president directly owned 192,539 shares of the company's stock, valued at $1,908,061.49. This trade represents a 7.10% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Corporate insiders own 1.80% of the company's stock.

Analyst Upgrades and Downgrades

GNW has been the subject of several analyst reports. Wall Street Zen upgraded shares of Genworth Financial from a "sell" rating to a "hold" rating in a research note on Sunday, July 12th. Keefe, Bruyette & Woods upgraded shares of Genworth Financial from a "moderate buy" rating to a "strong-buy" rating in a research report on Tuesday, August 11th. Zacks Research upgraded Genworth Financial to a "hold" rating in a research note on Wednesday, May 27th. Finally, Weiss Ratings downgraded Genworth Financial from a "buy (b-)" rating to a "hold (c+)" rating in a research report on Wednesday, August 19th. One research analyst has rated the stock with a Strong Buy rating and two have given a Hold rating to the company's stock. According to MarketBeat.com, Genworth Financial presently has a consensus rating of "Moderate Buy" and a consensus 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.

Want to see what other hedge funds are holding GNW? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Genworth Financial, Inc. (NYSE:GNW - Free Report).

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