Analysts’ Recent Ratings Updates for Genworth Financial (GNW)
Several investment firms have updated their stock ratings and price targets on shares of Genworth Financial (NYSE: GNW) in the last week:
- Genworth Financial had its “underweight” rating reaffirmed by analysts at Morgan Stanley. They now have a $16.00 price target on the stock, down previously from $19.00. They wrote, “We have been Underweight on Genworth reflecting our concerns over the impact of the FHFA capital eligibility rules, long‐term care exposures, and weak sales prospects, which we see limiting ROE improvement. Earlier this quarter, the PMIERs came out significantly more onerous than expected, while the new development in tandem with results was a sharp deterioration in long‐term care results. “Given the recent experience, management is conducting a new comprehensive review, which we expect to drive a charge against its disabled life reserves. Accordingly, while results elsewhere across the organization were generally encouraging, particularly in its global mortgage insurance operations, we view the risk‐reward on the stock to remain heavily skewed to the downside, and are reiterating our Underweight rating on the stock.”
- Genworth Financial was downgraded by analysts at Macquarie from an “outperform” rating to a “neutral” rating. They now have a $17.00 price target on the stock, down previously from $20.00.
- Genworth Financial had its price target lowered by analysts at Morgan Stanley from $16.00 to $3.00.
- Genworth Financial had its “neutral” rating reaffirmed by analysts at Zacks. They now have a $15.00 price target on the stock. Zacks‘ analyst wrote, “Genworth’s second-quarter earnings missed the Zacks Consensus Estimate. However, fared well over prior year quarter driven by improvement in top line and reduction in expenses. Genworth witnessed solid performance at its mortgage insurance businesses benefitting from an improved loss ratio. Long-term care operating performance were weaker than expected. The claims paid exceeded claim reserve releases in the quarter, thus weighed on earnings.. Delinquencies also declined from the year-ago level. It expects delinquencies in 2014 to remain flat with the 2013 level. Moreover, a new credit line and redemption of 2015 notes along with increase in cash balance enhanced Genworth’s financial position. Genworth aims for a leverage of 20% to 22% over the medium term. It expects U.S. life insurance division, earnings to increase 5-10% over 2013. We retain our Neutral recommendation on Genworth.”
- Genworth Financial had its “focus list” rating reaffirmed by analysts at Compass Point. They now have a $16.50 price target on the stock, down previously from $23.00.
Shares of Genworth Financial Inc (NYSE:GNW) traded up 0.12% during mid-day trading on Wednesday, hitting $12.995. The stock had a trading volume of 3,338,186 shares. Genworth Financial Inc has a 52 week low of $11.55 and a 52 week high of $18.74. The stock has a 50-day moving average of $16.46 and a 200-day moving average of $16.69. The company has a market cap of $6.454 billion and a P/E ratio of 9.59.
Genworth Financial, Inc (NYSE:GNW) is a financial security company.
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