Genworth Financial (NYSE:GNW) Reaches New 12-Month High - Here's What Happened

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) shares reached a new 52-week high on Friday . The stock traded as high as $9.05 and last traded at $8.99, with a volume of 1766394 shares changing hands. The stock had previously closed at $8.70.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on GNW shares. Wall Street Zen downgraded shares of Genworth Financial from a "hold" rating to a "sell" rating in a research note on Sunday, September 7th. Keefe, Bruyette & Woods lifted their price target 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. One analyst has rated the stock with a Buy rating, Based on data from MarketBeat.com, the stock presently has a consensus rating of "Buy" and an average target price of $9.50.

Genworth Financial Trading Up 0.1%

The firm has a market capitalization of $3.71 billion, a PE ratio of 20.06 and a beta of 0.94. The firm's fifty day moving average is $8.27 and its two-hundred day moving average is $7.46. The company has a debt-to-equity ratio of 0.16, a current ratio of 0.29 and a quick ratio of 0.29.

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

Insiders Place Their Bets

In related news, CEO Rohit Gupta sold 86,406 shares of the business's 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 transaction, the chief executive officer directly owned 794,630 shares in the company, valued at approximately $6,897,388.40. The trade was a 9.81% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 1.80% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Squarepoint Ops LLC boosted its stake in Genworth Financial by 50.9% in the second quarter. Squarepoint Ops LLC now owns 180,283 shares of the financial services provider's stock valued at $1,403,000 after acquiring an additional 60,787 shares during the last quarter. Thrivent Financial for Lutherans boosted its stake in Genworth Financial by 20.2% in the second quarter. Thrivent Financial for Lutherans now owns 377,063 shares of the financial services provider's stock valued at $2,934,000 after acquiring an additional 63,400 shares during the last quarter. State of Wyoming boosted its stake in Genworth Financial by 326.2% in the second quarter. State of Wyoming now owns 34,583 shares of the financial services provider's stock valued at $269,000 after acquiring an additional 26,469 shares during the last quarter. Hudson Bay Capital Management LP purchased a new position in Genworth Financial in the second quarter valued at about $5,616,000. Finally, Public Sector Pension Investment Board boosted its stake in Genworth Financial by 4.3% in the second quarter. Public Sector Pension Investment Board now owns 1,412,952 shares of the financial services provider's stock valued at $10,993,000 after acquiring an additional 58,755 shares during the last quarter. 81.85% of the stock is currently owned by hedge funds and other institutional investors.

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.