Mon, Nov. 9, 5:40 PM
Fri, Oct. 30, 11:03 AM
- BTIG's Mark Palmer continues to believe the best way to maximize shareholder value is through a split of Genworth (GNW -10.2%) into two companies - one including the U.S. Life and Long-Term Care (LTC) units, and the other its mortgage insurance operations.
- Job one, though, is assuring these individual businesses are stable, and last night's earnings report may have fallen a bit short.
- Still, with the stock trading for about 0.25x book value (ex. AOCI), a big bounce is in order if management can achieve its goal of reducing holdco debt by $1B-$2B, and is able to sustain stable operating performance for a few quarters.
- Reiterating his Buy rating, Palmer cuts the price target to $10 from $13.
- Previously: Genworth Financial misses by $0.09, misses on revenue (Oct. 29)
Thu, Oct. 29, 5:36 PM
Thu, Oct. 29, 5:23 PM
Wed, Oct. 28, 5:35 PM
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Tue, Oct. 27, 12:10 PM
- The vastly improved credit performance at Radian (RDN -10.6%) may be old news at this point, and investors might be looking for more growth.
- Speaking on the earnings call, CEO Sanford Ibrahim says he expects lower refinance business next year, but it should be offset by greater penetration in the new purchase area (MI is far more likely on purchases than refinances). Overall, he says, the market for mortgage insurance next year should be similar to 2015.
- Webcast and presentation slides
- Turning to the "high level" of competition, Ibrahim says his company "has opted not to compete" with certain discounts currently being offered. The decision has modestly hurt market share, he says, though quickly pointing out the company has been able to offset at least some of this.
- MGIC Investment (MTG -6.4%), Genworth (GNW -4.5%), Essent Group (ESNT -2.9%), NMI Holdings (NMIH -2.2%)
- Previously: More on Radian's Q3 miss (Oct. 27)
- Previously: Radian Group misses by $0.05, beats on revenue (Oct. 27)
Tue, Oct. 27, 7:44 AM
- Genworth (NYSE:GNW) subsidiary GMICO agrees to sell its European mortgage insurance operation to AmTrust Financial (NASDAQ:AFSI), with the deal expected to result in net proceeds to the company of about $55M.
- The money will used to provide an additional capital credit to GMICO to help it meet the new PMIERs. Prior to the sale GIMCO received no capital credit under PMIERs for its ownership of this business.
- The company expects to book an after-tax GAAP loss of roughly $140M in Q4 thanks to the sale.
- The deal is expected to close in Q1.
- Source: Press Release
Fri, Oct. 16, 11:07 AM
- "While this was a personal decision by Mr. Klein for another opportunity, we expect it to raise some investor concerns given Genworth’s (GNW -9.1%) depressed stock price,” says KBW's Ryan Krueger, after the resignation of CFO Martin Klein.
- Already suffering from losses at its long-term care business, Genworth in March also disclosed material weakness in financial reporting for that unit.
- Klein had also been acting CEO of Genworth during most of 2012.
- Previously: Genworth CFO leaves; replacement named (Oct. 15)
Thu, Oct. 15, 5:21 PM
- Martin Klein, Genworth's (NYSE:GNW) CFO since 2011, is leaving to "take a senior leadership role at another financial services company." Controller/principal accounting officer Kelly Groh is Genworth's new CFO.
- Genworth rose 5.7% in regular trading ahead of the announcement. The S&P was up 1.5%.
- Previously: Genworth Australia CEO retiring
Fri, Oct. 9, 9:26 AM
- Genworth Financial (NYSE:GNW) is now majority owner of Genworth Mortgage Insurance Australia. Alongside the retirement announcement, the Aussie company reaffirmed its full-year 2015 outlook.
- Ellie Comerford is stepping down only a little more than a year after the company became publicly traded in Australia. She had been CEO for the last five years. CFO Georgette Nicholas will be acting CEO until a replacement can be found.
Mon, Aug. 10, 12:23 PM
- Genworth (GNW +12.2%) is surging following a weekend report in the Australian Business Review that it may be considering the sale of its stake in the recently listed Australian subsidiary Genworth Mortgage Insurance.
- UBS analysts believe the market is overreacting, saying none of the likely options for what GNW might do with the proceeds of such a sale are attractive for shareholders, and expects a deal likely would be dilutive to EPS and still not make a full break-up of GNW feasible in the near term.
- UBS says a key takeaway from GNW’s Q2 earnings conference call is that the company does not appear to be fully in the driver’s seat in its go-forward strategy, and instead sees the rating agencies as having a key voice in GNW’s future use of holdco cash.
Wed, Aug. 5, 9:19 AM
- Gainers: FNJN +60%. BIOC +13%. FSLR +11%. KATE +9%. Z +9%. HRB +8%. OAS +8%. TSEM +8%. PCLN +7%. SLTD +7%. MSI +6%. ATVI +6%. SUPN +6%. LC +6%. CTSH +6%. BBL +6%. SDRL +5%.
- Losers: SALE -33%. OHGI -28%. LL -24%. BOOT -23%. ETSY -20%. TRMB -13%. GLUU -10%. RSO -10%. DIS -9%. NYMT -7%. MEMP -7%. GNW -7%. PWR -7%. CERN -6%. PZZA -6%.
Wed, Aug. 5, 7:51 AM
- Q2 NOI of $119M or $0.24 per share vs. $154M and $0.31 one year ago.
- The company booked an after-tax loss of $306M or $0.61 per share thanks to the planned sale of the lifestyle protection business. This isn't included in the operating income figure.
- Book value per share (excl. AOCI) of $20.87 falls from $24.31 one year ago.
- Company expects to be complaint with PMIERs capital requirements after closing a series of transactions expected to generate about $500M of additional PMIERs capital credit and the completion of a planned internal restructuring.
- Progress is made towards plan to cut expenses by $100M by the end of 2016, with savings of about $30M this year, and $40M-$50M so far next.
- Global mortgage insurance NOI of $110M vs. $136M a year ago.
- U.S. life insurance NOI of $57M vs. $69M, with long term care insurance NOI of $10M flat from last quarter and up from $6M a year ago. Long term care individual sales of $8M down from $10M in Q1 and $24M a year ago.
- Conference call is underway
- Previously: Genworth Financial misses by $0.02, misses on revenue (Aug. 4)
- GNW -5.3% premarket
Tue, Aug. 4, 5:14 PM
Mon, Aug. 3, 5:35 PM
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Wed, Jul. 22, 9:24 AM
- Genworth (NYSE:GNW) has entered exclusive negotiations with AXA (OTCQX:AXAHY) after receiving an irrevocable offer for its lifestyle protection insurance business.
- The sale price is expected to by about $510M, and Genworth will take about a $310M after-tax loss in Q2.
- Net proceeds should be roughly $400M, and the company will use the money to advance its compliance with the PMIERs set to take effect at year-end, and to cut debt.
- The operation has been on the block for some time.
- Source: Press Release
- Shares +3.4% premarket
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