Comerica Bank Has $2.28 Million Stock Position in 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 grew its position in Genworth Financial, Inc. (NYSE:GNW - Free Report) by 52.8% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 322,156 shares of the financial services provider's stock after acquiring an additional 111,296 shares during the quarter. Comerica Bank owned 0.08% of Genworth Financial worth $2,284,000 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of the company. Jump Financial LLC lifted its position in shares of 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 buying an additional 285,636 shares during the period. Valueworks LLC lifted its position in shares of Genworth Financial by 2.3% during the 1st quarter. Valueworks LLC now owns 725,300 shares of the financial services provider's stock worth $5,142,000 after buying an additional 16,080 shares during the period. Capital Fund Management S.A. bought a new position in shares of Genworth Financial during the 1st quarter worth approximately $701,000. Quantbot Technologies LP lifted its position in shares of Genworth Financial by 163.3% during the 1st quarter. Quantbot Technologies LP now owns 93,379 shares of the financial services provider's stock worth $662,000 after buying an additional 57,919 shares during the period. Finally, American Century Companies Inc. lifted its position in shares of Genworth Financial by 11.6% during the 1st quarter. American Century Companies Inc. now owns 8,056,534 shares of the financial services provider's stock worth $57,121,000 after buying an additional 836,192 shares during the period. Institutional investors own 81.85% of the company's stock.

Insiders Place Their Bets

In related news, CEO Rohit Gupta sold 86,406 shares of the firm's stock in a transaction on Wednesday, August 27th. The stock was sold at an average price of $8.68, for a total transaction of $750,004.08. Following the completion of the sale, the chief executive officer directly owned 794,630 shares of the company's stock, valued at $6,897,388.40. This trade represents a 9.81% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 1.80% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several equities analysts recently commented on the company. Keefe, Bruyette & Woods raised their target price on Genworth Financial from $9.00 to $9.50 and gave the stock an "outperform" rating in a research report on Wednesday, July 9th. Wall Street Zen upgraded Genworth Financial from a "sell" rating to a "hold" rating in a research report on Saturday, August 30th. One analyst has rated the stock with a Buy rating, According to MarketBeat, the company has a consensus rating of "Buy" and an average target price of $9.50.

Genworth Financial Price Performance

GNW stock traded down $0.09 during midday trading on Friday, reaching $8.58. 4,580,225 shares of the company's stock traded hands, compared to its average volume of 3,992,361. The company has a 50-day simple moving average of $8.04 and a two-hundred day simple moving average of $7.31. Genworth Financial, Inc. has a 1-year low of $5.99 and a 1-year high of $8.74. The company has a market cap of $3.52 billion, a price-to-earnings ratio of 19.06 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 released its quarterly earnings results on Wednesday, July 30th. The financial services provider reported $0.16 earnings per share for the quarter, beating analysts' consensus estimates of $0.05 by $0.11. Genworth Financial had a return on equity of 1.91% and a net margin of 2.61%.The firm had revenue of $1.80 billion during the quarter.

About Genworth Financial

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.