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

Zacks Investment Research upgraded shares of Genworth Financial (NYSE:GNW) from a strong sell rating to a hold rating in a research report report published 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.”

Several other research firms have also recently weighed in on GNW. BTIG Research reiterated a neutral rating on shares of Genworth Financial in a report on Saturday, September 16th. Wells Fargo & Co reiterated a hold rating on shares of Genworth Financial in a report on Monday, October 2nd. Keefe, Bruyette & Woods reiterated a hold rating and issued a $4.00 price objective on shares of Genworth Financial in a report on Tuesday, October 3rd. Off Wall Street initiated coverage on Genworth Financial in a report on Monday, September 11th. They issued a buy rating for the company. Finally, ValuEngine upgraded Genworth Financial from a hold rating to a buy rating in a report on Monday, October 2nd. One analyst has rated the stock with a sell rating, five have issued a hold rating and one has assigned a buy rating to the stock. The stock presently has a consensus rating of Hold and an average target price of $3.92.

Shares of Genworth Financial (NYSE:GNW) opened at $3.21 on Tuesday. The firm has a market capitalization of $1,600.00, a PE ratio of 4.52, a P/E/G ratio of 0.72 and a beta of 2.81. Genworth Financial has a fifty-two week low of $3.01 and a fifty-two week high of $4.23. 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 (NYSE:GNW) last issued its earnings results on Thursday, November 2nd. The financial services provider reported $0.15 earnings per share for the quarter, missing the consensus estimate of $0.20 by ($0.05). The company 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 company’s revenue was up 3.0% compared to the same quarter last year. During the same quarter in the prior year, the company earned ($0.81) earnings per share. equities analysts predict that Genworth Financial will post 0.94 earnings per share for the current fiscal year.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Public Employees Retirement System of Ohio purchased a new stake in Genworth Financial in the 3rd quarter worth approximately $1,204,000. California Public Employees Retirement System lifted its holdings in Genworth Financial by 4.3% in the 3rd quarter. California Public Employees Retirement System now owns 4,496,028 shares of the financial services provider’s stock worth $17,310,000 after buying an additional 183,628 shares during the period. Ladenburg Thalmann Financial Services Inc. lifted its holdings in Genworth Financial by 11.2% in the 3rd quarter. Ladenburg Thalmann Financial Services Inc. now owns 286,645 shares of the financial services provider’s stock worth $1,104,000 after buying an additional 28,892 shares during the period. Point72 Asset Management L.P. purchased a new stake in Genworth Financial in the 3rd quarter worth approximately $880,000. Finally, Litespeed Management L.L.C. lifted its holdings in Genworth Financial by 18.0% in the 3rd quarter. Litespeed Management L.L.C. now owns 3,435,094 shares of the financial services provider’s stock worth $13,225,000 after buying an additional 525,000 shares during the period. Institutional investors and hedge funds own 66.70% of the company’s stock.

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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.

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