Genworth Financial (NYSE:GNW) Hits New 12-Month High - Here's Why

Key Points

• Genworth Financial reached a new 52-week high of $8.52, closing at $8.46 with a trading volume exceeding 5 million shares.
• Analyst ratings for the stock have been mixed, with Keefe, Bruyette & Woods raising the price target to $9.50 while Wall Street Zen downgraded it from 'hold' to 'sell.'
• Genworth Financial reported $0.16 earnings per share for its last quarter, significantly beating expectations of $0.05, with total revenue of $1.80 billion.

Genworth Financial, Inc. (NYSE:GNW - Get Free Report)'s stock price reached a new 52-week high on Wednesday . The company traded as high as $8.52 and last traded at $8.46, with a volume of 5086307 shares. The stock had previously closed at $8.34.

Analysts Set New Price Targets

A number of analysts recently issued reports on GNW shares. Wall Street Zen downgraded shares of Genworth Financial from a "hold" rating to a "sell" rating in a report on Thursday, May 22nd. Keefe, Bruyette & Woods raised their price objective on shares of Genworth Financial from $9.00 to $9.50 and gave the stock an "outperform" rating in a research report on Wednesday, July 9th.

Genworth Financial Stock Down 2.8%

The company has a market cap of $3.41 billion, a PE ratio of 18.47 and a beta of 1.12. The company has a debt-to-equity ratio of 0.16, a current ratio of 0.29 and a quick ratio of 0.29. The business's 50 day moving average is $7.70 and its 200-day moving average is $7.17.

Genworth Financial (NYSE:GNW - Get Free Report) last issued its quarterly earnings data on Wednesday, July 30th. The financial services provider reported $0.16 earnings per share for the quarter, topping the consensus estimate of $0.05 by $0.11. The business had revenue of $1.80 billion during the quarter. Genworth Financial had a net margin of 2.61% and a return on equity of 1.91%.

Hedge Funds Weigh In On Genworth Financial

Institutional investors and hedge funds have recently made changes to their positions in the stock. Principal Financial Group Inc. lifted its holdings in Genworth Financial by 2.7% in the 1st quarter. Principal Financial Group Inc. now owns 2,126,240 shares of the financial services provider's stock valued at $15,075,000 after purchasing an additional 55,085 shares in the last quarter. GAMMA Investing LLC lifted its holdings in shares of Genworth Financial by 494.7% during the 1st quarter. GAMMA Investing LLC now owns 64,455 shares of the financial services provider's stock worth $457,000 after acquiring an additional 53,617 shares during the period. Wells Fargo & Company MN lifted its holdings in shares of Genworth Financial by 26.1% during the 4th quarter. Wells Fargo & Company MN now owns 266,198 shares of the financial services provider's stock worth $1,861,000 after acquiring an additional 55,078 shares during the period. Handelsbanken Fonder AB lifted its holdings in shares of Genworth Financial by 56.0% during the 1st quarter. Handelsbanken Fonder AB now owns 112,490 shares of the financial services provider's stock worth $798,000 after acquiring an additional 40,400 shares during the period. Finally, Deutsche Bank AG lifted its holdings in shares of Genworth Financial by 34.1% during the 4th quarter. Deutsche Bank AG now owns 430,853 shares of the financial services provider's stock worth $3,012,000 after acquiring an additional 109,570 shares during the period. 81.85% of the stock is owned by institutional investors and hedge funds.

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.