According to Zacks, “Genworth is intensifying focus on streamlining and rationalizing business to improve performance, enhance financial and strategic flexibility, strengthen mortgage insurance, and increase excess capital, earnings and ROE. To that end, Genworth is in the process of separating the long-term care business to restructure the US Life vertical. Genworth also exited its European operations in the wake of difficult economic conditions there. Notably, the Zacks Consensus Estimate has witnessed upward revisions over the last 60 days. However, exposure to a low interest rate environment continues to weigh on it’s investment profile. Concerning its performance, Genworth has been hedging its cash flows to shield against low rates and LTC margin erosion. Also, Genworth stopped sales of traditional life insurance and fixed-annuity products in first-quarter 2016 resulting in $150 million in cost savings.”
Several other research firms have also recently issued reports on GNW. Keefe, Bruyette & Woods reissued a market perform rating and issued a $3.50 price target on shares of Genworth Financial in a research note on Monday, September 5th. BTIG Research reaffirmed a buy rating and set a $5.00 target price on shares of Genworth Financial in a research note on Thursday, August 4th. Morgan Stanley reaffirmed a neutral rating on shares of Genworth Financial in a research note on Wednesday, August 3rd. Finally, JPMorgan Chase & Co. reaffirmed a hold rating on shares of Genworth Financial in a research note on Wednesday, August 3rd. Six analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. Genworth Financial has an average rating of Hold and a consensus target price of $5.46.
Genworth Financial (NYSE:GNW) opened at 4.94 on Wednesday. The stock’s 50 day moving average is $4.20 and its 200-day moving average is $3.35. The firm’s market cap is $2.46 billion. Genworth Financial has a 1-year low of $1.57 and a 1-year high of $5.75.
Genworth Financial (NYSE:GNW) last released its quarterly earnings results on Tuesday, August 2nd. The company reported $0.25 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.21 by $0.04. Genworth Financial had a positive return on equity of 1.32% and a negative net margin of 4.24%. The company earned $2.24 billion during the quarter, compared to analysts’ expectations of $2.09 billion. During the same quarter in the prior year, the business posted $0.24 earnings per share. The company’s revenue for the quarter was up 3.7% compared to the same quarter last year. Analysts forecast that Genworth Financial will post $0.88 EPS for the current year.
A number of large investors have recently made changes to their positions in the company. Mason Street Advisors LLC purchased a new stake in Genworth Financial during the second quarter worth $586,000. Schwab Charles Investment Management Inc. increased its stake in Genworth Financial by 60.1% in the second quarter. Schwab Charles Investment Management Inc. now owns 2,462,785 shares of the company’s stock worth $6,354,000 after buying an additional 924,308 shares during the period. Amalgamated Bank increased its stake in Genworth Financial by 3.6% in the second quarter. Amalgamated Bank now owns 62,410 shares of the company’s stock worth $221,000 after buying an additional 2,166 shares during the period. Legal & General Group Plc increased its stake in Genworth Financial by 43.9% in the second quarter. Legal & General Group Plc now owns 2,155,836 shares of the company’s stock worth $5,567,000 after buying an additional 657,736 shares during the period. Finally, Metropolitan Life Insurance Co. NY increased its stake in Genworth Financial by 81.5% in the second quarter. Metropolitan Life Insurance Co. NY now owns 818,810 shares of the company’s stock worth $2,113,000 after buying an additional 367,636 shares during the period. 73.27% of the stock is owned by hedge funds and other institutional investors.
About Genworth Financial
Genworth Financial, Inc (Genworth) is a financial security company. The Company provides insurance, wealth management, investment and financial solutions. As of December 31, 2011, the Company had more than 15 million customers, with a presence in more than 25 countries. The Company operates in Insurance, Mortgage Insurance and Corporate and Runoff.
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