Shah Capital Management Sells 796,427 Shares of Genworth Financial, Inc. $GNW

Key Points

• Shah Capital Management reduced its stake in Genworth Financial by 42.2%, selling 796,427 shares and maintaining roughly 1.6% of its investment portfolio in the company as of the latest SEC filing.
• Genworth Financial reported earnings of $0.16 per share for the most recent quarter, exceeding analysts' expectations of $0.05, with a total revenue of $1.80 billion.
• Most analysts hold a consensus Buy rating for Genworth Financial, with a new average price target raised to $9.50 from $9.00.

Shah Capital Management lessened its holdings in shares of Genworth Financial, Inc. (NYSE:GNW - Free Report) by 42.2% during the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 1,090,743 shares of the financial services provider's stock after selling 796,427 shares during the quarter. Genworth Financial comprises about 1.6% of Shah Capital Management's holdings, making the stock its 10th biggest holding. Shah Capital Management owned about 0.26% of Genworth Financial worth $7,733,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. Donald Smith & CO. Inc. boosted its stake in shares of Genworth Financial by 4.5% in the first quarter. Donald Smith & CO. Inc. now owns 27,114,581 shares of the financial services provider's stock valued at $192,242,000 after purchasing an additional 1,165,112 shares during the period. American Century Companies Inc. boosted its stake in shares of Genworth Financial by 11.6% in the first quarter. American Century Companies Inc. now owns 8,056,534 shares of the financial services provider's stock valued at $57,121,000 after purchasing an additional 836,192 shares during the period. Northern Trust Corp boosted its stake in shares of Genworth Financial by 18.1% in the fourth quarter. Northern Trust Corp now owns 6,025,178 shares of the financial services provider's stock valued at $42,116,000 after purchasing an additional 922,126 shares during the period. Charles Schwab Investment Management Inc. boosted its stake in shares of Genworth Financial by 1.4% in the first quarter. Charles Schwab Investment Management Inc. now owns 5,269,135 shares of the financial services provider's stock valued at $37,358,000 after purchasing an additional 74,123 shares during the period. Finally, Nuveen LLC purchased a new position in shares of Genworth Financial in the first quarter valued at approximately $24,661,000. Hedge funds and other institutional investors own 81.85% of the company's stock.

Genworth Financial Stock Up 3.3%

NYSE:GNW traded up $0.2750 during mid-day trading on Friday, hitting $8.6850. The stock had a trading volume of 5,467,703 shares, compared to its average volume of 6,544,659. The stock has a 50-day simple moving average of $7.86 and a two-hundred day simple moving average of $7.22. The company has a market capitalization of $3.56 billion, a PE ratio of 19.30 and a beta of 1.12. Genworth Financial, Inc. has a twelve month low of $5.99 and a twelve month high of $8.72. The company has a current ratio of 0.29, a quick ratio of 0.29 and a debt-to-equity ratio of 0.16.

Genworth Financial (NYSE:GNW - Get Free Report) last issued its earnings results on Wednesday, July 30th. The financial services provider reported $0.16 earnings per share for the quarter, beating the consensus estimate of $0.05 by $0.11. The firm 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%.

Analyst Upgrades and Downgrades

Several research firms have recently commented on GNW. Keefe, Bruyette & Woods raised their price objective on shares of Genworth Financial from $9.00 to $9.50 and gave the company an "outperform" rating in a research note on Wednesday, July 9th. Wall Street Zen lowered shares of Genworth Financial from a "hold" rating to a "sell" rating in a research note on Thursday, May 22nd. One research analyst has rated the stock with a Buy rating, According to MarketBeat.com, the stock presently has an average rating of "Buy" and an average price target of $9.50.

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.