Genworth Financial, Inc. $GNW Stock: Assenagon Asset Management S.A. Reduces Stake

Key Points

• Assenagon Asset Management reduced its Genworth Financial stake by 40.8% in the third quarter, selling 533,322 shares and retaining 774,772 shares worth approximately $6.95 million. Institutional investors collectively own 81.85% of GNW.
• Genworth shares opened at $8.97, below the $10.50 analyst consensus price target. The stock has a one-year range of $7.84 to $10.69, while analysts maintain an overall “Hold” rating.
• The company reported quarterly earnings of $0.29 per share, narrowly beating estimates of $0.28, although revenue of $1.03 billion fell short of the $1.90 billion consensus. CEO Thomas McInerney and EVP Melissa Hagerman also recently sold shares.

Assenagon Asset Management S.A. cut its holdings in shares of Genworth Financial, Inc. (NYSE:GNW - Free Report) by 40.8% during the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 774,772 shares of the financial services provider's stock after selling 533,322 shares during the period. Assenagon Asset Management S.A. owned 0.21% of Genworth Financial worth $6,950,000 as of its most recent SEC filing.

Other institutional investors also recently bought and sold shares of the company. HB Wealth Management LLC boosted its position in Genworth Financial by 8.8% during the 2nd quarter. HB Wealth Management LLC now owns 13,482 shares of the financial services provider's stock valued at $128,000 after acquiring an additional 1,089 shares in the last quarter. PNC Financial Services Group Inc. increased its holdings in shares of Genworth Financial by 2.3% in the 1st quarter. PNC Financial Services Group Inc. now owns 95,745 shares of the financial services provider's stock valued at $777,000 after acquiring an additional 2,139 shares during the period. GAMMA Investing LLC raised its position in shares of Genworth Financial by 16.6% in the 3rd quarter. GAMMA Investing LLC now owns 18,945 shares of the financial services provider's stock worth $170,000 after acquiring an additional 2,695 shares in the last quarter. DGS Capital Management LLC raised its position in shares of Genworth Financial by 28.1% in the 1st quarter. DGS Capital Management LLC now owns 13,061 shares of the financial services provider's stock worth $106,000 after acquiring an additional 2,867 shares in the last quarter. Finally, Counterpoint Mutual Funds LLC raised its position in shares of Genworth Financial by 10.3% in the 1st quarter. Counterpoint Mutual Funds LLC now owns 36,784 shares of the financial services provider's stock worth $299,000 after acquiring an additional 3,427 shares in the last quarter. 81.85% of the stock is owned by hedge funds and other institutional investors.

Genworth Financial Trading Up 0.3%

Shares of NYSE:GNW opened at $8.97 on Wednesday. The business's 50-day moving average is $9.78 and its 200 day moving average is $9.39. Genworth Financial, Inc. has a 1 year low of $7.84 and a 1 year high of $10.69. The firm has a market capitalization of $3.39 billion, a P/E ratio of 25.54 and a beta of 0.88. 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 (NYSE:GNW - Get Free Report) last released its quarterly earnings results on Wednesday, August 5th. The financial services provider reported $0.29 EPS for the quarter, beating analysts' consensus estimates of $0.28 by $0.01. Genworth Financial had a return on equity of 1.06% and a net margin of 2.87%. The company had revenue of $1.03 billion during the quarter, compared to analysts' expectations of $1.90 billion. On average, research analysts predict that Genworth Financial, Inc. will post 1.11 earnings per share for the current fiscal year.

Insider Activity

In related news, CEO Thomas McInerney sold 100,000 shares of the stock in a transaction that occurred on Thursday, September 3rd. The shares were sold at an average price of $10.53, for a total value of $1,053,000.00. Following the completion of the transaction, the chief executive officer directly owned 5,068,883 shares of the company's stock, valued at $53,375,337.99. This trade represents a 1.93% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Melissa Hagerman sold 14,708 shares of the stock in a transaction that occurred on Monday, August 24th. The shares were sold at an average price of $9.91, for a total transaction of $145,756.28. Following the completion of the transaction, the executive vice president directly owned 192,539 shares of the company's stock, valued at $1,908,061.49. The trade was a 7.10% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 1.80% of the company's stock.

Analysts Set New Price Targets

Several research firms have issued reports on GNW. Keefe, Bruyette & Woods reiterated a "market perform" rating and issued a $10.50 target price (down from $11.50) on shares of Genworth Financial in a research note on Friday, October 9th. Weiss Ratings lowered shares of Genworth Financial from a "buy (b-)" rating to a "hold (c+)" rating in a research report on Tuesday, October 6th. Finally, Wall Street Zen raised shares of Genworth Financial from a "sell" rating to a "hold" rating in a research report on Sunday, July 12th. Three research analysts have rated the stock with a Hold rating. According to data from MarketBeat.com, the stock has an average rating of "Hold" and a consensus target price of $10.50.

Genworth Financial Company Profile

Genworth Financial, Inc is an insurance holding company headquartered in Richmond, Virginia. The company's principal business is mortgage insurance, primarily through its majority-owned subsidiary, Enact Holdings, Inc Enact provides private mortgage insurance to lenders and mortgage investors, helping eligible borrowers obtain home loans with smaller down payments while reducing lenders' exposure to borrower default.

Genworth also manages long-term care insurance businesses and legacy insurance obligations in the United States.

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