Analysts Issue Mixed Ratings on ING U.S. After IPO Quiet Period Expires

Banking, finance, and taxes

Published: June 11, 2013 8:20 am

ING U.S. Inc. (NYSE: VOYA) has now been public for long enough that the analyst quiet period from the underwriting firms has ended. We are seeing mixed official analyst coverage, but note that Barron’s said the company is greatly undervalued compared to its peers in recent weeks.

Shares closed at $28.41 on Monday, and we have seen a post-IPO trading range of $19.20 to $29.06, so that you can get an idea of how the valuation calls are looking. Also note that the underwriting group did exercise the 9.8 million share overallotment option at the $19.50 initial public offering price.

Here are some of the analyst initiations we have seen so far on ING U.S. on Tuesday:

Equal Weight at Barclays
Neutral at Citigroup
Hold at Deutsche Bank
Equal Weight at Evercore
Neutral at Goldman Sachs
Neutral at J.P. Morgan
Market Perform at Keefe Bruyette & Woods
Equal Weight at Morgan Stanley
Outperform at Raymond James
Neutral at SunTrust Robinson Humphreys
Market Perform at Wells Fargo

When Andrew Bary of Barron’s wrote his positive story in mid-May, the stock was at $24.70, and shares are now at $28.41. He said at the time that ING U.S. had an estimated book value of $41 per share and a total book value of $55 per share.

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