Story updated at 10 a.m. to reflect market activity.
Shares of ING gained 2.8% to $36.23 in morning trading.
The bank raised its price target for the company to $43 from $40. Analyst Yaron Kinar said the company has several potential catalysts."First and foremost $2/ps of additional DTA NPV, as the recent redomestication of VOYA's VA subsidiary allows the company to utilize the now US sub's profits against NOLs," Kinar wrote. "In addition, the reduction of ING Groep's stake in the company to less than 50% improves liquidity, takes VOYA one step closer to becoming eligible to join the S&P and also adds visibility to the NPV calculation of the DTA. Finally, while higher excess capital guidance was largely expected, it does anchor expectations upwards. A $300mm buyback authorization should boost ROEs and a one-quarter valuation roll-forward also contributed to the new TP." Must read: Warren Buffett's 10 Favorite Stocks STOCKS TO BUY: TheStreet Quant Ratings has identified a handful of stocks that can potentially TRIPLE in the next 12 months. Learn more. VOYA data by YCharts STOCKS TO BUY: TheStreet Quant Ratings has identified a handful of stocks that can potentially TRIPLE in the next 12 months. Learn more.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV