NEW YORK (TheStreet) -- Shares of Voya Financial (VOYA) - Get Voya Financial, Inc. Report were climbing 8.32% to $27.20 late Wednesday morning after reporting 2016 second-quarter revenue that were higher than estimates.
Before today's opening bell, the New York-based insurance company reported adjusted operating earnings of 79 cents per diluted share, in line with consensus estimates for the period. Revenue was $327.5 million, beating estimates of $311.72 million.
In the 2015 second quarter, Voya posted earnings of 78 cents per share on revenue of $312 million.
The company repurchased $267 million of shares in the past quarter, including a $150 million repurchase agreement that is expected to settle in the upcoming months. Voya retained $775 million in excess capital after the repurchasing.
CEO Rodney Martin said the company encountered challenges posed by volatility in the equity markets and the low interest rate environment.
"We are seeing the benefit of the more than 20 margin, growth and capital initiatives we established to improve returns and achieve our 2018 financial targets," Martin added.
Separately, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.
TheStreet Ratings rated this stock as a 'hold" with a ratings score of C.
The company's strengths can be seen in multiple areas, such as its revenue growth, attractive valuation levels and growth in earnings per share. However, TheStreet Ratings finds weaknesses including disappointing return on equity, poor profit margins and weak operating cash flow.
You can view the full analysis from the report here: VOYA