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 cut its position in shares of Genworth Financial, Inc. (NYSE:GNW - Free Report) by 42.2% during the 1st quarter, according to the company in its most recent filing with the SEC. The firm owned 1,090,743 shares of the financial services provider's stock after selling 796,427 shares during the quarter. Genworth Financial accounts for 1.6% of Shah Capital Management's portfolio, making the stock its 10th largest position. Shah Capital Management owned about 0.26% of Genworth Financial worth $7,733,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently modified their holdings of GNW. Capital Fund Management S.A. bought a new position in Genworth Financial during the first quarter valued at about $701,000. Quantbot Technologies LP lifted its holdings in Genworth Financial by 163.3% in the 1st quarter. Quantbot Technologies LP now owns 93,379 shares of the financial services provider's stock valued at $662,000 after acquiring an additional 57,919 shares during the last quarter. American Century Companies Inc. boosted its position in shares of Genworth Financial by 11.6% during the 1st 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 in the last quarter. Fox Run Management L.L.C. acquired a new position in shares of Genworth Financial in the 1st quarter worth approximately $336,000. Finally, HighTower Advisors LLC grew its stake in shares of Genworth Financial by 20.0% in 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 last quarter. Institutional investors own 81.85% of the company's stock.

Genworth Financial Stock Up 0.1%

Shares of Genworth Financial stock traded up $0.0050 during midday trading on Monday, hitting $8.6850. The company's stock had a trading volume of 906,569 shares, compared to its average volume of 6,185,806. Genworth Financial, Inc. has a 1-year low of $5.99 and a 1-year high of $8.73. 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 firm has a market capitalization of $3.56 billion, a P/E ratio of 19.30 and a beta of 1.12. The stock has a 50-day simple moving average of $7.86 and a 200-day simple moving average of $7.21.

Genworth Financial (NYSE:GNW - Get Free Report) last announced 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.

Analysts Set New Price Targets

A number of brokerages recently weighed in on GNW. Keefe, Bruyette & Woods raised their target price 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 research report on Thursday, May 22nd. One research analyst has rated the stock with a Buy rating, According to MarketBeat, the company has an average rating of "Buy" and a consensus price target of $9.50.

Genworth Financial Company Profile

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.