ING reduced its stake in Voya to 19% from about 32.5% by selling 34.5 million shares of the company. ING agreed to sell 30,030,013 shares of common stock of Voya in a public offering at $39.15 a share.
Voya said it agreed to purchase an additional 4,469,987 shares from ING for $175 million. The company will have about $11 million left under its share repurchase authorization following the purchase.
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TheStreet Ratings team rates VOYA FINANCIAL INC as a Hold with a ratings score of C. TheStreet Ratings Team has this to say about their recommendation:
"We rate VOYA FINANCIAL INC (VOYA) a HOLD. The primary factors that have impacted our rating are mixed -- some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its robust revenue growth, solid stock price performance and impressive record of earnings per share growth. However, as a counter to these strengths, we find that the growth in the company's net income has been quite unimpressive."