Genworth Financial, Inc. $GNW Stock: VIRGINIA RETIREMENT SYSTEMS ET Al Raises Holdings

Key Points

• Virginia Retirement Systems increased its Genworth Financial stake by 1,233.9% in the third quarter, reaching 342,800 shares valued at approximately $3.1 million. Institutional investors collectively own 81.85% of GNW.
• Analyst sentiment remains mixed, with one Buy and two Hold ratings; the consensus rating is Hold and the average price target is $10.50.
• Genworth reported quarterly earnings of $0.29 per share, slightly above estimates, while GNW opened at $8.99 and trades within a 52-week range of $7.84 to $10.69. Company insiders own 1.8% of the stock, following reported sales by the CEO and an executive vice president.

VIRGINIA RETIREMENT SYSTEMS ET Al lifted its holdings in shares of Genworth Financial, Inc. (NYSE:GNW - Free Report) by 1,233.9% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 342,800 shares of the financial services provider's stock after purchasing an additional 317,100 shares during the period. VIRGINIA RETIREMENT SYSTEMS ET Al owned 0.09% of Genworth Financial worth $3,075,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of GNW. Reyes Financial Architecture Inc. acquired a new position in Genworth Financial during the 3rd quarter worth approximately $31,000. Nisa Investment Advisors LLC lifted its stake in Genworth Financial by 51.5% during the 3rd quarter. Nisa Investment Advisors LLC now owns 43,274 shares of the financial services provider's stock valued at $388,000 after acquiring an additional 14,705 shares in the last quarter. Abel Hall LLC boosted its holdings in Genworth Financial by 13.3% during the third quarter. Abel Hall LLC now owns 13,491 shares of the financial services provider's stock worth $121,000 after purchasing an additional 1,579 shares during the last quarter. Counterpoint Mutual Funds LLC purchased a new position in shares of Genworth Financial in the 3rd quarter worth approximately $260,000. Finally, Longboard Asset Management LP purchased a new position in Genworth Financial in the third quarter worth $106,000. 81.85% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

GNW has been the subject of several recent research reports. Wall Street Zen upgraded Genworth Financial from a "sell" rating to a "hold" rating in a research report on Sunday, July 12th. Keefe, Bruyette & Woods cut Genworth Financial from an "outperform" rating to a "market perform" rating and lowered their price target for the company from $11.50 to $10.50 in a report on Friday, October 9th. Finally, Weiss Ratings raised shares of Genworth Financial from a "hold (c+)" rating to a "buy (b-)" rating in a report on Wednesday, October 21st. One research analyst has rated the stock with a Buy rating and two have given a Hold rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Hold" and a consensus price target of $10.50.

Insider Buying and Selling at Genworth Financial

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

Genworth Financial Price Performance

GNW opened at $8.99 on Tuesday. The company has a debt-to-equity ratio of 0.15, a current ratio of 0.29 and a quick ratio of 0.29. The firm has a market cap of $3.40 billion, a PE ratio of 25.37 and a beta of 0.88. Genworth Financial, Inc. has a 1 year low of $7.84 and a 1 year high of $10.69. The stock has a 50-day moving average price of $9.58 and a 200-day moving average price of $9.11.

Genworth Financial (NYSE:GNW - Get Free Report) last posted its quarterly earnings results on Wednesday, August 5th. The financial services provider reported $0.29 earnings per share for the quarter, topping the consensus estimate of $0.28 by $0.01. The firm had revenue of $1.03 billion during the quarter, compared to analysts' expectations of $1.90 billion. Genworth Financial had a return on equity of 1.06% and a net margin of 2.87%. Sell-side analysts predict that Genworth Financial, Inc. will post 1.11 earnings per share for the current fiscal year.

Genworth Financial 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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