Donald Smith & CO. Inc. Takes $212.91 Million Position in Genworth Financial, Inc. $GNW

Key Points

• Donald Smith & Co. acquired 22.48 million Genworth Financial shares worth approximately $212.9 million, making GNW its sixth-largest holding and representing about 5.87% of the company.
• Institutional ownership remains high at 81.85%, with several funds—including Norges Bank, UBS, and Invesco—recently initiating or increasing positions.
• Genworth reported quarterly EPS of $0.29, slightly above the $0.28 consensus estimate. Analysts have a “Moderate Buy” consensus rating and a $12.00 average price target, versus a recent share price of $9.89.

Donald Smith & CO. Inc. acquired a new stake in shares of Genworth Financial, Inc. (NYSE:GNW - Free Report) during the second quarter, according to its most recent Form 13F filing with the SEC. The fund acquired 22,482,191 shares of the financial services provider's stock, valued at approximately $212,906,000. Genworth Financial accounts for about 3.8% of Donald Smith & CO. Inc.'s investment portfolio, making the stock its 6th biggest holding. Donald Smith & CO. Inc. owned approximately 5.87% of Genworth Financial at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in GNW. Norges Bank purchased a new stake in Genworth Financial in the fourth quarter worth $45,912,000. Gendell Jeffrey L increased its holdings in shares of Genworth Financial by 168.0% during the fourth quarter. Gendell Jeffrey L now owns 6,485,888 shares of the financial services provider's stock valued at $58,568,000 after acquiring an additional 4,065,684 shares in the last quarter. UBS Group AG increased its holdings in shares of Genworth Financial by 621.2% during 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. Bank of New York Mellon Corp purchased a new position in shares of Genworth Financial in the 2nd quarter worth about $22,798,000. Finally, Invesco Ltd. raised its position in shares of Genworth Financial by 41.0% in the 2nd quarter. Invesco Ltd. now owns 4,291,220 shares of the financial services provider's stock worth $33,386,000 after purchasing an additional 1,248,374 shares during the last quarter. Hedge funds and other institutional investors own 81.85% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on GNW. Weiss Ratings cut shares of Genworth Financial from a "buy (b-)" rating to a "hold (c+)" rating in a research note on Wednesday. Keefe, Bruyette & Woods upgraded shares of Genworth Financial from a "moderate buy" rating to a "strong-buy" rating in a research note on Tuesday, August 11th. Wall Street Zen raised shares of Genworth Financial from a "sell" rating to a "hold" rating in a report on Sunday, July 12th. Finally, Zacks Research upgraded shares of Genworth Financial to a "hold" rating in a research note on Wednesday, May 27th. One investment analyst has rated the stock with a Strong Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat, Genworth Financial currently has a consensus rating of "Moderate Buy" and a consensus target price of $12.00.

Genworth Financial Price Performance

NYSE GNW opened at $9.89 on Friday. The business's fifty day moving average price is $9.65 and its 200-day moving average price is $9.01. The stock has a market capitalization of $3.74 billion, a price-to-earnings ratio of 19.02 and a beta of 0.87. The company has a debt-to-equity ratio of 0.15, a current ratio of 0.29 and a quick ratio of 0.29. Genworth Financial, Inc. has a 1-year low of $7.84 and a 1-year high of $10.28.

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

Genworth Financial Profile

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source