Genworth Financial (NYSE:GNW) Sets New 52-Week High Following Analyst Upgrade

Key Points

• Genworth Financial hit a new 52-week high after Keefe, Bruyette & Woods raised its price target from $11 to $12 and kept an outperform rating. The stock traded as high as $9.74 during the session.
• Analysts are generally turning more positive on GNW, with recent upgrades from Wall Street Zen, Weiss Ratings, and Zacks Research. MarketBeat data shows a Moderate Buy consensus and an average target price of $12.
• There was notable insider selling, including CEO Thomas J. McInerney selling 100,000 shares and Director Robert P. Restrepo, Jr. selling 50,000 shares. Despite that, institutional ownership remains high at 81.85%.

Shares of Genworth Financial, Inc. (NYSE:GNW - Get Free Report) reached a new 52-week high during trading on Tuesday after Keefe, Bruyette & Woods raised their price target on the stock from $11.00 to $12.00. Keefe, Bruyette & Woods currently has an outperform rating on the stock. Genworth Financial traded as high as $9.74 and last traded at $9.7150, with a volume of 211556 shares. The stock had previously closed at $9.56.

Other research analysts have also recently issued reports about the stock. Wall Street Zen raised shares of Genworth Financial from a "sell" rating to a "hold" rating in a report on Sunday. Weiss Ratings raised Genworth Financial from a "hold (c+)" rating to a "buy (b-)" rating in a report on Tuesday, June 30th. Finally, Zacks Research upgraded Genworth Financial to a "hold" rating in a research report on Wednesday, May 27th. Two investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $12.00.

Insider Activity at Genworth Financial

In other Genworth Financial news, CEO Thomas J. Mcinerney sold 100,000 shares of the stock in a transaction on Friday, May 22nd. The stock was sold at an average price of $9.27, for a total transaction of $927,000.00. Following the sale, the chief executive officer owned 5,368,883 shares in the company, valued at approximately $49,769,545.41. This represents a 1.83% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Robert P. Restrepo, Jr. sold 50,000 shares of the firm's stock in a transaction on Friday, May 22nd. The stock was sold at an average price of $9.12, for a total value of $456,000.00. Following the transaction, the director directly owned 92,655 shares of the company's stock, valued at $845,013.60. The trade was a 35.05% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders own 1.80% of the company's stock.

Institutional Trading of Genworth Financial

A number of large investors have recently made changes to their positions in GNW. Headlands Technologies LLC purchased a new stake in Genworth Financial during the 2nd quarter worth about $44,000. Larson Financial Group LLC lifted its holdings in Genworth Financial by 12,597.7% in the 3rd quarter. Larson Financial Group LLC now owns 5,587 shares of the financial services provider's stock valued at $50,000 after purchasing an additional 5,543 shares in the last quarter. Atlas Wealth LLC acquired a new stake in shares of Genworth Financial during the 1st quarter worth about $51,000. Danske Bank A S acquired a new stake in shares of Genworth Financial during the 3rd quarter worth about $60,000. Finally, EverSource Wealth Advisors LLC grew its holdings in shares of Genworth Financial by 140.3% during the second quarter. EverSource Wealth Advisors LLC now owns 8,063 shares of the financial services provider's stock worth $63,000 after buying an additional 4,708 shares in the last quarter. Institutional investors and hedge funds own 81.85% of the company's stock.

Genworth Financial Trading Up 1.8%

The business's fifty day moving average price is $9.07 and its 200 day moving average price is $8.76. The company has a quick ratio of 0.29, a current ratio of 0.29 and a debt-to-equity ratio of 0.15. The firm has a market capitalization of $3.73 billion, a PE ratio of 18.70 and a beta of 0.85.

Genworth Financial (NYSE:GNW - Get Free Report) last announced its quarterly earnings data on Tuesday, May 5th. The financial services provider reported $0.28 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.18 by $0.10. Genworth Financial had a net margin of 2.96% and a return on equity of 1.73%. The business had revenue of $1.04 billion for the quarter, compared to the consensus estimate of $1.72 billion. As a group, analysts expect that Genworth Financial, Inc. will post 0.44 EPS for the current fiscal year.

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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