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VOYA

Voya Financial

$29.87

-1.04 (-3.36%)

, SPGI

S&P Global

$122.34

-1.03 (-0.83%)

11:09
10/13/16
10/13
11:09
10/13/16
11:09

Voya drops after CFO leaves to take same role at S&P Global

Shares of Voya Financial (VOYA) dropped in morning trading after the company's Chief Financial Officer resigned to take on the same role at S&P Global (SPGI). WHAT'S NEW: New York asset manager Voya Financial said in a statement yesterday that CFO Ewout Steenbergen is departing the company "for another opportunity." Michael Smith, most recently the head of Voya's employee-benefits business, will succeed Steenbergen as CFO. Steenbergen, who has been the company's CFO since 2010, will remain with Voya through November 7, the company said. S&P Global said in its own statement this morning that Steenbergen will join the company on November 14 and will be responsible "for all aspects of the Finance department, focused on growth and sustainable shareholder value." At S&P, Steenbergen will replace interim CFO Rob MacKay. WHAT'S NOTABLE: In September, Voya expanded the duties of Carolyn Johnson, who became CEO of Insurance Solutions, which now includes Voya's Annuities business. Additionally, the company said at the time that Deutsche Bank's (DB) Maggie Parent would become the company's executive vice president, Technology, Innovation and Operations. PEER ALSO RECENTLY HAD CFO SHUFFLE: In September, Voya peer Principal Financial (PFG) named Deanne Strable-Soethout as CFO, effective February 14, in preparation for the retirement of current CFO Terry Lillis next April. PRICE ACTION: Voya Financial is down 3.7% to $29.76 in morning trading and shares are down about 19% year-to-date. S&P Global is down about 1% this morning to $122.48 amid the broader market's weakness.

VOYA

Voya Financial

$29.87

-1.04 (-3.36%)

SPGI

S&P Global

$122.34

-1.03 (-0.83%)

PFG

Principal Financial

$51.30

-1.415 (-2.68%)

DB

Deutsche Bank

$13.19

-0.41 (-3.01%)

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    Oct

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    Nov

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    Nov

VOYA Voya Financial
$29.87

-1.04 (-3.36%)

10/07/16
FBCO
10/07/16
INITIATION
FBCO
Outperform
Voya Financial initiated with an Outperform at Credit Suisse
Credit Suisse analyst John Nadel initiated Voya with an Outperform and a $39 price target. Nadel said Voya is one of his top picks given high free cash flow, expense control, and expansion of fee-based earnings.
09/22/16
WELS
09/22/16
INITIATION
WELS
Market Perform
Voya Financial initiated with a Market Perform at Wells Fargo
07/06/16
EVER
07/06/16
INITIATION
Target $31
EVER
Hold
Voya Financial initiated with a Hold at Evercore ISI
Evercore ISI analyst Thomas Gallagher started Voya Financial with a Hold rating and $31 price target.
07/15/16
GSCO
07/15/16
DOWNGRADE
Target $29
GSCO
Neutral
Voya Financial downgraded to Neutral from Buy at Goldman
Goldman analyst Michael Kovac downgraded Voya Financial to Neutral and lowered its price target to $29 from $49. The analyst said macro concerns around lower/longer interest rates and recently slower equity market appreciation than in the period following its IPO have led to a slowdown in earnings expansion and increased concerns around the firm's balance sheet. Kovac see fewer near-term catalysts outside a recovery in the macro environment.
SPGI S&P Global
$122.34

-1.03 (-0.83%)

