Insider Selling: Genworth Financial (NYSE:GNW) Director Sells 50,000 Shares of Stock

by · The Cerbat Gem

Genworth Financial, Inc. (NYSE:GNW – Get Free Report) Director Robert Restrepo, Jr. sold 50,000 shares of Genworth Financial stock in a transaction dated Friday, May 22nd. The stock was sold at an average price of $9.12, for a total value of $456,000.00. Following the sale, the director directly owned 92,655 shares in the company, valued at approximately $845,013.60. This trade represents a 35.05% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

Genworth Financial Price Performance

NYSE GNW traded down $0.04 during trading on Tuesday, reaching $9.03. 2,854,309 shares of the company traded hands, compared to its average volume of 3,358,335. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.29 and a current ratio of 0.29. The stock’s 50 day moving average price is $8.66 and its two-hundred day moving average price is $8.68. The company has a market cap of $3.46 billion, a price-to-earnings ratio of 17.37 and a beta of 0.89. Genworth Financial, Inc. has a 1-year low of $6.72 and a 1-year high of $9.45.

Genworth Financial (NYSE:GNW – Get Free Report) last released its quarterly earnings data on Tuesday, May 5th. The financial services provider reported $0.28 earnings per share for the quarter, beating analysts’ consensus estimates of $0.18 by $0.10. The company had revenue of $1.04 billion for the quarter, compared to the consensus estimate of $1.72 billion. Genworth Financial had a return on equity of 1.73% and a net margin of 2.96%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the business. Bank of America Corp DE boosted its holdings in shares of Genworth Financial by 133.2% in the 1st quarter. Bank of America Corp DE now owns 2,158,625 shares of the financial services provider’s stock worth $17,528,000 after acquiring an additional 1,232,931 shares in the last quarter. Kentucky Retirement Systems acquired a new position in shares of Genworth Financial in the 1st quarter worth approximately $331,000. Amundi lifted its holdings in Genworth Financial by 43.0% during the 1st quarter. Amundi now owns 99,230 shares of the financial services provider’s stock worth $806,000 after buying an additional 29,827 shares in the last quarter. California State Teachers Retirement System lifted its holdings in Genworth Financial by 25.3% during the 1st quarter. California State Teachers Retirement System now owns 481,679 shares of the financial services provider’s stock worth $3,911,000 after buying an additional 97,272 shares in the last quarter. Finally, Royal Bank of Canada lifted its holdings in Genworth Financial by 46.0% during the 1st quarter. Royal Bank of Canada now owns 50,232 shares of the financial services provider’s stock worth $408,000 after buying an additional 15,828 shares in the last quarter. 81.85% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on the company. Keefe, Bruyette & Woods lifted their price objective on 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 report on Sunday, May 17th. Finally, Weiss Ratings raised Genworth Financial from a “hold (c)” rating to a “hold (c+)” rating in a report on Wednesday, April 29th. One investment analyst has rated the stock with a Buy rating and one has issued a Hold rating to the company. According to MarketBeat, Genworth Financial currently has a consensus rating of “Moderate Buy” and an average price target of $11.00.

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About Genworth Financial

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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.

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