Summit Financial LLC Makes New $1.93 Million Investment in Genworth Financial, Inc. (NYSE:GNW)

Summit Financial LLC purchased a new position in shares of Genworth Financial, Inc. (NYSE:GNW) during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 288,631 shares of the financial services provider’s stock, valued at approximately $1,928,000. Summit Financial LLC owned 0.06% of Genworth Financial at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in the business. Sumitomo Mitsui DS Asset Management Company Ltd acquired a new stake in shares of Genworth Financial in the 4th quarter valued at about $22,482,000. Donald Smith & CO. Inc. lifted its position in Genworth Financial by 18.3% during the 4th quarter. Donald Smith & CO. Inc. now owns 21,175,252 shares of the financial services provider’s stock worth $141,451,000 after acquiring an additional 3,283,110 shares during the period. WINTON GROUP Ltd lifted its position in Genworth Financial by 617.7% during the 3rd quarter. WINTON GROUP Ltd now owns 666,047 shares of the financial services provider’s stock worth $3,903,000 after acquiring an additional 573,249 shares during the period. American Century Companies Inc. lifted its position in Genworth Financial by 10.2% during the 3rd quarter. American Century Companies Inc. now owns 5,209,312 shares of the financial services provider’s stock worth $30,527,000 after acquiring an additional 481,059 shares during the period. Finally, FMR LLC lifted its position in Genworth Financial by 9.9% during the 3rd quarter. FMR LLC now owns 4,072,437 shares of the financial services provider’s stock worth $23,864,000 after acquiring an additional 368,388 shares during the period. Hedge funds and other institutional investors own 81.85% of the company’s stock.

Wall Street Analysts Forecast Growth

Separately, Keefe, Bruyette & Woods raised their price objective on Genworth Financial from $6.50 to $7.00 and gave the company a “market perform” rating in a research note on Wednesday, April 10th.

Genworth Financial Price Performance

Genworth Financial stock traded up $0.28 during mid-day trading on Thursday, hitting $6.35. 624,998 shares of the company were exchanged, compared to its average volume of 2,755,831. The company has a debt-to-equity ratio of 0.19, a current ratio of 0.30 and a quick ratio of 0.30. The business’s 50 day simple moving average is $6.17 and its two-hundred day simple moving average is $6.18. The company has a market capitalization of $2.79 billion, a P/E ratio of -615,000.00 and a beta of 1.08. Genworth Financial, Inc. has a 12-month low of $4.51 and a 12-month high of $6.93.

Genworth Financial (NYSE:GNW) last posted its quarterly earnings data on Wednesday, February 21st. The financial services provider reported ($0.51) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.19 by ($0.70). Genworth Financial had a negative return on equity of 0.23% and a net margin of 0.21%. The business had revenue of $1.91 billion for the quarter. During the same quarter last year, the business earned $0.35 EPS.

Genworth Financial Profile

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.