08/25/16
MACQ
08/25/16
INITIATION
Target $140
MACQ
Outperform
S&P Global initiated with an Outperform at Macquarie
Macquarie analyst Hamzah Mazari initiated S&P Global with an Outperform and $140 price target.
07/29/16
UBSW
07/29/16
NO CHANGE
Target $146
UBSW
Buy
S&P Global price target raised to $146 from $136 at UBS
UBS raised its price target on S&P Global to $146 from $136 following its Q2 beat and solid outlook for continued growth. The firm noted S&P was able to raise its guidance despite uncertainty stemming from the EU referendum and the near-term outlook. UBS said the company voiced confidence in the long-term outlook and expects the market to grow nicely over the next five years. UBS reiterated its Buy rating on S&P Global shares.
07/12/16
FBCO
07/12/16
INITIATION
Target $123
FBCO
Outperform
S&P Global initiated with an Outperform at Credit Suisse
Credit Suisse analyst Ashley Serro initiated S&P Global with an Outperform and $123 price target.
09/21/16
LEHM
09/21/16
UPGRADE
Target $37
LEHM
Overweight
TransUnion upgraded to Overweight from Equal Weight at Barclays
Barclays analyst Manav Patnaik upgraded TransUnion (TRU) to Overweight saying credit bureaus will continue to outperform and that the market will benefit from a "scarcity value" in Industrials. The analyst keeps a $37 price target for the shares. Patnaik calls S&P Global (SPGI) his top pick in Information Services and raised his price target for the shares to $145 from $140. The analyst also views Moody's (MCO) as a "name to own" and upped his price target for the shares to $125 from $120. Patnaik this morning also downgraded Fair Isaac (FICO) to Equal Weight.
PFG Principal Financial
$51.30

-1.415 (-2.68%)

10/07/16
FBCO
10/07/16
INITIATION
Target $53
FBCO
Underperform
Principal Financial initiated with an Underperform at Credit Suisse
Credit Suisse analyst John Nadel initiated Principal Financial with an Underperform and a $53 price target due to relative valuation, ongoing fee pressures in the 401k market as well as DOL-induced pressure on asset managers ,and potential for pension reform efforts to significantly alter the margin and return profile of its sizeable operations in Chile.
09/22/16
WELS
09/22/16
INITIATION
WELS
Outperform
Principal Financial overage resumed with an Outperform at Wells Fargo
06/29/16
BOFA
06/29/16
DOWNGRADE
BOFA
Neutral
Principal Financial downgraded to Neutral from Buy at BofA/Merrill
07/06/16
EVER
07/06/16
INITIATION
Target $48
EVER
Buy
Principal Financial initiated with a Buy at Evercore ISI
Evercore ISI analyst Thomas Gallagher started Principal Financial Group with a Buy rating and $48 price target.
DB Deutsche Bank
$13.19

-0.41 (-3.01%)

09/19/16
FBCO
09/19/16
INITIATION
FBCO
Underperform
Deutsche Bank initiated with an Underperform at Credit Suisse
Credit Suisse analyst Jon Peace initiated Deutsche Bank with an Underperform saying the recent slow filing and capital shortfall will lower dividend expectations and keep shares under pressure.
09/29/16
COWN
09/29/16
NO CHANGE
COWN
DoJ will not destabilize Deutsche Bank, says Cowen
Cowen analyst Jaret Seiberg sees little practical or political upside for the Justice Department to press Deutsche Bank for a penalty that is so large it could destabilize the bank and create a new financial crisis. He expects the penalty for violations related to mortgage-backed securities to be structured below the speculated $14B that seems to have alarmed the market. Seiberg adds both sides have incentives to reach a deal quickly.
09/30/16
09/30/16
NO CHANGE

Correction: Deutsche Bank credit upgraded to Neutral at BofA/Merrill
BofA/Merrill upgraded Deutsche Bank's credit to Neutral, not the equity.
09/19/16
09/19/16
INITIATION

On The Fly: Top five analyst initiations
Catch up on today's top five analyst initiations with this list compiled by The Fly: 1. DSW (DSW) initiated with a Negative at Susquehanna. 2. Deutsche Bank (DB) initiated with an Underperform at Credit Suisse. 3. UBS (UBS) initiated with a Neutral at Credit Suisse. 4. Cerner (CERN) initiated with a Neutral at BofA/Merrill. 5. Callidus Software (CALD) reinstated with an Outperform at Credit Suisse. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.

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