Genworth Financial (NYSE:GNW) Releases Quarterly Earnings Results, Misses Estimates By $0.01 EPS

Genworth Financial (NYSE:GNW) announced its quarterly earnings results on Wednesday. The financial services provider reported $0.27 EPS for the quarter, missing the consensus estimate of $0.28 by ($0.01), Zacks reports. Genworth Financial had a return on equity of 1.06% and a net margin of 2.87%. The company had revenue of $1.04 billion for the quarter, compared to analyst estimates of $1.88 billion.

Genworth Financial Price Performance

Shares of GNW opened at $9.16 on Thursday. Genworth Financial has a fifty-two week low of $7.84 and a fifty-two week high of $10.69. The company has a market capitalization of $3.46 billion, a price-to-earnings ratio of 17.63 and a beta of 0.87. The firm has a 50-day simple moving average of $9.55 and a 200-day simple moving average of $9.12. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.29 and a current ratio of 0.29.

Analysts Set New Price Targets

Several equities analysts have issued reports on GNW shares. Wall Street Zen upgraded shares of 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 report on Wednesday, October 21st. Finally, Keefe, Bruyette & Woods cut Genworth Financial from an “outperform” rating to a “market perform” rating and decreased their target price for the company from $11.50 to $10.50 in a research report on Friday, October 9th. One equities research analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $10.50.

Insider Transactions at Genworth Financial

In other Genworth Financial news, CEO Thomas J. Mcinerney sold 100,000 shares of the company’s stock in a transaction that occurred on 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 sale, the chief executive officer directly owned 5,068,883 shares of the company’s stock, valued at $53,375,337.99. This represents a 1.93% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Melissa Hagerman sold 14,708 shares of the stock in a transaction that occurred on Monday, August 24th. The stock was sold at an average price of $9.91, for a total value of $145,756.28. Following the sale, the executive vice president directly owned 192,539 shares of the company’s stock, valued at $1,908,061.49. The trade was a 7.10% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Company insiders own 1.80% of the company’s stock.

About Genworth Financial

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.