Financial Stocks Leading Markets Higher; Voya Gains Amid Buyback News, ING Ownership Drop

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Financial stocks were higher today with the NYSE Financial Sector Index climbing 0.4% and the S&P Financial 100 Index advancing 1.0%.

In company news, shares of ING U.S. Inc. ( VOYA ), expected to soon rebrand as Voya Financial, are up 2.5% at $36.14 each in mid-day trade after late yesterday pricing 26.5 million shares of its common stock previous held by ING Group ( ING ) at $35.23 per share.

VOYA also intends to buy back 7.25 million of its shares from ING for $250 million, or $34.45494 each, which was public offering price after deducting the 77.506 cent underwriting discounts. ING also granted underwriter options to purchase up to 3.97 million shares to cover possible overallotments.

Following the deal, ING's ownership stake fell to 45%, marking the first time it did not own a majority VOYA stake.

VOYA shares were up 2.5% at $36.12 each in recent trade, earlier climbing to an intra-day high of $36.54 a share. The stock has a 52-week range of $19.20 to $37.75 a share.

ING was up 2.2% this afternoon at $14.24 a share.

In other sector news,

(-) ORI, (-1.1%) Cancels planned recapitalization by its RMICC mortgage-guaranty subsidiary, citing "a lack of success in attracting capital markets funding."



The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.

Copyright (C) 2014 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.


This article appears in: Investing , Commodities

Referenced Stocks: VOYA , ING

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As of 12/19/2014, 04:15 PM


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