Genworth Rides Financial Bounce – Zacks Tale of the Tape
Source: http://www.zacks.com/stock/news/14979/Genworth+Rides+Financial+Bounce+-+Zacks+Tale+of+the+TapePosted on Tuesday, September 30th, 2008 | In Stocks to Watch
Genworth Financial (GNW), a stock that lost nearly 74% of its value in the past year, is alive and kicking today. The stock jumped 40% or $2 to trade at $7 after the firm announced that it is considering spinning off its U.S. mortgage insurance business.
In a statement, the company said it wanted to “determine the optimal course of Genworth, its customers and shareholders.” According to Bloomberg, Chief Executive Officer Michael Fraizer has said Genworth had adequate capital, which has found support from analysts. Earlier, the mortgage insurer had reported its first loss after getting listed in the second quarter.
With a forward P/E of 1.76 and PEG [price-to-earnings-growth] ratio of 0.23, the stock seems to be attractive in spite of the hike today.
“GNW” Free Stock Analysis: Buy? Sell? Hold?
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