Zacks Investment Research lowered shares of Genworth Financial Inc. (NYSE:GNW) from a hold rating to a strong sell rating in a research report sent to investors on Tuesday morning.
According to Zacks, “Genworth reported net operating loss per share in the third quarter of 2016, comparing unfavorably with the Zacks Consensus Estimate earnings as well as year ago earnings. The company completed a review of its LTC claim reserves, thereby impacting claim terminations, benefits utilization and incurred but not reported reserves. Genworth has agreed to be acquired by China Oceanwide as the transaction will enhance value for its customers through better services than is currently provided on the basis of its existing business plan or other strategic alternatives. It will however 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. Genworth is intensifying focus on streamlining and rationalizing business to mainly improve performance, enhance financial and strategic flexibility.”
Several other brokerages have also weighed in on GNW. Wells Fargo & Co. started coverage on Genworth Financial in a report on Friday, September 23rd. They issued a market perform rating for the company. BTIG Research reissued a buy rating and issued a $5.00 price objective on shares of Genworth Financial in a report on Thursday, August 4th. JPMorgan Chase & Co. reissued a hold rating on shares of Genworth Financial in a report on Wednesday, August 3rd. Goldman Sachs Group Inc. lifted their price objective on Genworth Financial from $3.00 to $4.00 and gave the stock a neutral rating in a report on Friday, September 23rd. Finally, Compass Point lowered Genworth Financial from a buy rating to a neutral rating in a report on Monday, September 19th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and one has given a buy rating to the company. The company currently has an average rating of Hold and an average price target of $4.42.
Genworth Financial (NYSE:GNW) opened at 4.41 on Tuesday. Genworth Financial has a 1-year low of $1.57 and a 1-year high of $5.27. The firm’s market cap is $2.20 billion. The stock has a 50 day moving average price of $4.57 and a 200 day moving average price of $3.92.
Several hedge funds have recently modified their holdings of the stock. LPL Financial LLC increased its stake in shares of Genworth Financial by 5.6% in the third quarter. LPL Financial LLC now owns 45,971 shares of the company’s stock worth $233,000 after buying an additional 2,450 shares during the period. Credit Suisse AG increased its stake in shares of Genworth Financial by 16.2% in the third quarter. Credit Suisse AG now owns 962,104 shares of the company’s stock worth $4,772,000 after buying an additional 133,953 shares during the period. Ameritas Investment Partners Inc. increased its stake in shares of Genworth Financial by 65.7% in the third quarter. Ameritas Investment Partners Inc. now owns 195,566 shares of the company’s stock worth $970,000 after buying an additional 77,522 shares during the period. Gerstein Fisher acquired a new stake in shares of Genworth Financial during the third quarter worth about $119,000. Finally, Connor Clark & Lunn Investment Management Ltd. increased its stake in shares of Genworth Financial by 20.9% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 1,051,875 shares of the company’s stock worth $5,217,000 after buying an additional 181,850 shares during the period. Hedge funds and other institutional investors own 75.21% of the company’s stock.
Genworth Financial Company Profile
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.