Genworth Financial Inc (GNW) Stake Sold by Northcoast Asset Management

Northcoast Asset Management closed out its position in Genworth Financial Inc (NYSE:GNW) during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm previously had a 87,050 share position in the company, valued at approximately $342,106. Northcoast Asset Management had fully closed out its position in company by the time it had filed its quarterly disclosure.

Separately, Saba Capital Management increased its position in Genworth Financial by 17.1% in the third quarter. Saba Capital Management now owns 547,258 shares of the company’s stock valued at $2,528,000 after buying an additional 80,000 shares during the last quarter.

Shares of Genworth Financial Inc (NYSE:GNW) opened at 3.93 on Monday. The stock’s market capitalization is $1.96 billion. The stock’s 50 day moving average is $4.43 and its 200 day moving average is $5.61. Genworth Financial Inc has a 1-year low of $3.46 and a 1-year high of $9.19.

Genworth Financial (NYSE:GNW) last announced its quarterly earnings results on Thursday, October 29th. The company reported $0.13 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.22 by $0.09. The company had revenue of $2.10 billion for the quarter, compared to analysts’ expectations of $2.19 billion. During the same quarter in the prior year, the company earned ($1.70) EPS. Genworth Financial’s quarterly revenue was down 4.1% compared to the same quarter last year. On average, equities analysts forecast that Genworth Financial Inc will post $0.89 EPS for the current year.

GNW has been the topic of several research reports. Keefe, Bruyette Woods cut their target price on Genworth Financial from $8.00 to $6.00 and set a “market perform” rating on the stock in a research report on Wednesday, September 2nd. Macquarie reaffirmed a “hold” rating and issued a $7.00 price target (up from $5.00) on shares of Genworth Financial in a report on Thursday, September 17th. JPMorgan Chase Co. reaffirmed a “hold” rating and issued a $8.00 price target on shares of Genworth Financial in a report on Monday, October 5th. Zacks Investment Research lowered shares of Genworth Financial from a “hold” rating to a “sell” rating in a report on Tuesday, October 13th. Finally, BTIG Research reaffirmed a “buy” rating and issued a $13.00 price target on shares of Genworth Financial in a report on Friday, October 23rd. Three analysts have rated the stock with a sell rating, four have issued a hold rating and five have given a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus price target of $7.94.

Genworth Financial, Inc. (NYSE:GNW) is a financial security company. The Company provides insurance, wealth management, investment and financial solutions. As of December 31, 2011, the Company had more than 15 million customers, with a presence in more than 25 countries. The Company operates in Insurance, Mortgage Insurance and Corporate and Runoff. The Mortgage Insurance Division includes the business segments, such as International Mortgage Insurance and U.S. Mortgage Insurance. The Corporate and Runoff Division includes the Runoff segment and Corporate and Other activities. In September 2013, Genworth Financial, Inc closed the sale of its Wealth Management business, including Genworth Financial Wealth Management and alternative solutions provider, the Altegris companies, to a partnership of Aquiline Capital Partners and Genstar Capital.

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Monday, December 28th, 2015 EN

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