Crossingbridge Advisors LLC Sells 30,000 Shares of Genworth Financial, Inc. $GNW

Key Points

• Crossingbridge Advisors LLC reduced its position in Genworth Financial, Inc. by 22.4% in the 1st quarter, now holding 104,000 shares worth approximately $754,000.
• Despite this decrease, institutional investors own a significant 81.85% of Genworth's stock, with several large firms increasing their stakes recently.
• Genworth Financial reported earnings of $0.16 per share for the last quarter, significantly beating analysts' expectations of $0.05 per share.

Crossingbridge Advisors LLC cut its stake in shares of Genworth Financial, Inc. (NYSE:GNW - Free Report) by 22.4% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 104,000 shares of the financial services provider's stock after selling 30,000 shares during the period. Crossingbridge Advisors LLC's holdings in Genworth Financial were worth $754,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Byrne Asset Management LLC increased its holdings in shares of Genworth Financial by 69.5% during the first quarter. Byrne Asset Management LLC now owns 7,595 shares of the financial services provider's stock worth $54,000 after buying an additional 3,115 shares in the last quarter. Blueshift Asset Management LLC acquired a new position in shares of Genworth Financial during the first quarter worth $71,000. Abel Hall LLC acquired a new position in shares of Genworth Financial during the first quarter worth $71,000. Pennington Partners & CO. LLC acquired a new position in shares of Genworth Financial during the fourth quarter worth $84,000. Finally, Mercer Global Advisors Inc. ADV acquired a new position in shares of Genworth Financial during the fourth quarter worth $86,000. 81.85% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on GNW. Keefe, Bruyette & Woods upped their price target on shares of Genworth Financial from $9.00 to $9.50 and gave the stock an "outperform" rating in a report on Wednesday, July 9th. Wall Street Zen downgraded Genworth Financial from a "hold" rating to a "sell" rating in a report on Thursday, May 22nd. One research analyst has rated the stock with a Buy rating, According to MarketBeat, Genworth Financial has a consensus rating of "Buy" and an average price target of $9.50.

Genworth Financial Trading Up 0.1%

GNW traded up $0.01 during trading on Tuesday, reaching $8.65. 1,272,185 shares of the stock traded hands, compared to its average volume of 6,170,899. 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 capitalization of $3.55 billion, a PE ratio of 19.21 and a beta of 1.12. The stock's 50-day moving average is $7.88 and its 200 day moving average is $7.22. Genworth Financial, Inc. has a 12 month low of $5.99 and a 12 month high of $8.73.

Genworth Financial (NYSE:GNW - Get Free Report) last issued 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. The business had revenue of $1.80 billion for the quarter. Genworth Financial had a net margin of 2.61% and a return on equity of 1.91%.

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.