Genworth Financial (GNW) Lifted to “Hold” at Zacks Investment Research

Zacks Investment Research upgraded shares of Genworth Financial (NYSE:GNW) from a strong sell rating to a hold rating in a report released on Tuesday.

According to Zacks, “Genworth has agreed to be acquired by China Oceanwide. The merger will consolidate Genworth’s financial position in the mortgage insurance and long term care insurance markets. Also, it will remain committed toward its key financial priorities of strengthening the balance sheet and stabilizing and improving ratings over time, particularly in its U.S. MI business. It is intensifying focus on streamlining and rationalizing business to mainly improve performance, enhance financial and strategic flexibility. However, new products and pricing changes in the U.S. Life Insurance Division implemented over the past couple of years led to lower sales for Genworth. Shares of Genworth have underperformed the industry in a year’s time. Also, there were no earnings momentum over the last 60 days.”

Other equities analysts have also recently issued reports about the company. Wells Fargo & Co reissued a hold rating on shares of Genworth Financial in a report on Wednesday, November 29th. Keefe, Bruyette & Woods reissued a hold rating and set a $4.00 price objective on shares of Genworth Financial in a report on Tuesday, October 3rd. ValuEngine cut Genworth Financial from a buy rating to a hold rating in a report on Sunday, December 31st. BTIG Research reissued a neutral rating on shares of Genworth Financial in a report on Saturday, September 16th. Finally, Off Wall Street initiated coverage on Genworth Financial in a report on Monday, September 11th. They set a buy rating on the stock. One research analyst has rated the stock with a sell rating, five have given a hold rating and one has assigned a buy rating to the company’s stock. The company has a consensus rating of Hold and an average target price of $3.92.

Shares of Genworth Financial (NYSE:GNW) remained flat at $$3.15 during midday trading on Tuesday. 840,669 shares of the stock traded hands, compared to its average volume of 6,912,333. The company has a market capitalization of $1,570.00, a PE ratio of 4.43, a PEG ratio of 0.72 and a beta of 2.81. The company has a current ratio of 0.28, a quick ratio of 0.28 and a debt-to-equity ratio of 0.28. Genworth Financial has a 52-week low of $3.01 and a 52-week high of $4.23.

Genworth Financial (NYSE:GNW) last announced its quarterly earnings data on Thursday, November 2nd. The financial services provider reported $0.15 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.20 by ($0.05). The firm had revenue of $2.22 billion for the quarter, compared to analysts’ expectations of $2.12 billion. Genworth Financial had a net margin of 3.88% and a return on equity of 1.57%. The business’s quarterly revenue was up 3.0% on a year-over-year basis. During the same period in the prior year, the business posted ($0.81) earnings per share. equities analysts forecast that Genworth Financial will post 0.94 EPS for the current year.

A number of institutional investors and hedge funds have recently bought and sold shares of GNW. Bayesian Capital Management LP bought a new position in Genworth Financial during the 2nd quarter worth approximately $126,000. Shelton Capital Management bought a new position in Genworth Financial during the 2nd quarter worth approximately $140,000. Fondren Management LP bought a new position in Genworth Financial during the 2nd quarter worth approximately $189,000. Lazard Asset Management LLC bought a new position in Genworth Financial during the 2nd quarter worth approximately $222,000. Finally, Mitsubishi UFJ Trust & Banking Corp grew its position in Genworth Financial by 4.1% during the 2nd quarter. Mitsubishi UFJ Trust & Banking Corp now owns 65,664 shares of the financial services provider’s stock worth $248,000 after acquiring an additional 2,593 shares during the last quarter. Institutional investors and hedge funds own 66.70% of the company’s stock.

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About Genworth Financial

Genworth Financial, Inc (Genworth) is a financial security company. The Company provides insurance, wealth management, investment and financial solutions. As of December 31, 2011, the Company had more than 15 million customers, with a presence in more than 25 countries. The Company operates in Insurance, Mortgage Insurance and Corporate and Runoff.

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