Genworth Financial (NYSE:GNW) Sets New 52-Week High After Better-Than-Expected Earnings

Key Points

• Genworth Financial stock reached a new 52-week high, trading up to $9.45 after reporting quarterly EPS of $0.28 versus the $0.18 consensus, although revenue missed at $1.04B versus $1.48B expected.
• Analysts are mixed but MarketBeat shows a consensus of Moderate Buy with a $10.50 price target, with individual ratings ranging from sell to moderate buy.
• Institutional ownership is high at about 81.85%, and several funds (RBC, UBS, Invesco) recently increased positions; the company has a $3.58B market cap and a P/E of 17.48.

Genworth Financial, Inc. (NYSE:GNW - Get Free Report)'s stock price reached a new 52-week high during trading on Wednesday following a stronger than expected earnings report. The company traded as high as $9.45 and last traded at $9.2550, with a volume of 319341 shares traded. The stock had previously closed at $8.87.

The financial services provider reported $0.28 earnings per share for the quarter, beating the consensus estimate of $0.18 by $0.10. The firm had revenue of $1.04 billion for 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%.

Analysts Set New Price Targets

GNW has been the topic of several analyst reports. Wall Street Zen downgraded Genworth Financial from a "hold" rating to a "sell" rating in a research report on Saturday, February 28th. Weiss Ratings raised Genworth Financial from a "hold (c)" rating to a "hold (c+)" rating in a research report on Wednesday, April 29th. Finally, Keefe, Bruyette & Woods reissued a "moderate buy" rating and set a $10.50 target price on shares of Genworth Financial in a research report on Thursday, March 26th. One analyst has rated the stock with a Buy rating and one has assigned a Hold rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $10.50.

Hedge Funds Weigh In On Genworth Financial

Several hedge funds have recently bought and sold shares of GNW. Royal Bank of Canada grew its position in Genworth Financial by 75.8% in the 1st quarter. Royal Bank of Canada now owns 118,058 shares of the financial services provider's stock valued at $837,000 after acquiring an additional 50,911 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in Genworth Financial by 2.9% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 252,152 shares of the financial services provider's stock valued at $1,788,000 after acquiring an additional 7,106 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its position in Genworth Financial by 4.9% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,184,144 shares of the financial services provider's stock valued at $8,396,000 after acquiring an additional 55,071 shares during the last quarter. Strs Ohio bought a new position in Genworth Financial in the 1st quarter valued at $82,000. Finally, Invesco Ltd. grew its position in 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 acquiring an additional 1,248,374 shares during the last quarter. Institutional investors own 81.85% of the company's stock.

Genworth Financial Stock Up 4.3%

The company has a 50-day simple moving average of $8.46 and a 200 day simple moving average of $8.61. The company has a market cap of $3.58 billion, a P/E ratio of 17.48 and a beta of 0.89. The company has a current ratio of 0.29, a quick ratio of 0.29 and a debt-to-equity ratio of 0.15.

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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