Genworth Financial (NYSE:GNW) Announces Earnings Results, Beats Expectations By $0.10 EPS

Genworth Financial (NYSE:GNW) issued its earnings results on Tuesday. The financial services provider reported $0.28 EPS for the quarter, beating analysts’ consensus estimates of $0.18 by $0.10, FiscalAI reports. The firm had revenue of $1.04 billion for the quarter, compared to analyst estimates of $1.48 billion. Genworth Financial had a return on equity of 1.74% and a net margin of 2.96%.

Genworth Financial Trading Down 0.4%

Shares of GNW traded down $0.04 during midday trading on Thursday, reaching $9.14. The company had a trading volume of 221,679 shares, compared to its average volume of 3,456,482. Genworth Financial has a 1-year low of $6.63 and a 1-year high of $9.45. The stock has a market cap of $3.54 billion, a PE ratio of 17.55 and a beta of 0.89. The firm has a 50 day simple moving average of $8.48 and a 200-day simple moving average of $8.62. The company has a quick ratio of 0.29, a current ratio of 0.29 and a debt-to-equity ratio of 0.15.

Institutional Trading of Genworth Financial

Hedge funds and other institutional investors have recently modified their holdings of the business. Royal Bank of Canada lifted its holdings in shares of Genworth Financial by 75.8% in the 1st quarter. Royal Bank of Canada now owns 118,058 shares of the financial services provider’s stock worth $837,000 after acquiring an additional 50,911 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in shares of Genworth Financial by 2.9% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 252,152 shares of the financial services provider’s stock worth $1,788,000 after acquiring an additional 7,106 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its holdings in shares of Genworth Financial by 4.9% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,184,144 shares of the financial services provider’s stock worth $8,396,000 after acquiring an additional 55,071 shares during the last quarter. Strs Ohio acquired a new position in shares of Genworth Financial in the 1st quarter worth approximately $82,000. Finally, Invesco Ltd. lifted its holdings in shares of Genworth Financial by 41.0% in the 2nd quarter. Invesco Ltd. now owns 4,291,220 shares of the financial services provider’s stock worth $33,386,000 after acquiring an additional 1,248,374 shares during the last quarter. 81.85% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

GNW has been the topic of a number of recent research reports. Weiss Ratings upgraded Genworth Financial from a “hold (c)” rating to a “hold (c+)” rating in a research report on Wednesday, April 29th. Keefe, Bruyette & Woods reiterated a “moderate buy” rating and issued a $10.50 target price on shares of Genworth Financial in a research report on Thursday, March 26th. Finally, Wall Street Zen lowered Genworth Financial from a “hold” rating to a “sell” rating in a research report on Saturday, February 28th. One analyst has rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $10.50.

About Genworth Financial

Genworth Financial (NYSE: GNW) is a leading financial security company offering a broad range of insurance products. Based in Richmond, Virginia, Genworth provides individuals and families with solutions designed to protect against long-term care expenses, secure life insurance needs and support homeownership through private mortgage insurance. With operations spanning the United States, Canada and Australia, the company serves both retail and institutional clients through a diversified portfolio of risk management services.

The company’s Private Mortgage Insurance (PMI) segment offers coverage to lenders and consumers in the US, Canada and Australia, enabling homebuyers to purchase properties with lower down payments.