Sector Update: Financial

By Staff,

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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. ( VOYA ) 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 ( ING ) at $38.85 each, a 1.3% discount to yesterday's closing price for the stock.

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 buyback authorization.

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 the deal.

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 assets.

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

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

This article appears in: Investing Commodities
Referenced Stocks: VOYA , ING

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