Voya Financial (NYSE:VOYA) Price Target Raised to $87.00

Voya Financial (NYSE:VOYA) had its price objective boosted by Royal Bank Of Canada from $80.00 to $87.00 in a report published on Tuesday morning,Benzinga reports. The firm currently has an outperform rating on the asset manager’s stock.

A number of other research analysts have also issued reports on the company. JPMorgan Chase & Co. boosted their price target on Voya Financial from $80.00 to $89.00 and gave the stock a “neutral” rating in a research report on Tuesday, July 8th. Barclays lifted their price objective on shares of Voya Financial from $70.00 to $75.00 and gave the company an “equal weight” rating in a research note on Monday, July 7th. Morgan Stanley increased their target price on shares of Voya Financial from $89.00 to $90.00 and gave the company an “overweight” rating in a research report on Monday. Keefe, Bruyette & Woods raised their target price on shares of Voya Financial from $80.00 to $83.00 and gave the company an “outperform” rating in a research note on Tuesday, May 13th. Finally, Evercore ISI upped their price target on shares of Voya Financial from $84.00 to $86.00 and gave the stock an “outperform” rating in a research note on Wednesday, August 13th. Six research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, Voya Financial presently has an average rating of “Hold” and an average price target of $83.70.

Voya Financial Trading Down 0.4%

Voya Financial stock opened at $74.6920 on Tuesday. Voya Financial has a 52-week low of $52.43 and a 52-week high of $84.30. The company has a quick ratio of 0.28, a current ratio of 0.28 and a debt-to-equity ratio of 0.44. The firm has a market capitalization of $7.20 billion, a price-to-earnings ratio of 14.94, a PEG ratio of 0.60 and a beta of 0.99. The firm has a 50-day moving average price of $71.18 and a two-hundred day moving average price of $67.86.

Voya Financial (NYSE:VOYA) last announced its quarterly earnings results on Tuesday, August 5th. The asset manager reported $2.40 EPS for the quarter, beating the consensus estimate of $2.09 by $0.31. The company had revenue of $1.98 billion for the quarter, compared to analyst estimates of $1.94 billion. Voya Financial had a net margin of 6.73% and a return on equity of 13.72%. Voya Financial’s revenue was down 2.6% compared to the same quarter last year. During the same quarter last year, the business earned $2.18 earnings per share. Sell-side analysts expect that Voya Financial will post 8.39 earnings per share for the current year.

Voya Financial Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 26th. Stockholders of record on Tuesday, August 26th will be paid a $0.45 dividend. The ex-dividend date of this dividend is Tuesday, August 26th. This represents a $1.80 annualized dividend and a dividend yield of 2.4%. Voya Financial’s payout ratio is currently 36.00%.

Insider Activity at Voya Financial

In related news, Director Yvette S. Butler sold 1,700 shares of the business’s stock in a transaction that occurred on Tuesday, May 27th. The shares were sold at an average price of $66.18, for a total value of $112,506.00. Following the sale, the director directly owned 355 shares in the company, valued at $23,493.90. The trade was a 82.73% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.99% of the stock is owned by insiders.

Institutional Investors Weigh In On Voya Financial

Several hedge funds have recently made changes to their positions in the company. Bessemer Group Inc. grew its position in Voya Financial by 142.9% during the 1st quarter. Bessemer Group Inc. now owns 1,343 shares of the asset manager’s stock worth $91,000 after purchasing an additional 790 shares in the last quarter. Vident Advisory LLC purchased a new stake in shares of Voya Financial in the fourth quarter valued at $250,000. Principal Financial Group Inc. boosted its position in shares of Voya Financial by 0.3% in the first quarter. Principal Financial Group Inc. now owns 221,385 shares of the asset manager’s stock worth $15,001,000 after buying an additional 574 shares during the period. U.S. Capital Wealth Advisors LLC purchased a new position in shares of Voya Financial during the first quarter valued at $385,000. Finally, Allspring Global Investments Holdings LLC grew its holdings in shares of Voya Financial by 1,305.6% during the first quarter. Allspring Global Investments Holdings LLC now owns 166,913 shares of the asset manager’s stock valued at $11,340,000 after buying an additional 155,038 shares in the last quarter. Hedge funds and other institutional investors own 96.10% of the company’s stock.

About Voya Financial

Voya Financial, Inc engages in the provision of workplace benefits and savings products in the United States and internationally. The company operates through three segments: Wealth Solutions, Health Solutions, and Investment Management. The Wealth Solutions segment offers full-service retirement products; recordkeeping services; stable value and fixed general account investment products; non-qualified plan administration services; and tools, guidance, and services to promote the financial well-being and retirement security of employees.