Financial stocks were mixed Wednesday afternoon with the NYSE
Financial Sector Index adding about 0.2% and the S&P Financial
100 Index slipping about 0.1%.
In company news, Voya Financial Inc. (
) was lower this afternoon after the asset manager Wednesday
pricing a secondary offering of nearly 22.3 million shares by
former corporate parent ING Group (
) at $38.85 each, a 1.3% discount to yesterday's closing price for
VOYA also repurchased another 7.7 million of its shares from the
Dutch financial-services conglomerate for $300 million, paying the
same price paid by the underwriters in the public offering. The
company has around $210 mln remaining under its current stock
After selling a combined 30 million shares, ING saw its VOYA
stake decline from around 43% of the company's stock prior to the
offering to around 32%, or about 80.1 million shares overall, after
VOYA shares recently were off about 0.3% at $39.25 each,
retreating back near its $39.09 a share session low. The stock has
traded within a 52-week range of $28.64 to $39.72 a share, rising
slightly more than 36% over the past 12 months.
ING shares were ahead 1.5% at $14.06 each this afternoon.
In other sector news,
(+) UCFC, (+0.2%) Boenning & Scattergood initiates coverage
with an Outperform rating.
(-) EFC, (-4.2%) Prices public offering of 8 mln shares of its
common stock at $23.92 apiece, a 2.8% discount to yesterday's
closing price. It plans to use net proceeds to buy its targeted