Comerica Bank Acquires 111,296 Shares of Genworth Financial, Inc. $GNW

Key Points

• Comerica Bank increased its stake in Genworth Financial by 52.8% during the first quarter, owning 322,156 shares valued at approximately $2.28 million after acquiring an additional 111,296 shares.
• CEO Rohit Gupta sold 86,406 shares of Genworth Financial, resulting in a 9.81% decrease in his ownership, while he still retains about $6.90 million worth of shares.
• Wall Street analysts have a positive outlook on Genworth Financial, with an average target price of $9.50 and a current rating of "Buy" from several investment analysts.

Comerica Bank boosted its holdings in shares of Genworth Financial, Inc. (NYSE:GNW - Free Report) by 52.8% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 322,156 shares of the financial services provider's stock after acquiring an additional 111,296 shares during the period. Comerica Bank owned about 0.08% of Genworth Financial worth $2,284,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Jump Financial LLC grew its holdings in Genworth Financial by 81.4% during the 1st quarter. Jump Financial LLC now owns 636,378 shares of the financial services provider's stock worth $4,512,000 after acquiring an additional 285,636 shares in the last quarter. Valueworks LLC lifted its position in shares of Genworth Financial by 2.3% during the first quarter. Valueworks LLC now owns 725,300 shares of the financial services provider's stock valued at $5,142,000 after buying an additional 16,080 shares during the last quarter. Capital Fund Management S.A. purchased a new stake in shares of Genworth Financial during the first quarter valued at about $701,000. Quantbot Technologies LP lifted its position in shares of Genworth Financial by 163.3% during the first quarter. Quantbot Technologies LP now owns 93,379 shares of the financial services provider's stock valued at $662,000 after buying an additional 57,919 shares during the last quarter. Finally, American Century Companies Inc. lifted its position in shares of Genworth Financial by 11.6% during the first quarter. American Century Companies Inc. now owns 8,056,534 shares of the financial services provider's stock valued at $57,121,000 after buying an additional 836,192 shares during the last quarter. 81.85% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In related news, CEO Rohit Gupta sold 86,406 shares of the stock in a transaction that occurred on 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 owned 794,630 shares in the company, valued at approximately $6,897,388.40. This represents a 9.81% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 1.80% of the company's stock.

Genworth Financial Stock Performance

GNW opened at $8.58 on Tuesday. Genworth Financial, Inc. has a 52-week low of $5.99 and a 52-week high of $8.74. The company has a quick ratio of 0.29, a current ratio of 0.29 and a debt-to-equity ratio of 0.16. The company has a market cap of $3.52 billion, a P/E ratio of 19.06 and a beta of 0.94. The firm's 50-day moving average price is $7.98 and its 200-day moving average price is $7.27.

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, beating the consensus estimate of $0.05 by $0.11. The firm had revenue of $1.80 billion for the quarter. Genworth Financial had a net margin of 2.61% and a return on equity of 1.91%.

Wall Street Analysts Forecast Growth

GNW has been the subject of several analyst reports. Keefe, Bruyette & Woods increased their price target on shares of Genworth Financial from $9.00 to $9.50 and gave the company an "outperform" rating in a research report on Wednesday, July 9th. Wall Street Zen raised shares of Genworth Financial from a "sell" rating to a "hold" rating in a research report on Saturday. One investment analyst has rated the stock with a Buy rating, According to MarketBeat, Genworth Financial presently has an average rating of "Buy" and an average target price of $9.50.

Genworth Financial 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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