Genworth Financial (NYSE:GNW) Announces Earnings Results, Misses Estimates By $0.40 EPS

Genworth Financial (NYSE:GNW) released its earnings results on Wednesday. The financial services provider reported ($0.12) EPS for the quarter, missing the consensus estimate of $0.28 by ($0.40), FiscalAI reports. The company had revenue of $1.04 billion for the quarter, compared to analyst estimates of $1.88 billion. Genworth Financial had a net margin of 2.87% and a return on equity of 1.06%.

Genworth Financial Stock Performance

Shares of GNW traded up $0.14 on Wednesday, reaching $9.16. 3,692,722 shares of the stock traded hands, compared to its average volume of 3,335,863. The firm has a market cap of $3.46 billion, a price-to-earnings ratio of 17.63 and a beta of 0.87. The company has a debt-to-equity ratio of 0.15, a current ratio of 0.29 and a quick ratio of 0.29. Genworth Financial has a 12 month low of $7.84 and a 12 month high of $10.69. The stock’s 50-day moving average price is $9.56 and its 200-day moving average price is $9.11.

Analysts Set New Price Targets

Several research firms have issued reports on GNW. Wall Street Zen upgraded shares of Genworth Financial from a “sell” rating to a “hold” rating in a research report on Sunday, July 12th. Weiss Ratings raised shares of Genworth Financial from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Wednesday, October 21st. Finally, Keefe, Bruyette & Woods cut shares of Genworth Financial from an “outperform” rating to a “market perform” rating and reduced their target price for the company from $11.50 to $10.50 in a research note on Friday, October 9th. One research analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat, the company has an average rating of “Hold” and a consensus price target of $10.50.

Insiders Place Their Bets

In other Genworth Financial news, CEO Thomas J. Mcinerney sold 100,000 shares of Genworth Financial stock in a transaction on Thursday, September 3rd. The shares were sold at an average price of $10.53, for a total transaction of $1,053,000.00. Following the sale, the chief executive officer owned 5,068,883 shares in the company, valued at $53,375,337.99. The trade was a 1.93% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Melissa Hagerman sold 14,708 shares of the company’s stock in a transaction dated Monday, August 24th. The shares were sold at an average price of $9.91, for a total transaction of $145,756.28. Following the completion of the sale, the executive vice president directly owned 192,539 shares in the company, valued at approximately $1,908,061.49. The trade was a 7.10% decrease in their position. The SEC filing for this sale provides additional information. Corporate 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.