Genworth Financial (NYSE:GNW) was upgraded by Zacks Investment Research from a “hold” rating to a “strong-buy” rating in a research report issued on Friday. The firm presently has a $5.25 target price on the financial services provider’s stock. Zacks Investment Research‘s price objective indicates a potential upside of 13.88% from the company’s current price.
According to Zacks, “Genworth’s second-quarter earnings per share beat estimates on strong mortgage insurance businesses, improved results across all global business as well as a better performance in U.S. life insurance business. Shares of Genworth have outperformed the industry year to date. The company has agreed to be acquired by China Oceanwide. This merger will firm up Genworth’s financial position in the mortgage insurance and long-term care insurance markets. Also, it will remain committed to its key financial priorities of strengthening the balance sheet as well as stabilizing and improving ratings over time, particularly in its U.S. MI business. The company intensifies its focus on streamlining and rationalizing business to mainly ramp up operations plus enhance financial and strategic flexibility. However, soft performance at Long term care insurance remains a woe.”
Get Genworth Financial alerts:Several other research analysts have also commented on the stock. Wells Fargo & Co reissued a “hold” rating on shares of Genworth Financial in a research note on Tuesday, April 24th. Keefe, Bruyette & Woods reissued a “hold” rating on shares of Genworth Financial in a research note on Thursday, April 12th. BTIG Research reissued a “hold” rating on shares of Genworth Financial in a research note on Tuesday, June 12th. Finally, ValuEngine lowered shares of Genworth Financial from a “sell” rating to a “strong sell” rating in a research note on Monday, July 2nd. Two analysts have rated the stock with a sell rating, three have given a hold rating, one has issued a buy rating and one has issued a strong buy rating to the company. Genworth Financial currently has an average rating of “Hold” and an average price target of $4.75.
Shares of NYSE GNW traded up $0.01 during midday trading on Friday, hitting $4.61. The company’s stock had a trading volume of 8,716 shares, compared to its average volume of 2,172,827. The company has a debt-to-equity ratio of 0.27, a quick ratio of 0.28 and a current ratio of 1.22. Genworth Financial has a 1 year low of $2.66 and a 1 year high of $4.92. The firm has a market cap of $2.33 billion, a price-to-earnings ratio of 3.32 and a beta of 2.41.
Genworth Financial (NYSE:GNW) last posted its quarterly earnings data on Tuesday, July 31st. The financial services provider reported $0.40 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.27 by $0.13. Genworth Financial had a net margin of 9.32% and a return on equity of 4.85%. The business had revenue of $2.16 billion during the quarter, compared to analyst estimates of $2.15 billion. During the same quarter last year, the firm posted $0.30 earnings per share. The business’s revenue for the quarter was down 2.9% compared to the same quarter last year. equities analysts predict that Genworth Financial will post 0.98 EPS for the current fiscal year.
A number of large investors have recently modified their holdings of GNW. Geode Capital Management LLC raised its holdings in Genworth Financial by 0.7% in the fourth quarter. Geode Capital Management LLC now owns 4,122,951 shares of the financial services provider’s stock valued at $12,822,000 after acquiring an additional 27,203 shares in the last quarter. Deutsche Bank AG raised its holdings in Genworth Financial by 12.2% during the fourth quarter. Deutsche Bank AG now owns 2,491,242 shares of the financial services provider’s stock worth $7,746,000 after purchasing an additional 270,514 shares in the last quarter. MetLife Investment Advisors LLC acquired a new stake in Genworth Financial during the fourth quarter worth approximately $1,655,000. Xact Kapitalforvaltning AB acquired a new stake in Genworth Financial during the fourth quarter worth approximately $162,000. Finally, Cambridge Investment Research Advisors Inc. raised its holdings in Genworth Financial by 28.0% during the fourth quarter. Cambridge Investment Research Advisors Inc. now owns 102,015 shares of the financial services provider’s stock worth $317,000 after purchasing an additional 22,307 shares in the last quarter. 65.53% of the stock is currently owned by hedge funds and other institutional investors.
About Genworth Financial
Genworth Financial, Inc provides insurance and homeownership solutions in the United States and internationally. It operates through five segments: U.S. Mortgage Insurance, Canada Mortgage Insurance, Australia Mortgage Insurance, U.S. Life Insurance, and Runoff. The U.S. Mortgage Insurance segment offers mortgage insurance products primarily insuring prime-based, individually underwritten residential mortgage loans.
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