Genworth Financial (NYSE:GNW) Releases Earnings Results, Beats Expectations By $0.10 EPS

Key Points

• Genworth reported quarterly EPS of $0.28, beating the consensus of $0.18 by $0.10, but revenue came in well below expectations at $1.04 billion versus the $1.48 billion estimate.
• Shares traded around $8.88; analysts have a consensus rating of Moderate Buy with an average target of $10.50 amid mixed broker actions, and institutional investors own about 81.85% of the stock.

Genworth Financial (NYSE:GNW - Get Free Report) issued its quarterly earnings results on Tuesday. The financial services provider reported $0.28 EPS for the quarter, beating analysts' consensus estimates of $0.18 by $0.10, FiscalAI reports. The company had revenue of $1.04 billion during the quarter, compared to the consensus estimate of $1.48 billion. Genworth Financial had a return on equity of 1.48% and a net margin of 3.05%.

Genworth Financial Stock Performance

Shares of Genworth Financial stock traded up $0.01 during trading hours on Tuesday, reaching $8.88. The company had a trading volume of 3,244,747 shares, compared to its average volume of 3,496,462. Genworth Financial has a one year low of $6.63 and a one year high of $9.28. The business has a fifty day simple moving average of $8.46 and a 200 day simple moving average of $8.61. The company has a debt-to-equity ratio of 0.15, a current ratio of 0.29 and a quick ratio of 0.29. The firm has a market cap of $3.44 billion, a PE ratio of 16.75 and a beta of 0.89.

Analyst Ratings Changes

Several brokerages have weighed in on GNW. Wall Street Zen lowered Genworth Financial from a "hold" rating to a "sell" rating in a report on Saturday, February 28th. Weiss Ratings raised Genworth Financial from a "hold (c)" rating to a "hold (c+)" rating in a report on Wednesday, April 29th. Finally, Keefe, Bruyette & Woods reissued a "moderate buy" rating and set a $10.50 price objective on shares of Genworth Financial in a report on Thursday, March 26th. One analyst has rated the stock with a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat, Genworth Financial has a consensus rating of "Moderate Buy" and an average target price of $10.50.

Hedge Funds Weigh In On Genworth Financial

A number of large investors have recently made changes to their positions in the stock. Mercer Global Advisors Inc. ADV boosted its holdings in shares of Genworth Financial by 32.4% in the fourth quarter. Mercer Global Advisors Inc. ADV now owns 42,014 shares of the financial services provider's stock worth $379,000 after acquiring an additional 10,271 shares during the period. Mackenzie Financial Corp boosted its holdings in shares of Genworth Financial by 4.8% in the fourth quarter. Mackenzie Financial Corp now owns 92,585 shares of the financial services provider's stock worth $841,000 after acquiring an additional 4,206 shares during the period. NewEdge Advisors LLC boosted its holdings in shares of Genworth Financial by 170.6% in the fourth quarter. NewEdge Advisors LLC now owns 70,668 shares of the financial services provider's stock worth $638,000 after acquiring an additional 44,554 shares during the period. XTX Topco Ltd boosted its holdings in shares of Genworth Financial by 396.5% in the fourth quarter. XTX Topco Ltd now owns 214,198 shares of the financial services provider's stock worth $1,934,000 after acquiring an additional 171,059 shares during the period. Finally, Tudor Investment Corp ET AL bought a new position in shares of Genworth Financial in the fourth quarter worth $1,083,000. 81.85% of the stock is owned by institutional investors.

About Genworth Financial

Genworth Financial NYSE: GNW is a leading financial security company offering a broad range of insurance products. Based in Richmond, Virginia, Genworth provides individuals and families with solutions designed to protect against long-term care expenses, secure life insurance needs and support homeownership through private mortgage insurance. With operations spanning the United States, Canada and Australia, the company serves both retail and institutional clients through a diversified portfolio of risk management services.

The company's Private Mortgage Insurance (PMI) segment offers coverage to lenders and consumers in the US, Canada and Australia, enabling homebuyers to purchase properties with lower down payments.

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