Genworth Financial (NYSE:GNW) Issues Earnings Results

Genworth Financial (NYSE:GNW) issued its quarterly earnings data on Wednesday. The financial services provider reported ($0.12) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.28 by ($0.40), FiscalAI reports. The company had revenue of $1.04 billion for the quarter, compared to analysts’ expectations of $1.88 billion. Genworth Financial had a net margin of 2.87% and a return on equity of 1.06%.

Genworth Financial Trading Up 1.5%

Genworth Financial stock traded up $0.14 during mid-day trading on Wednesday, hitting $9.16. The company’s stock had a trading volume of 3,728,221 shares, compared to its average volume of 3,130,492. The company has a 50 day moving average of $9.55 and a 200-day moving average of $9.12. The stock has a market cap of $3.46 billion, a PE ratio of 25.80 and a beta of 0.87. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.29 and a current ratio of 0.29. Genworth Financial has a one year low of $7.84 and a one year high of $10.69.

Insiders Place Their Bets

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

Analysts Set New Price Targets

Several research analysts have commented on the stock. Keefe, Bruyette & Woods lowered shares of Genworth Financial from an “outperform” rating to a “market perform” rating and dropped their price objective for the stock from $11.50 to $10.50 in a research note on Friday, October 9th. Wall Street Zen upgraded shares of Genworth Financial from a “sell” rating to a “hold” rating in a research report on Sunday, July 12th. Finally, Weiss Ratings raised shares of Genworth Financial from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Wednesday, October 21st. One investment analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $10.50.

Genworth Financial Company Profile

Genworth Financial, Inc is an insurance holding company headquartered in Richmond, Virginia. The company’s principal business is mortgage insurance, primarily through its majority-owned subsidiary, Enact Holdings, Inc Enact provides private mortgage insurance to lenders and mortgage investors, helping eligible borrowers obtain home loans with smaller down payments while reducing lenders’ exposure to borrower default.

Genworth also manages long-term care insurance businesses and legacy insurance obligations in the United States.