Genworth Financial, Inc. $GNW Shares Sold by Allspring Global Investments Holdings LLC

Key Points

• Allspring Global Investments Holdings LLC reduced its holdings in Genworth Financial by 24.1% in the 2nd quarter, selling 256,775 shares and now owns approximately 0.19% of the company.
• Analyst ratings for Genworth Financial have shown mixed signals, with a recent downgrade from "hold" to "sell" by Wall Street Zen, while Keefe, Bruyette & Woods has set a new price target of $10.00 with an "outperform" rating.
• Genworth Financial's CEO, Rohit Gupta, sold 86,406 shares of the company's stock worth over $750,000, resulting in a 9.81% decrease in his ownership.

Allspring Global Investments Holdings LLC decreased its holdings in shares of Genworth Financial, Inc. (NYSE:GNW - Free Report) by 24.1% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 807,478 shares of the financial services provider's stock after selling 256,775 shares during the period. Allspring Global Investments Holdings LLC owned approximately 0.19% of Genworth Financial worth $6,282,000 at the end of the most recent reporting period.

A number of other large investors have also modified their holdings of the business. Xponance Inc. grew its holdings in Genworth Financial by 4.8% during the first quarter. Xponance Inc. now owns 32,525 shares of the financial services provider's stock worth $231,000 after acquiring an additional 1,493 shares during the period. GAMMA Investing LLC boosted its position in shares of Genworth Financial by 29.5% during the 2nd quarter. GAMMA Investing LLC now owns 11,770 shares of the financial services provider's stock worth $92,000 after purchasing an additional 2,679 shares in the last quarter. HighTower Advisors LLC grew its stake in shares of Genworth Financial by 20.0% during the 1st quarter. HighTower Advisors LLC now owns 21,111 shares of the financial services provider's stock worth $150,000 after purchasing an additional 3,521 shares during the period. CWM LLC increased its holdings in shares of Genworth Financial by 113.6% in the 2nd quarter. CWM LLC now owns 12,788 shares of the financial services provider's stock valued at $99,000 after purchasing an additional 6,800 shares in the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in shares of Genworth Financial by 2.9% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 252,152 shares of the financial services provider's stock valued at $1,788,000 after purchasing an additional 7,106 shares during the period. 81.85% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

GNW has been the topic of several recent analyst reports. Wall Street Zen lowered shares of Genworth Financial from a "hold" rating to a "sell" rating in a research report on Saturday, October 11th. Weiss Ratings reissued a "hold (c+)" rating on shares of Genworth Financial in a research note on Wednesday, October 8th. Finally, Keefe, Bruyette & Woods raised their price objective on Genworth Financial from $9.50 to $10.00 and gave the company an "outperform" rating in a research note on Thursday, October 9th. One equities research analyst has rated the stock with a Buy rating and one has issued a Hold rating to the company. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $10.00.

Genworth Financial Stock Up 0.2%

Shares of NYSE GNW opened at $8.54 on Monday. The firm's 50-day moving average is $8.68 and its two-hundred day moving average is $7.72. The company has a market capitalization of $3.51 billion, a PE ratio of 18.98 and a beta of 0.99. Genworth Financial, Inc. has a 12-month low of $5.99 and a 12-month high of $9.15. The company has a debt-to-equity ratio of 0.16, a current ratio of 0.29 and a quick ratio of 0.29.

Genworth Financial (NYSE:GNW - Get Free Report) last issued its quarterly earnings data on Wednesday, July 30th. The financial services provider reported $0.16 earnings per share (EPS) for the quarter, topping the consensus estimate 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.

Insider Buying and Selling at Genworth Financial

In other news, CEO Rohit Gupta sold 86,406 shares of the company's stock in a transaction on Wednesday, August 27th. The stock was sold at an average price of $8.68, for a total value of $750,004.08. Following the sale, the chief executive officer directly owned 794,630 shares in the company, valued at $6,897,388.40. This represents a 9.81% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 1.80% of the stock is currently owned by company insiders.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.