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

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.