Allspring Global Investments Holdings LLC Sells 240,044 Shares of Genworth Financial, Inc. $GNW

Allspring Global Investments Holdings LLC lowered its stake in Genworth Financial, Inc. (NYSE:GNW) by 27.5% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 632,493 shares of the financial services provider’s stock after selling 240,044 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in Genworth Financial were worth $5,180,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in the stock. Headlands Technologies LLC acquired a new stake in shares of Genworth Financial during the second quarter worth $44,000. Larson Financial Group LLC increased its holdings in Genworth Financial by 12,597.7% in the third quarter. Larson Financial Group LLC now owns 5,587 shares of the financial services provider’s stock valued at $50,000 after purchasing an additional 5,543 shares during the last quarter. Danske Bank A S acquired a new position in Genworth Financial in the third quarter valued at about $60,000. EverSource Wealth Advisors LLC lifted its stake in Genworth Financial by 140.3% in the second quarter. EverSource Wealth Advisors LLC now owns 8,063 shares of the financial services provider’s stock valued at $63,000 after buying an additional 4,708 shares during the period. Finally, Rockefeller Capital Management L.P. boosted its holdings in Genworth Financial by 124.2% during the fourth quarter. Rockefeller Capital Management L.P. now owns 7,159 shares of the financial services provider’s stock worth $65,000 after buying an additional 3,966 shares during the last quarter. 81.85% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other news, CEO Thomas J. Mcinerney sold 100,000 shares of the stock in a transaction on Friday, May 22nd. The shares were sold at an average price of $9.27, for a total transaction of $927,000.00. Following the completion of the sale, the chief executive officer owned 5,368,883 shares of the company’s stock, valued at $49,769,545.41. This represents a 1.83% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Robert P. Restrepo, Jr. sold 50,000 shares of the firm’s stock in a transaction on Friday, May 22nd. The stock was sold at an average price of $9.12, for a total transaction of $456,000.00. Following the sale, the director owned 92,655 shares in the company, valued at approximately $845,013.60. The trade was a 35.05% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders own 1.80% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on GNW shares. Wall Street Zen upgraded Genworth Financial from a “sell” rating to a “hold” rating in a research report on Sunday, July 12th. Weiss Ratings downgraded shares of Genworth Financial from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Friday, July 17th. Zacks Research raised shares of Genworth Financial to a “hold” rating in a research note on Wednesday, May 27th. Finally, Keefe, Bruyette & Woods boosted their price objective on shares of Genworth Financial from $11.00 to $12.00 and gave the company an “outperform” rating in a report on Monday, July 13th. One equities research analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $12.00.

Genworth Financial Trading Down 0.8%

NYSE GNW opened at $9.92 on Friday. Genworth Financial, Inc. has a one year low of $7.32 and a one year high of $10.20. The company has a debt-to-equity ratio of 0.15, a current ratio of 0.29 and a quick ratio of 0.29. The firm has a market cap of $3.80 billion, a P/E ratio of 19.08 and a beta of 0.85. The stock’s 50-day moving average is $9.21 and its 200-day moving average is $8.81.

Genworth Financial (NYSE:GNW) last issued its quarterly earnings data on Tuesday, May 5th. The financial services provider reported $0.28 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.18 by $0.10. Genworth Financial had a return on equity of 1.73% and a net margin of 2.96%.The business had revenue of $1.04 billion during the quarter, compared to analyst estimates of $1.72 billion. Sell-side analysts anticipate that Genworth Financial, Inc. will post 1.1 earnings per share for the current fiscal year.

Genworth Financial Company Profile

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.