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."
Highlights from the analysis by TheStreet Ratings Team goes as follows:
- The revenue growth came in higher than the industry average of 11.3%. Since the same quarter one year prior, revenues rose by 35.4%. Growth in the company's revenue appears to have helped boost the earnings per share.
- The stock has risen over the past year as investors have generally rewarded the company for its earnings growth and other positive factors like the ones we have cited in this report. Despite the fact that it has already risen in the past year, there is currently no conclusive evidence that warrants the purchase or sale of this stock.
- Current return on equity exceeded its ROE from the same quarter one year prior. This is a clear sign of strength within the company. Compared to other companies in the Diversified Financial Services industry and the overall market on the basis of return on equity, VOYA FINANCIAL INC has outperformed in comparison with the industry average, but has underperformed when compared to that of the S&P 500.
- The company, on the basis of net income growth from the same quarter one year ago, has significantly underperformed compared to the Diversified Financial Services industry average, but is greater than that of the S&P 500. The net income increased by 15.6% when compared to the same quarter one year prior, going from $346.60 million to $400.80 million.
- You can view the full analysis from the report here: VOYA Ratings Report