Genworth Financial Inc (NYSE:GNW) Stock Falls 16% in a Month: Where is the Bottom?
While it is true that Genworth Financial Inc (NYSE:GNW) has not been in the news in recent weeks, it has now stopped its stock declining quite sharply over the course of the past month. During the past month, the stock has recorded declines of as much as 16% and in this situation, it might be a good move for investors to take a look at an important development from back on June 21.
The company announced that its fully owned subsidiary company Genworth Holdings Inc issued a notice with regards to the redemption of all the outstanding 7.625% Senior Notes.
At the time it was announced that the redemption of the notes is going to take place on July 21, 2021. Considering the fact that the date is approaching, it might be a good idea for investors to keep an eye on any developments surrounding the company and also on the price action on its stock. The Bank of New York Mellon Trust Company is the paying agent for the whole process. Genworth Holdings is not only going to pay off the principal in its entirety but also make a payment towards a make whole premium.
Market Reaction:
On Friday, GNW stock fell 2.54% at $3.45 with more than 2.66 million shares, compared to its average volume of 7.09 million shares. The stock has moved within a range of $3.4350 – 3.6200 after opening the trade at $3.55. Over the past 52-week, the stock has been trading within a range of $1.9500 – 4.7600.
