Genworth Financial (NYSE:GNW) Shares Gap Down Following Weak Earnings

Genworth Financial, Inc. (NYSE:GNW - Get Free Report)'s stock price gapped down prior to trading on Wednesday after the company announced weaker than expected quarterly earnings. The stock had previously closed at $7.32, but opened at $6.98. Genworth Financial shares last traded at $7.02, with a volume of 563,691 shares changing hands.

The financial services provider reported $0.04 earnings per share for the quarter, missing analysts' consensus estimates of $0.18 by ($0.14). Genworth Financial had a return on equity of 2.96% and a net margin of 4.10%. The company had revenue of $1.82 billion for the quarter. During the same period last year, the firm earned ($0.51) earnings per share.

Analyst Upgrades and Downgrades

Separately, StockNews.com downgraded Genworth Financial from a "buy" rating to a "hold" rating in a report on Wednesday, November 20th.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of GNW. Prudential Financial Inc. raised its holdings in shares of Genworth Financial by 70.2% in the fourth quarter. Prudential Financial Inc. now owns 5,567,978 shares of the financial services provider's stock worth $38,920,000 after acquiring an additional 2,296,538 shares during the last quarter. Norges Bank acquired a new position in Genworth Financial in the 4th quarter valued at about $15,034,000. Boone Capital Management LLC acquired a new position in shares of Genworth Financial in the fourth quarter valued at approximately $10,741,000. Nuveen Asset Management LLC raised its position in shares of Genworth Financial by 106.9% in the fourth quarter. Nuveen Asset Management LLC now owns 2,663,077 shares of the financial services provider's stock valued at $18,615,000 after buying an additional 1,375,637 shares during the last quarter. Finally, Raymond James Financial Inc. acquired a new position in shares of Genworth Financial in the fourth quarter valued at approximately $7,496,000. 81.85% of the stock is currently owned by institutional investors and hedge funds.

Genworth Financial Trading Down 1.4 %

The business's 50-day moving average price is $7.09 and its two-hundred day moving average price is $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. The firm has a market cap of $2.79 billion, a price-to-earnings ratio of 9.61 and a beta of 1.00.

Genworth Financial Company Profile

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.