Genworth Financial (NYSE:GNW) Reaches New 52-Week High – What’s Next?

Genworth Financial, Inc. (NYSE:GNW) shares reached a new 52-week high during mid-day trading on Wednesday . The company traded as high as $9.28 and last traded at $9.1250, with a volume of 2335286 shares. The stock had previously closed at $9.24.

Analysts Set New Price Targets

A number of brokerages recently weighed in on GNW. Keefe, Bruyette & Woods raised their price objective on Genworth Financial from $9.50 to $10.00 and gave the company an “outperform” rating in a report on Thursday, October 9th. Wall Street Zen upgraded shares of Genworth Financial from a “sell” rating to a “hold” rating in a research report on Saturday, November 15th. Finally, Weiss Ratings reissued a “buy (b-)” rating on shares of Genworth Financial in a research note on Monday. Two analysts have rated the stock with a Buy rating, According to MarketBeat, the company currently has an average rating of “Buy” and a consensus price target of $10.00.

Genworth Financial Stock Up 0.1%

The company has a current ratio of 0.29, a quick ratio of 0.29 and a debt-to-equity ratio of 0.15. The stock has a 50 day simple moving average of $8.68 and a 200 day simple moving average of $8.35. The firm has a market capitalization of $3.65 billion, a PE ratio of 17.24 and a beta of 1.02.

Genworth Financial (NYSE:GNW) last issued its earnings results on Wednesday, November 5th. The financial services provider reported $0.04 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.06 by ($0.02). Genworth Financial had a return on equity of 1.56% and a net margin of 3.01%.The firm had revenue of $1.04 billion during the quarter.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the business. Norges Bank purchased a new stake in Genworth Financial in the 2nd quarter worth approximately $26,992,000. Invesco Ltd. raised its holdings in shares of Genworth Financial by 41.0% during the second quarter. Invesco Ltd. now owns 4,291,220 shares of the financial services provider’s stock valued at $33,386,000 after acquiring an additional 1,248,374 shares in the last quarter. Trexquant Investment LP lifted its stake in Genworth Financial by 162.4% in the first quarter. Trexquant Investment LP now owns 1,330,661 shares of the financial services provider’s stock worth $9,434,000 after acquiring an additional 823,470 shares during the period. American Century Companies Inc. lifted its stake in Genworth Financial by 10.0% in the second quarter. American Century Companies Inc. now owns 8,863,036 shares of the financial services provider’s stock worth $68,954,000 after acquiring an additional 806,502 shares during the period. Finally, Arrowstreet Capital Limited Partnership boosted its holdings in Genworth Financial by 28.2% in the second quarter. Arrowstreet Capital Limited Partnership now owns 3,523,537 shares of the financial services provider’s stock valued at $27,413,000 after acquiring an additional 774,010 shares in the last quarter. Hedge funds and other institutional investors 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.