Genworth Financial (NYSE:GNW) Shares Gap Up - Time to Buy?

Genworth Financial, Inc. (NYSE:GNW - Get Free Report)'s share price gapped up before the market opened on Wednesday . The stock had previously closed at $6.84, but opened at $7.09. Genworth Financial shares last traded at $7.67, with a volume of 3,504,864 shares trading hands.

Analyst Upgrades and Downgrades

Several research analysts have commented on GNW shares. Keefe, Bruyette & Woods raised shares of Genworth Financial from a "market perform" rating to an "outperform" rating and lifted their price target for the stock from $8.50 to $9.00 in a research note on Wednesday. Wall Street Zen cut shares of Genworth Financial from a "hold" rating to a "sell" rating in a report on Thursday, May 22nd.

Genworth Financial Trading Up 13.8%

The firm has a 50-day moving average price of $6.88 and a 200-day moving average price of $6.97. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.29 and a current ratio of 0.29. The stock has a market cap of $3.23 billion, a PE ratio of 15.55 and a beta of 1.03.

Genworth Financial (NYSE:GNW - Get Free Report) last posted its quarterly earnings results on Wednesday, April 30th. The financial services provider reported $0.12 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.21 by ($0.09). The company had revenue of $1.76 billion during the quarter. Genworth Financial had a return on equity of 2.53% and a net margin of 2.97%.

Hedge Funds Weigh In On Genworth Financial

Several large investors have recently modified their holdings of the stock. Nuveen LLC purchased a new position in Genworth Financial in the 1st quarter worth about $24,661,000. Prudential Financial Inc. raised its position in Genworth Financial by 70.2% in the 4th quarter. Prudential Financial Inc. now owns 5,567,978 shares of the financial services provider's stock worth $38,920,000 after buying an additional 2,296,538 shares during the last quarter. Norges Bank purchased a new position in Genworth Financial in the 4th quarter worth about $15,034,000. Boone Capital Management LLC purchased a new position in Genworth Financial in the 4th quarter worth about $10,741,000. Finally, Nuveen Asset Management LLC raised its position in Genworth Financial by 106.9% in the 4th quarter. Nuveen Asset Management LLC now owns 2,663,077 shares of the financial services provider's stock worth $18,615,000 after buying an additional 1,375,637 shares during the last quarter. Hedge funds and other institutional investors own 81.85% of the company's stock.

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.

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