Voya Financial (VOYA) Receives Buy Rating from BTIG Research
Voya Financial (NYSE:VOYA)‘s stock had its “buy” rating reissued by stock analysts at BTIG Research in a note issued to investors on Tuesday. They presently have a $59.00 target price on the asset manager’s stock. BTIG Research’s price objective suggests a potential upside of 19.26% from the company’s previous close.
The analysts wrote, “CBVA and Removal of Tail Risk = Much Higher Multiple We are reiterating our Buy recommendation on Voya Financial (VOYA) while raising our price target to $59 (from $50) based on 1.1x the company’s FY18E book value ex. accumulated other cumulative income (AOCI) of $53.27. We view VOYA’s agreement to sell its closed block variable annuity (CBVA) unit to Venerable, a newly-formed firm backed by a group of private equity firms led by Apollo, and to have its fixed annuity book reinsured by Athene Holding (ATH, Not Rated), as a game-changer for the company.””
Other analysts also recently issued research reports about the company. Deutsche Bank assumed coverage on Voya Financial in a research note on Tuesday. They issued a “buy” rating and a $59.00 price target on the stock. BidaskClub upgraded Voya Financial from a “hold” rating to a “buy” rating in a research note on Saturday, September 23rd. Royal Bank of Canada restated a “buy” rating and issued a $46.00 price target on shares of Voya Financial in a research note on Wednesday, September 6th. Evercore ISI upgraded Voya Financial to a “buy” rating and set a $60.00 price target on the stock in a research note on Wednesday, December 27th. Finally, Wells Fargo & Co reiterated a “buy” rating and set a $58.00 target price on shares of Voya Financial in a research note on Friday, December 22nd. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and eleven have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and an average target price of $52.18.
Voya Financial (NYSE:VOYA) last posted its quarterly earnings results on Tuesday, October 31st. The asset manager reported $0.51 earnings per share for the quarter, missing the consensus estimate of $0.90 by ($0.39). The company had revenue of $226.50 million during the quarter, compared to analysts’ expectations of $322.92 million. Voya Financial had a positive return on equity of 3.92% and a negative net margin of 3.64%. During the same quarter in the previous year, the company earned ($1.24) EPS. research analysts predict that Voya Financial will post 2.95 earnings per share for the current fiscal year.
A number of institutional investors and hedge funds have recently modified their holdings of VOYA. Toronto Dominion Bank lifted its holdings in shares of Voya Financial by 7.9% during the 2nd quarter. Toronto Dominion Bank now owns 2,728 shares of the asset manager’s stock valued at $101,000 after buying an additional 199 shares during the period. Reliance Trust Co. of Delaware bought a new position in shares of Voya Financial during the 3rd quarter valued at $215,000. IFM Investors Pty Ltd bought a new position in shares of Voya Financial during the 3rd quarter valued at $254,000. Private Advisor Group LLC bought a new position in shares of Voya Financial during the 3rd quarter valued at $274,000. Finally, Stephens Inc. AR bought a new position in shares of Voya Financial during the 3rd quarter valued at $273,000. Institutional investors and hedge funds own 96.79% of the company’s stock.
TRADEMARK VIOLATION NOTICE: This story was originally posted by The Cerbat Gem and is the property of of The Cerbat Gem. If you are reading this story on another publication, it was copied illegally and republished in violation of U.S. and international copyright laws. The legal version of this story can be viewed at https://www.thecerbatgem.com/2018/01/02/voya-financial-voya-receives-buy-rating-from-btig-research.html.
About Voya Financial
Voya Financial, Inc is a retirement, investment and insurance company. The Company operates through five segments: Retirement, Investment Management, Annuities, Individual Life and Employee Benefits. The Retirement segment is a provider of retirement services and products in the United States. The Investment Management segment offers domestic and international fixed income, equity, multi-asset and alternatives products and solutions.
Receive News & Stock Ratings for Voya Financial Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Voya Financial and related stocks with our FREE daily email newsletter.