By Dhirendra Tripathi
Investing.com – Voya Financial stock (NYSE:VOYA) traded 7.5% higher in Wednesday’s premarket after its inclusion in the S&P MidCap 400 S&P Midcap 400 Index.
The company, that listed on the NYSE in 2013, helps people with retirement planning. It closed Tuesday with a market cap of over $7 billion.
Voya will replace CoreSite Realty (NYSE:COR) that American Tower (NYSE:AMT) is acquiring in a deal expected to be completed soon. The change in the index is effective December 28.
Being part of the index means passive investors who manage trillions of dollars will have to include it in their portfolios, as it will now be part of more funds and derivative portfolios benchmarked against the index.
Voya swung to a net profit of $142 million in the third quarter from a loss of $333 million in the same period a year ago, driven by proceeds from divestitures in the reporting period. Last-year quarter was pulled down by losses on account of discontinued operations.
Last month, the company rolled out its plan to grow adjusted operating earnings per share by 12%-17% through 2024.
Voya was a U.S. subsidiary of Dutch-based ING Group (NYSE:ING) before its spinoff. It got its current name in 2014.