Evolution Advisers Inc. Grows Stock Position in Genworth Financial, Inc. $GNW

Key Points

• Evolution Advisers Inc. increased its stake in Genworth Financial by 126.3% during Q2, now holding 217,835 shares, which represents 0.8% of its investment portfolio.
• Genworth Financial beat analysts' earnings estimates with a reported $0.16 EPS for the last quarter compared to the consensus estimate of $0.05, driving revenue of $1.80 billion.
• Despite recent analyst downgrades, Genworth Financial has an average rating of "Moderate Buy" with a consensus price target of $10.00.

Evolution Advisers Inc. boosted its stake in Genworth Financial, Inc. (NYSE:GNW - Free Report) by 126.3% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 217,835 shares of the financial services provider's stock after purchasing an additional 121,583 shares during the period. Genworth Financial comprises 0.8% of Evolution Advisers Inc.'s investment portfolio, making the stock its 18th largest position. Evolution Advisers Inc. owned 0.05% of Genworth Financial worth $1,707,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds also recently made changes to their positions in the company. Byrne Asset Management LLC increased its holdings in Genworth Financial by 69.5% during the 1st quarter. Byrne Asset Management LLC now owns 7,595 shares of the financial services provider's stock valued at $54,000 after purchasing an additional 3,115 shares during the period. Abel Hall LLC purchased a new position in Genworth Financial during the 1st quarter valued at about $71,000. Blueshift Asset Management LLC purchased a new position in shares of Genworth Financial during the first quarter valued at approximately $71,000. Strs Ohio purchased a new position in shares of Genworth Financial during the first quarter valued at approximately $82,000. Finally, GAMMA Investing LLC increased its stake in shares of Genworth Financial by 29.5% during the second quarter. GAMMA Investing LLC now owns 11,770 shares of the financial services provider's stock valued at $92,000 after buying an additional 2,679 shares during the period. 81.85% of the stock is owned by hedge funds and other institutional investors.

Genworth Financial Trading Down 1.8%

NYSE:GNW opened at $8.52 on Friday. The company's 50 day moving average price is $8.62 and its 200-day moving average price is $7.66. Genworth Financial, Inc. has a 52 week low of $5.99 and a 52 week high of $9.15. 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 stock has a market cap of $3.50 billion, a price-to-earnings ratio of 18.93 and a beta of 0.99.

Genworth Financial (NYSE:GNW - Get Free Report) last posted its quarterly earnings results on Wednesday, July 30th. The financial services provider reported $0.16 EPS for the quarter, beating analysts' consensus estimates of $0.05 by $0.11. Genworth Financial had a net margin of 2.61% and a return on equity of 1.91%. The firm had revenue of $1.80 billion for the quarter.

Insider Buying and Selling

In related news, CEO Rohit Gupta sold 86,406 shares of the 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 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 ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Corporate insiders own 1.80% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on GNW. Wall Street Zen downgraded shares of Genworth Financial from a "hold" rating to a "sell" rating in a research report on Saturday. Keefe, Bruyette & Woods boosted their price target on shares of Genworth Financial from $9.50 to $10.00 and gave the company an "outperform" rating in a research report on Thursday. Finally, Weiss Ratings reiterated a "hold (c+)" rating on shares of Genworth Financial in a research report on Wednesday. One investment analyst has rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat.com, Genworth Financial currently has an average rating of "Moderate Buy" and a consensus price target of $10.00.

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.

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