Genworth Financial (NYSE:GNW) Posts Quarterly Earnings Results, Beats Expectations By $0.01 EPS

Genworth Financial (NYSE:GNW) released its quarterly earnings data on Wednesday. The financial services provider reported $0.29 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.28 by $0.01, FiscalAI reports. Genworth Financial had a net margin of 2.96% and a return on equity of 1.73%. The company had revenue of $1.03 billion during the quarter, compared to analyst estimates of $1.70 billion.

Genworth Financial Stock Down 0.2%

Genworth Financial stock traded down $0.02 during midday trading on Thursday, hitting $9.67. 3,753,905 shares of the stock were exchanged, compared to its average volume of 3,233,095. Genworth Financial has a 1 year low of $7.84 and a 1 year high of $10.20. The company has a debt-to-equity ratio of 0.15, a current ratio of 0.29 and a quick ratio of 0.29. The firm has a market cap of $3.70 billion, a P/E ratio of 18.60 and a beta of 0.87. The company has a 50 day moving average price of $9.35 and a two-hundred day moving average price of $8.88.

Analyst Ratings Changes

Several brokerages recently issued reports on GNW. Zacks Research upgraded Genworth Financial to a “hold” rating in a report on Wednesday, May 27th. Wall Street Zen upgraded Genworth Financial from a “sell” rating to a “hold” rating in a research note on Sunday, July 12th. Weiss Ratings raised Genworth Financial from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Wednesday. Finally, Keefe, Bruyette & Woods increased their target price on Genworth Financial from $11.00 to $12.00 and gave the company an “outperform” rating in a research note on Monday, July 13th. Two analysts have rated the stock with a Buy rating and one has given a Hold rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $12.00.

Insider Transactions at Genworth Financial

In other Genworth Financial news, Director Robert P. Restrepo, Jr. sold 50,000 shares of the firm’s stock in a transaction that occurred on Friday, May 22nd. The stock was sold at an average price of $9.12, for a total transaction of $456,000.00. Following the completion of the sale, the director owned 92,655 shares in the company, valued at $845,013.60. This trade represents a 35.05% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Thomas J. Mcinerney sold 100,000 shares of the company’s stock in a transaction that occurred on Friday, May 22nd. The shares were sold at an average price of $9.27, for a total value of $927,000.00. Following the completion of the transaction, the chief executive officer directly owned 5,368,883 shares in the company, valued at approximately $49,769,545.41. The trade was a 1.83% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 1.80% of the stock is currently owned by insiders.

Institutional Trading of Genworth Financial

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Royal Bank of Canada increased its position 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 purchasing an additional 50,911 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in shares of Genworth Financial by 2.9% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 252,152 shares of the financial services provider’s stock worth $1,788,000 after purchasing an additional 7,106 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its position in shares of Genworth Financial by 4.9% during the first 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 purchasing an additional 55,071 shares during the last quarter. Strs Ohio acquired a new position in Genworth Financial in the first quarter worth about $82,000. Finally, Invesco Ltd. grew its stake in Genworth Financial by 41.0% in the second quarter. Invesco Ltd. now owns 4,291,220 shares of the financial services provider’s stock worth $33,386,000 after purchasing an additional 1,248,374 shares in the last quarter. Institutional investors own 81.85% of the company’s stock.

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.