Analyst Comments on ING U.S (VOYA) $300M Buyback

Wells Fargo maintained a Market Perform rating on ING U.S (NYSE: VOYA). Comments follow news its Board of Directors authorized a share repurchase of $300 million. The Company intends to enter into a Share Repurchase Agreement with ING Group, pursuant to which the Company will acquire from ING Group, subject to certain terms and conditions, shares of the Company’s common stock having an aggregate purchase price of $250 million.

Commenting on developments, analyst John Hall of Wells Fargo said, "We expect VOYA shares to react favorably to the news. Our model had not assumed any share repurchase for 2014. VOYA's combined estimated risk-based capital (RBC) ratio was 504% at year-end 2013. Previously per ING U.S., excess capital should be around $1.1 billion based on the internal RBC target of 425%, with roughly $800 million available for ordinary dividends."

For an analyst ratings summary and ratings history on ING U.S click here. For more ratings news on ING U.S click here.

Shares of ING U.S closed at $35.60 yesterday.

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