Genworth Financial Inc (NYSE:GNW) announced that Genworth Mortgage Insurance Corporation (GMICO), a wholly owned indirect subsidiary of the company, has completed the sale of its European mortgage insurance business to AmTrust Financial Services, Inc. Net proceeds of approximately $50 million will provide additional capital to GMICO. This transaction represents another action toward simplifying Genworth’s businesses. (Original Source)
Shares of Genworth Financial closed today at $3.68, down $0.12 or -3.28%. GNW has a 1-year high of $8.56 and a 1-year low of $1.57. The stock’s 50-day moving average is $2.96 and its 200-day moving average is $3.32.
On the ratings front, Genworth has been the subject of a number of recent research reports. In a report issued on May 5, Compass Point analyst Kenneth Billingsley reiterated a Buy rating on GNW, with a price target of $5.25, which implies an upside of 38.9% from current levels. Separately, on April 29, Morgan Stanley’s Nigel Dally reiterated a Hold rating on the stock and has a price target of $2.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Kenneth Billingsley and Nigel Dally have a total average return of -4.5% and 14.8% respectively. Billingsley has a success rate of 51.7% and is ranked #3287 out of 3828 analysts, while Dally has a success rate of 74.1% and is ranked #395.
The street is mostly Bullish on GNW stock. Out of 4 analysts who cover the stock, 2 suggest a Buy rating , one suggests a Sell and one recommends to Hold the stock. The 12-month average price target assigned to the stock is $2.00, which represents a potential downside of 47.1% from where the stock is currently trading.
Genworth Financial, Inc. is a financial services company, which provides insurance, wealth management, investment and financial solutions. It operates its business through three divisions: U.S. Life Insurance, Global Mortgage Insurance, and Corporate and Other. The U.S. Life Insurance division offers and manages a variety of insurance and fixed annuity products. The Global Mortgage Insurance division includes the International Mortgage Insurance and U.S. Mortgage Insurance segments. The Corporate and Other division provides life style protection insurance, debt financing, accident and health insurance, variable life insurance, institutional, and corporate-owned life insurance. Genworth Financial was founded on October 23, 2003 and is headquartered in Richmond, VA.