Donald Smith & CO. Inc. Has $214.70 Million Stock Position in Genworth Financial, Inc. $GNW

Key Points

• Donald Smith & Co. reduced its Genworth Financial stake by 4.8% in the fourth quarter, but still held 23.8 million shares valued at about $214.7 million, making GNW its fourth-largest position.
• Analyst sentiment is mixed but cautious: recent actions included a downgrade from Wall Street Zen, a price target increase to $11 from Keefe, Bruyette & Woods, and an upgrade from Zacks to Hold. The stock’s consensus rating remains Hold with an average target of $11.00.
• Insiders sold shares in May, including Director Robert P. Restrepo, Jr. and CEO Thomas J. McInerney, while Genworth also reported Q1 earnings of $0.28 per share, beating estimates but missing revenue expectations.

Donald Smith & CO. Inc. lessened its stake in shares of Genworth Financial, Inc. (NYSE:GNW - Free Report) by 4.8% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 23,775,853 shares of the financial services provider's stock after selling 1,200,231 shares during the quarter. Genworth Financial accounts for about 4.0% of Donald Smith & CO. Inc.'s investment portfolio, making the stock its 4th largest position. Donald Smith & CO. Inc. owned 5.95% of Genworth Financial worth $214,696,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also modified their holdings of the stock. Truist Financial Corp lifted its position in shares of Genworth Financial by 9.6% during the 4th quarter. Truist Financial Corp now owns 14,342 shares of the financial services provider's stock worth $130,000 after buying an additional 1,257 shares during the period. Smartleaf Asset Management LLC lifted its position in shares of Genworth Financial by 12.7% during the 3rd quarter. Smartleaf Asset Management LLC now owns 11,638 shares of the financial services provider's stock worth $104,000 after buying an additional 1,316 shares during the period. ProShare Advisors LLC lifted its position in shares of Genworth Financial by 1.8% during the 4th quarter. ProShare Advisors LLC now owns 78,983 shares of the financial services provider's stock worth $713,000 after buying an additional 1,382 shares during the period. Bessemer Group Inc. lifted its position in shares of Genworth Financial by 60.6% during the 3rd quarter. Bessemer Group Inc. now owns 3,830 shares of the financial services provider's stock worth $34,000 after buying an additional 1,445 shares during the period. Finally, Mackenzie Financial Corp lifted its position in shares of Genworth Financial by 1.8% during the 3rd quarter. Mackenzie Financial Corp now owns 88,379 shares of the financial services provider's stock worth $787,000 after buying an additional 1,523 shares during the period. Institutional investors own 81.85% of the company's stock.

Analyst Upgrades and Downgrades

Several research firms recently commented on GNW. Wall Street Zen downgraded Genworth Financial from a "hold" rating to a "sell" rating in a research report on Sunday, May 17th. Keefe, Bruyette & Woods raised their target price on Genworth Financial from $10.50 to $11.00 and gave the stock an "outperform" rating in a research report on Wednesday, May 13th. Zacks Research upgraded Genworth Financial to a "hold" rating in a research report on Wednesday, May 27th. Finally, Weiss Ratings downgraded Genworth Financial from a "hold (c+)" rating to a "hold (c)" rating in a research report on Monday, June 1st. One investment analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Hold" and an average price target of $11.00.

Insider Buying and Selling at Genworth Financial

In other Genworth Financial news, Director Robert P. Restrepo, Jr. sold 50,000 shares of Genworth Financial stock in a transaction on Friday, May 22nd. The stock was sold at an average price of $9.12, for a total value of $456,000.00. Following the completion of the transaction, the director owned 92,655 shares in the company, valued at approximately $845,013.60. The trade was a 35.05% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Thomas J. Mcinerney sold 100,000 shares of Genworth Financial stock in a transaction on Friday, May 22nd. The shares were sold at an average price of $9.27, for a total value of $927,000.00. Following the completion of the transaction, the chief executive officer owned 5,368,883 shares of the company's stock, valued at approximately $49,769,545.41. The trade was a 1.83% decrease in their position. The SEC filing for this sale provides additional information. Insiders own 1.80% of the company's stock.

Genworth Financial Trading Up 2.6%

Shares of GNW opened at $8.93 on Thursday. The stock has a fifty day moving average price of $8.81 and a two-hundred day moving average price of $8.69. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.29 and a current ratio of 0.29. Genworth Financial, Inc. has a 52-week low of $6.75 and a 52-week high of $9.45. The company has a market cap of $3.42 billion, a price-to-earnings ratio of 17.18 and a beta of 0.86.

Genworth Financial (NYSE:GNW - Get Free Report) last issued its quarterly earnings data on Tuesday, May 5th. The financial services provider reported $0.28 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.18 by $0.10. Genworth Financial had a return on equity of 1.73% and a net margin of 2.96%.The firm had revenue of $1.04 billion during the quarter, compared to the consensus estimate of $1.72 billion. Analysts predict that Genworth Financial, Inc. will post 0.44 EPS for the current fiscal year.

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.

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