Geode Capital Management LLC Reduces Stock Holdings in Genworth Financial, Inc. $GNW

Geode Capital Management LLC lowered its position in shares of Genworth Financial, Inc. (NYSE:GNW) by 1.8% in the fourth quarter, HoldingsChannel.com reports. The fund owned 9,895,219 shares of the financial services provider’s stock after selling 185,802 shares during the quarter. Geode Capital Management LLC’s holdings in Genworth Financial were worth $89,367,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Bessemer Group Inc. lifted its position in Genworth Financial by 60.6% during the 3rd quarter. Bessemer Group Inc. now owns 3,830 shares of the financial services provider’s stock worth $34,000 after acquiring an additional 1,445 shares during the period. Larson Financial Group LLC lifted its position in Genworth Financial by 12,597.7% during the 3rd quarter. Larson Financial Group LLC now owns 5,587 shares of the financial services provider’s stock worth $50,000 after acquiring an additional 5,543 shares during the period. Headlands Technologies LLC acquired a new stake in Genworth Financial during the 2nd quarter worth about $44,000. Danske Bank A S acquired a new stake in Genworth Financial during the 3rd quarter worth about $60,000. Finally, EverSource Wealth Advisors LLC lifted its position in Genworth Financial by 140.3% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 8,063 shares of the financial services provider’s stock worth $63,000 after acquiring an additional 4,708 shares during the period. Institutional investors and hedge funds own 81.85% of the company’s stock.

Genworth Financial Stock Performance

Shares of GNW stock opened at $8.66 on Monday. The stock has a market cap of $3.31 billion, a PE ratio of 16.64 and a beta of 0.86. The business has a 50-day simple moving average of $8.77 and a 200-day simple moving average of $8.68. The company has a quick ratio of 0.29, a current ratio of 0.29 and a debt-to-equity ratio of 0.15. Genworth Financial, Inc. has a 52-week low of $6.75 and a 52-week high of $9.45.

Genworth Financial (NYSE:GNW) last issued its quarterly earnings data on Tuesday, May 5th. The financial services provider reported $0.28 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.18 by $0.10. The business had revenue of $1.04 billion during the quarter, compared to analysts’ expectations of $1.72 billion. Genworth Financial had a return on equity of 1.73% and a net margin of 2.96%. On average, equities analysts expect that Genworth Financial, Inc. will post 0.44 EPS for the current year.

Insider Activity

In other news, CEO Thomas J. Mcinerney sold 100,000 shares of the business’s stock in a transaction dated Friday, May 22nd. The stock was 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 owned 5,368,883 shares of the company’s stock, valued at $49,769,545.41. The trade was a 1.83% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Robert P. Restrepo, Jr. sold 50,000 shares of the business’s stock in a transaction dated Friday, May 22nd. The shares were sold at an average price of $9.12, for a total value of $456,000.00. Following the completion of the transaction, the director directly owned 92,655 shares of the company’s stock, valued at approximately $845,013.60. This trade represents a 35.05% decrease in their position. The SEC filing for this sale provides additional information. Insiders own 1.80% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have commented on GNW shares. Weiss Ratings cut Genworth Financial from a “hold (c+)” rating to a “hold (c)” rating in a research report on Monday, June 1st. Wall Street Zen cut Genworth Financial from a “hold” rating to a “sell” rating in a research report on Sunday, May 17th. Keefe, Bruyette & Woods lifted their price target on Genworth Financial from $10.50 to $11.00 and gave the stock an “outperform” rating in a research report on Wednesday, May 13th. Finally, Zacks Research raised Genworth Financial to a “hold” rating in a research report on Wednesday, May 27th. One investment analyst has rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $11.00.

Genworth Financial Profile

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.