Genworth Financial (NYSE:GNW) Hits New 52-Week High - Here's Why

Key Points

• Genworth Financial's stock reached a new 12-month high of $9.05 and last traded at $8.99, showing significant trading volume of 1,766,394 shares.
• Wall Street analysts have mixed opinions on the stock, with one brokerage increasing the price target to $9.50 while another downgraded it from "hold" to "sell".
• Institutional investors hold a significant majority, owning 81.85% of the stock, with various firms adjusting their stakes recently.

Genworth Financial, Inc. (NYSE:GNW - Get Free Report)'s share price hit a new 52-week high during trading on Friday . The company traded as high as $9.05 and last traded at $8.99, with a volume of 1766394 shares traded. The stock had previously closed at $8.70.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the company. Wall Street Zen cut Genworth Financial from a "hold" rating to a "sell" rating in a report on Sunday, September 7th. Keefe, Bruyette & Woods upped their price objective on shares of Genworth Financial from $9.00 to $9.50 and gave the company an "outperform" rating in a report on Wednesday, July 9th. One investment analyst has rated the stock with a Buy rating, According to MarketBeat.com, Genworth Financial has a consensus rating of "Buy" and an average price target of $9.50.

Genworth Financial Stock Performance

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 stock has a market capitalization of $3.70 billion, a price-to-earnings ratio of 20.02 and a beta of 0.94. The firm's fifty day moving average price is $8.24 and its 200 day moving average price is $7.45.

Genworth Financial (NYSE:GNW - Get Free Report) last released 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. Genworth Financial had a return on equity of 1.91% and a net margin of 2.61%.The company had revenue of $1.80 billion for the quarter.

Insider Transactions at Genworth Financial

In other news, CEO Rohit Gupta sold 86,406 shares of the stock in a transaction dated Wednesday, August 27th. The shares were sold at an average price of $8.68, for a total transaction of $750,004.08. Following the sale, the chief executive officer owned 794,630 shares of the company's stock, valued at approximately $6,897,388.40. This represents a 9.81% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 1.80% of the stock is owned by company insiders.

Institutional Investors Weigh In On Genworth Financial

A number of hedge funds have recently added to or reduced their stakes in the business. Headlands Technologies LLC acquired a new position in shares of Genworth Financial in the second quarter worth $44,000. Byrne Asset Management LLC increased its holdings in Genworth Financial by 69.5% during the 1st quarter. Byrne Asset Management LLC now owns 7,595 shares of the financial services provider's stock worth $54,000 after purchasing an additional 3,115 shares during the period. EverSource Wealth Advisors LLC increased its holdings in Genworth Financial by 140.3% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 8,063 shares of the financial services provider's stock worth $63,000 after purchasing an additional 4,708 shares during the period. Abel Hall LLC acquired a new stake in Genworth Financial in the 1st quarter valued at about $71,000. Finally, Blueshift Asset Management LLC purchased a new position in shares of Genworth Financial in the 1st quarter valued at about $71,000. 81.85% of the stock is currently owned by institutional investors and hedge funds.

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.