Financial stocks were higher Thursday with the NYSE Financial
Sector Index climbing 0.4% and the S&P Financial 100 Index
In company news, shares of ING U.S. Inc. (
), expected to soon rebrand as Voya Financial, are up % at $ each
in mid-day trade after late yesterday pricing 26.5 million shares
of its common stock previous held by ING Group (
) 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."
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