Principal Financial Group Inc. Sells 71,024 Shares of Genworth Financial, Inc. (NYSE:GNW)

Posted by Defense World Staff on May 24th, 2023

Principal Financial Group Inc. cut its stake in Genworth Financial, Inc. (NYSE:GNW – Get Rating) by 2.3% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 3,033,876 shares of the financial services provider’s stock after selling 71,024 shares during the quarter. Principal Financial Group Inc. owned 0.61% of Genworth Financial worth $16,049,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in GNW. Citigroup Inc. raised its stake in Genworth Financial by 15.6% during the 4th quarter. Citigroup Inc. now owns 494,627 shares of the financial services provider’s stock valued at $2,617,000 after buying an additional 66,755 shares during the last quarter. HighTower Advisors LLC raised its position in Genworth Financial by 10.3% in the fourth quarter. HighTower Advisors LLC now owns 24,565 shares of the financial services provider’s stock worth $131,000 after acquiring an additional 2,300 shares during the period. Mercer Global Advisors Inc. ADV grew its position in shares of Genworth Financial by 7.8% during the 4th quarter. Mercer Global Advisors Inc. ADV now owns 29,113 shares of the financial services provider’s stock valued at $154,000 after acquiring an additional 2,118 shares during the period. Raymond James & Associates increased its stake in shares of Genworth Financial by 16.5% in the 4th quarter. Raymond James & Associates now owns 1,142,280 shares of the financial services provider’s stock worth $6,043,000 after purchasing an additional 162,195 shares in the last quarter. Finally, UBS Group AG raised its holdings in Genworth Financial by 152.8% in the 4th quarter. UBS Group AG now owns 81,060 shares of the financial services provider’s stock worth $429,000 after purchasing an additional 48,995 shares during the period. Institutional investors own 75.91% of the company’s stock.

Insider Buying and Selling

In related news, CEO Thomas J. Mcinerney sold 125,000 shares of the stock in a transaction that occurred on Monday, May 22nd. The stock was sold at an average price of $5.52, for a total transaction of $690,000.00. Following the completion of the transaction, the chief executive officer now directly owns 4,649,974 shares of the company’s stock, valued at $25,667,856.48. The sale was disclosed in a filing with the SEC, which is available through this link. 0.99% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Separately, StockNews.com initiated coverage on Genworth Financial in a research note on Thursday, May 18th. They issued a “hold” rating for the company.

Genworth Financial Trading Up 0.2 %

Shares of GNW opened at $5.50 on Wednesday. The firm has a market cap of $2.63 billion, a P/E ratio of 5.39 and a beta of 1.03. The company has a debt-to-equity ratio of 0.19, a current ratio of 0.29 and a quick ratio of 0.29. Genworth Financial, Inc. has a 1 year low of $3.43 and a 1 year high of $6.40. The company has a 50 day simple moving average of $5.40 and a two-hundred day simple moving average of $5.38.

Genworth Financial (NYSE:GNW – Get Rating) last posted its earnings results on Wednesday, May 3rd. The financial services provider reported $0.17 earnings per share for the quarter, missing the consensus estimate of $0.20 by ($0.03). The company had revenue of $1.85 billion for the quarter. Genworth Financial had a net margin of 6.99% and a return on equity of 5.64%. During the same period last year, the firm earned $0.29 earnings per share.

About Genworth Financial

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Genworth Financial, Inc is a financial services company, which engages in the provision of insurance, wealth management, investment and financial solutions. It operates through the following segments: U.S. Mortgage Insurance, Australia Mortgage Insurance, U.S. Life Insurance, and Runoff. The U.S. Mortgage Insurance segment offers mortgage insurance products predominantly insuring prime-based, individually underwritten residential mortgage loans.