Genworth Financial (NYSE:GNW) Share Price Crosses Above 200 Day Moving Average - Here's What Happened

Key Points

• Genworth Financial shares crossed above their 200-day moving average, reaching $9.49 before closing at $9.4250; trading volume was approximately 3.2 million shares.
• Analyst sentiment is generally positive, with the stock carrying a “Moderate Buy” consensus rating and an average price target of $11.50. Recent ratings included an upgrade to “Buy” and an “Outperform” rating despite a reduced target.
• The company slightly exceeded quarterly EPS expectations, reporting $0.29 versus $0.28 expected, while insiders recently sold shares and institutional investors own approximately 81.85% of the stock.

Genworth Financial, Inc. (NYSE:GNW - Get Free Report)'s share price passed above its 200-day moving average during trading on Friday. The stock has a 200-day moving average of $9.25 and traded as high as $9.49. Genworth Financial shares last traded at $9.4250, with a volume of 3,206,533 shares changing hands.

Analysts Set New Price Targets

Several research firms have commented on GNW. Weiss Ratings upgraded Genworth Financial from a "hold (c+)" rating to a "buy (b-)" rating in a report on Wednesday, September 2nd. Keefe, Bruyette & Woods lowered their target price on Genworth Financial from $12.00 to $11.50 and set an "outperform" rating for the company in a report on Wednesday, September 16th. Finally, Wall Street Zen raised Genworth Financial from a "sell" rating to a "hold" rating in a research report on Sunday, July 12th. Two analysts have rated the stock with a Buy rating and one has given a Hold rating to the company's stock. Based on data from MarketBeat, Genworth Financial presently has an average rating of "Moderate Buy" and an average target price of $11.50.

Genworth Financial Price Performance

The company has a current ratio of 0.29, a quick ratio of 0.29 and a debt-to-equity ratio of 0.15. The firm's 50-day moving average price is $10.00 and its two-hundred day moving average price is $9.25. The stock has a market cap of $3.56 billion, a PE ratio of 18.13 and a beta of 0.85.

Genworth Financial (NYSE:GNW - Get Free Report) last issued its quarterly earnings data on Wednesday, August 5th. The financial services provider reported $0.29 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.28 by $0.01. The company had revenue of $1.03 billion for the quarter, compared to analyst estimates of $1.90 billion. Genworth Financial had a net margin of 2.87% and a return on equity of 1.06%. On average, equities analysts expect that Genworth Financial, Inc. will post 1.11 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, CEO Thomas McInerney sold 100,000 shares of the business's stock in a transaction on Thursday, September 3rd. The stock was sold at an average price of $10.53, for a total value of $1,053,000.00. Following the completion of the transaction, the chief executive officer directly owned 5,068,883 shares of the company's stock, valued at approximately $53,375,337.99. The trade was a 1.93% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Melissa Hagerman sold 14,708 shares of the business's stock in a transaction on Monday, August 24th. The stock was sold at an average price of $9.91, for a total value of $145,756.28. Following the completion of the transaction, the executive vice president directly owned 192,539 shares of the company's stock, valued at approximately $1,908,061.49. The trade was a 7.10% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Company insiders own 1.80% of the company's stock.

Institutional Trading of Genworth Financial

Several hedge funds have recently modified their holdings of the company. Integrated Wealth Concepts LLC purchased a new position in shares of Genworth Financial in the 2nd quarter worth approximately $49,000. Atlas Wealth LLC acquired a new stake in Genworth Financial in the first quarter valued at approximately $51,000. Rockefeller Capital Management L.P. boosted its stake in Genworth Financial by 124.2% in the fourth quarter. Rockefeller Capital Management L.P. now owns 7,159 shares of the financial services provider's stock valued at $65,000 after acquiring an additional 3,966 shares in the last quarter. EverSource Wealth Advisors LLC grew its holdings in Genworth Financial by 21.3% in the fourth quarter. EverSource Wealth Advisors LLC now owns 8,903 shares of the financial services provider's stock worth $80,000 after purchasing an additional 1,561 shares during the last quarter. Finally, Nykredit A S purchased a new position in Genworth Financial in the second quarter worth $88,000. 81.85% of the stock is owned by hedge funds and other institutional investors.

About Genworth Financial

Genworth Financial, Inc is an insurance holding company headquartered in Richmond, Virginia. The company's primary business is U.S. mortgage insurance, which helps lenders manage credit risk and enables eligible homebuyers to purchase homes with down payments below traditional requirements. This business operates through Enact Holdings, Inc, a publicly traded subsidiary in which Genworth remains a significant shareholder.

Genworth also manages a substantial portfolio of long-term care insurance policies, providing benefits that may help cover nursing care, assisted living, home health care and other extended-care services.

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