Genworth Financial (NYSE:GNW) Shares Cross Above Two Hundred Day Moving Average – Here’s Why

Genworth Financial, Inc. (NYSE:GNW) passed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $8.68 and traded as high as $9.28. Genworth Financial shares last traded at $9.0750, with a volume of 2,544,135 shares changing hands.

Wall Street Analyst Weigh In

GNW has been the topic of a number of recent research reports. Keefe, Bruyette & Woods lifted their price objective on shares of Genworth Financial from $10.50 to $11.00 and gave the company an “outperform” rating in a report on Wednesday, May 13th. Wall Street Zen downgraded Genworth Financial from a “hold” rating to a “sell” rating in a research report on Sunday, May 17th. Finally, Weiss Ratings raised Genworth Financial from a “hold (c)” rating to a “hold (c+)” rating in a research report on Wednesday, April 29th. One investment analyst has rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $11.00.

Genworth Financial Stock Performance

The firm has a market capitalization of $3.46 billion, a price-to-earnings ratio of 17.37 and a beta of 0.89. The stock’s fifty day moving average is $8.69 and its two-hundred day moving average is $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 (NYSE:GNW) last issued its earnings results on Tuesday, May 5th. The financial services provider reported $0.28 earnings per share for the quarter, topping analysts’ consensus estimates of $0.18 by $0.10. The business had revenue of $1.04 billion for the quarter, compared to the consensus estimate of $1.72 billion. Genworth Financial had a net margin of 2.96% and a return on equity of 1.73%.

Insiders Place Their Bets

In other Genworth Financial news, Director Robert P. Restrepo, Jr. sold 50,000 shares of the business’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 transaction, the director owned 92,655 shares of the company’s stock, valued at $845,013.60. The trade was a 35.05% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 1.80% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Genworth Financial

A number of institutional investors have recently bought and sold shares of GNW. Norges Bank acquired a new position in shares of Genworth Financial in the fourth quarter valued at $45,912,000. Gendell Jeffrey L increased its holdings in shares of Genworth Financial by 168.0% in the fourth quarter. Gendell Jeffrey L now owns 6,485,888 shares of the financial services provider’s stock valued at $58,568,000 after purchasing an additional 4,065,684 shares during the last quarter. UBS Group AG increased its holdings in shares of Genworth Financial by 621.2% in the fourth quarter. UBS Group AG now owns 3,598,588 shares of the financial services provider’s stock valued at $32,495,000 after purchasing an additional 3,099,582 shares during the last quarter. Invesco Ltd. increased its holdings in shares of Genworth Financial by 41.0% in the second quarter. Invesco Ltd. now owns 4,291,220 shares of the financial services provider’s stock valued at $33,386,000 after purchasing an additional 1,248,374 shares during the last quarter. Finally, Bank of America Corp DE grew its position in shares of Genworth Financial by 133.2% in the first quarter. Bank of America Corp DE now owns 2,158,625 shares of the financial services provider’s stock valued at $17,528,000 after purchasing an additional 1,232,931 shares during the last quarter. Institutional investors and hedge funds 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.