Genworth Financial (NYSE:GNW) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report released on Tuesday, March 6th.
According to Zacks, “Genworth has agreed to be acquired by China Oceanwide. The merger will consolidate Genworth’s financial position in the mortgage insurance and long-term care insurance markets. Also, it will remain committed toward its key financial priorities of strengthening the balance sheet and stabilizing and improving ratings over time, particularly in its U.S. MI business. It is intensifying focus on streamlining and rationalizing business to mainly improve performance and enhance financial and strategic flexibility. However, new products and pricing changes in the U.S. Life Insurance Division implemented over the past couple of years led to lower sales for Genworth. Shares of Genworth have underperformed the industry in a year’s time. With respect to quarterly results, Genworth’s fourth-quarter 2017 earnings outpaced the Zacks Consensus Estimate and also compared favorably with the year-ago quarter’s loss.”
GNW has been the topic of several other research reports. Wells Fargo & Co set a $3.00 price target on Genworth Financial and gave the company a “hold” rating in a research note on Thursday, March 1st. ValuEngine lowered Genworth Financial from a “buy” rating to a “hold” rating in a research report on Thursday, March 1st. BTIG Research reiterated a “hold” rating on shares of Genworth Financial in a report on Thursday, February 8th. Finally, TheStreet upgraded Genworth Financial from a “d+” rating to a “c” rating in a research note on Wednesday, February 7th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and one has issued a buy rating to the company. The stock has an average rating of “Hold” and a consensus target price of $3.50.
Genworth Financial (NYSE:GNW) last issued its earnings results on Tuesday, February 6th. The financial services provider reported $0.65 EPS for the quarter, beating analysts’ consensus estimates of $0.20 by $0.45. The business had revenue of $1.69 billion during the quarter, compared to analyst estimates of $2.16 billion. Genworth Financial had a return on equity of 4.63% and a net margin of 9.85%. Genworth Financial’s revenue was down 23.3% on a year-over-year basis. During the same period in the prior year, the company posted ($0.27) earnings per share. equities research analysts anticipate that Genworth Financial will post 0.9 EPS for the current year.
Institutional investors and hedge funds have recently modified their holdings of the company. Prudential Financial Inc. increased its stake in shares of Genworth Financial by 21.2% in the 3rd quarter. Prudential Financial Inc. now owns 6,637,723 shares of the financial services provider’s stock valued at $25,555,000 after purchasing an additional 1,162,720 shares during the last quarter. Cutler Capital Management LLC grew its position in Genworth Financial by 25.0% during the 4th quarter. Cutler Capital Management LLC now owns 200,000 shares of the financial services provider’s stock worth $622,000 after acquiring an additional 40,000 shares during the last quarter. Litespeed Management L.L.C. grew its position in shares of Genworth Financial by 18.0% in the 3rd quarter. Litespeed Management L.L.C. now owns 3,435,094 shares of the financial services provider’s stock valued at $13,225,000 after buying an additional 525,000 shares during the last quarter. KBC Group NV bought a new stake in shares of Genworth Financial in the 3rd quarter valued at about $548,000. Finally, Engineers Gate Manager LP bought a new stake in shares of Genworth Financial in the 3rd quarter valued at about $1,246,000. Institutional investors own 67.65% of the company’s stock.
Genworth Financial Company Profile
Genworth Financial, Inc (Genworth) is a financial security company. The Company provides insurance, wealth management, investment and financial solutions. As of December 31, 2011, the Company had more than 15 million customers, with a presence in more than 25 countries. The Company operates in Insurance, Mortgage Insurance and Corporate and Runoff.
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