On Tuesday, Genworth Financial, Inc. (NYSE:GNW) stock price moved up at 1.1%. Its day lowest price was $4.55 and its hit its day highest price at $4.63. The stock recent volume is 1960084 shares in comparison to its average trading volume of 2555077 shares. Looking at the stock’s price level on the past 52-week graph, GNW recorded a 52-week high of $4.92 and its 52-week low of $2.66.
Shares of Genworth Financial, Inc. have been recently spotted trading -6.50% off of the 52-week high price. On the other end, the stock has been noted 72.93% away from the low price over the last 52-weeks. Switching over to some distances from popular moving averages, we see that the stock has been recorded 2.48% away from the 50 day moving average and 32.79% away from the 200 day moving average. Moving closer, we can see that shares have been trading 0.29% off of the 20-day moving average. 3500 employees work in the Company. It has market cap of $2.30B.
Genworth Financial, Inc. (NYSE:GNW) and China Oceanwide Holdings Group Co., Ltd. (Oceanwide) today announced they have agreed to a sixth waiver and agreement of each party’s right to terminate the previously announced merger agreement. The sixth waiver and agreement extends the previous deadline of August 15, 2018 to December 1, 2018 to allow additional time to complete the regulatory review process.
The sixth waiver and agreement also waives the unstacking of Genworth Life and Annuity Insurance Company (GLAIC) from Genworth Life Insurance Company (GLIC), regulatory approval of which had been a condition of Oceanwide’s obligation to close the merger, as well as each party’s respective covenants with respect to the unstacking, including Oceanwide’s obligation to contribute $525 million to facilitate the unstacking. The waiver also waives Oceanwide’s obligation to contribute $600 million to Genworth for the repayment of the company’s debt obligations due May 2018, which, as previously disclosed, has been retired with the proceeds from a term loan and cash on hand.
Separately, Oceanwide has agreed to a capital investment plan under which Oceanwide and/or its affiliates will contribute an aggregate of $1.5 billion to Genworth over time following consummation of the merger, with the final amounts of the plan to be contributed by March 31, 2020. Such contribution will be subject to the closing of the merger and the receipt of required regulatory approvals. The contribution would be used to further improve Genworth’s financial stability, which may include retiring Genworth’s debt due in 2020 and 2021 or enabling future growth opportunities.
The closing of the proposed transaction remains subject to the receipt of required regulatory approvals in the U.S., China and other international jurisdictions and other closing conditions. As previously announced, the Committee on Foreign Investment in the United State (CFIUS) completed its review of the proposed transaction and concluded that there are no unresolved national security concerns.
Tom McInerney, Genworth president and CEO said “Oceanwide and Genworth are working hard to close the transaction as quickly as possible”. “Genworth continues to believe that the transaction is the best path forward for our stockholders and other stakeholders.”
The stock was up in the 5 days activity 5.99%. The one month performance of stock was -1.08%. GNW shares are at 43.75% for the quarter and driving a 32.56% return over the course of the past year and is now at 47.91% since this point in 2018. Right now GNW beta is 2.41. The average volatility for the week and month was at 2.57% 2.45% respectively. There are 500.60M shares outstanding and 498.79M shares are floated in market.
Christopher Abbott joined the themostactivestocks.review, after more than 10 years of experience in writing financial and business news, most recently as Investment Editor and writer. He also has a vast knowledge of stock trading. He earned bachelor degree from Union College with a focus in Business Administration. Christopher is the Senior Editor for themostactivestocks.review and market movers section. He also holds an MBA from Penn State University He has two daughter and two children.
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