Genworth Financial (NYSE:GNW) Hits New 12-Month High - Time to Buy?

Key Points

• Genworth Financial reached a new 52-week high of $8.75 during trading, with significant trading volume of over 2.26 million shares.
• Analyst ratings for Genworth show mixed signals; Keefe, Bruyette & Woods upgraded the target price to $9.50, while Wall Street Zen downgraded it to "sell."
• CEO Rohit Gupta sold over 86,000 shares recently, marking a 9.81% decrease in his position, which may influence investor sentiment.

Genworth Financial, Inc. (NYSE:GNW - Get Free Report) hit a new 52-week high during mid-day trading on Thursday . The stock traded as high as $8.74 and last traded at $8.75, with a volume of 2266284 shares changing hands. The stock had previously closed at $8.55.

Analyst Ratings Changes

Several brokerages have issued reports on GNW. Keefe, Bruyette & Woods increased their target price on Genworth Financial from $9.00 to $9.50 and gave the company an "outperform" rating in a research report on Wednesday, July 9th. Wall Street Zen cut Genworth Financial from a "hold" rating to a "sell" rating in a research report on Sunday. One investment analyst has rated the stock with a Buy rating, According to MarketBeat.com, the company has an average rating of "Buy" and a consensus target price of $9.50.

Genworth Financial Trading Up 3.0%

The stock has a 50-day simple moving average of $8.09 and a 200 day simple moving average of $7.34. The company has a current ratio of 0.29, a quick ratio of 0.29 and a debt-to-equity ratio of 0.16. The company has a market cap of $3.61 billion, a price-to-earnings ratio of 19.57 and a beta of 0.94.

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, topping analysts' consensus estimates of $0.05 by $0.11. The company had revenue of $1.80 billion during the quarter. Genworth Financial had a return on equity of 1.91% and a net margin of 2.61%.

Insider Buying and Selling at Genworth Financial

In other Genworth Financial news, CEO Rohit Gupta sold 86,406 shares of Genworth Financial stock in a transaction dated Wednesday, August 27th. The stock was sold at an average price of $8.68, for a total transaction of $750,004.08. Following the completion of the transaction, the chief executive officer owned 794,630 shares in the company, valued at approximately $6,897,388.40. This trade represents a 9.81% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Insiders own 1.80% of the company's stock.

Hedge Funds Weigh In On Genworth Financial

Several institutional investors and hedge funds have recently modified their holdings of GNW. Nuveen LLC purchased a new position in shares of Genworth Financial in the 1st quarter valued at about $24,661,000. Norges Bank purchased a new position in shares of Genworth Financial in the 2nd quarter valued at about $26,992,000. Nuveen Asset Management LLC increased its stake in shares of Genworth Financial by 106.9% in the 4th quarter. Nuveen Asset Management LLC now owns 2,663,077 shares of the financial services provider's stock valued at $18,615,000 after purchasing an additional 1,375,637 shares in the last quarter. Invesco Ltd. increased its stake in shares of Genworth Financial by 41.0% in the 2nd quarter. Invesco Ltd. now owns 4,291,220 shares of the financial services provider's stock valued at $33,386,000 after purchasing an additional 1,248,374 shares in the last quarter. Finally, Donald Smith & CO. Inc. increased its stake in Genworth Financial by 4.5% during the 1st quarter. Donald Smith & CO. Inc. now owns 27,114,581 shares of the financial services provider's stock worth $192,242,000 after buying an additional 1,165,112 shares in the last quarter. Hedge funds and other institutional investors own 81.85% of the company's stock.

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.

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