Bank of New York Mellon Corp Sells 96,236 Shares of Genworth Financial, Inc. (NYSE:GNW)

Bank of New York Mellon Corp lowered its position in shares of Genworth Financial, Inc. (NYSE:GNW) by 3.3% in the first quarter, HoldingsChannel reports. The fund owned 2,777,926 shares of the financial services provider’s stock after selling 96,236 shares during the period. Bank of New York Mellon Corp’s holdings in Genworth Financial were worth $19,695,000 as of its most recent SEC filing.

Several other large investors have also added to or reduced their stakes in the business. Principal Financial Group Inc. raised its holdings in shares of Genworth Financial by 2.7% in the 1st quarter. Principal Financial Group Inc. now owns 2,126,240 shares of the financial services provider’s stock valued at $15,075,000 after purchasing an additional 55,085 shares during the period. Allspring Global Investments Holdings LLC grew its stake in shares of Genworth Financial by 12.2% in the first quarter. Allspring Global Investments Holdings LLC now owns 1,064,253 shares of the financial services provider’s stock valued at $7,546,000 after acquiring an additional 116,128 shares in the last quarter. Byrne Asset Management LLC raised its position in shares of Genworth Financial by 69.5% in the first quarter. Byrne Asset Management LLC now owns 7,595 shares of the financial services provider’s stock valued at $54,000 after buying an additional 3,115 shares in the last quarter. Handelsbanken Fonder AB raised its stake in Genworth Financial by 56.0% in the first quarter. Handelsbanken Fonder AB now owns 112,490 shares of the financial services provider’s stock valued at $798,000 after purchasing an additional 40,400 shares in the last quarter. Finally, SG Americas Securities LLC bought a new stake in Genworth Financial during the first quarter worth $5,141,000. Institutional investors and hedge funds own 81.85% of the company’s stock.

Genworth Financial Stock Performance

NYSE GNW opened at $7.45 on Friday. The stock has a market capitalization of $3.09 billion, a P/E ratio of 14.90 and a beta of 1.06. The business has a 50 day simple moving average of $7.29 and a 200 day simple moving average of $7.02. The company has a debt-to-equity ratio of 0.16, a current ratio of 0.29 and a quick ratio of 0.29. Genworth Financial, Inc. has a one year low of $5.99 and a one year high of $8.08.

Genworth Financial (NYSE:GNW) last posted its quarterly earnings results on Wednesday, April 30th. The financial services provider reported $0.12 earnings per share for the quarter, missing the consensus estimate of $0.21 by ($0.09). Genworth Financial had a net margin of 2.97% and a return on equity of 2.53%. The company had revenue of $1.76 billion during the quarter.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on the stock. Keefe, Bruyette & Woods raised their price target on shares of Genworth Financial from $9.00 to $9.50 and gave the company an “outperform” rating in a research note on Wednesday, July 9th. Wall Street Zen lowered Genworth Financial from a “hold” rating to a “sell” rating in a research note on Thursday, May 22nd.

About Genworth Financial

Genworth Financial, Inc, together with its subsidiaries, provides mortgage and long-term care insurance products in the United States and internationally. It operates in three segments: Enact, Long-Term Care Insurance, and Life and Annuities. The Enact segment offers private mortgage insurance products primarily insuring prime-based, individually underwritten residential mortgage loans; and pool mortgage insurance products.