Wells Fargo & Company Trims Voya Financial (NYSE:VOYA) Target Price to $87.00

Voya Financial (NYSE:VOYA) had its price objective decreased by Wells Fargo & Company from $91.00 to $87.00 in a research report issued on Monday, Benzinga reports. The brokerage presently has an “overweight” rating on the asset manager’s stock. Wells Fargo & Company‘s price objective suggests a potential upside of 32.91% from the stock’s previous close.

A number of other brokerages have also recently commented on VOYA. Royal Bank of Canada reaffirmed an “outperform” rating and set a $83.00 target price on shares of Voya Financial in a report on Wednesday, August 7th. Morgan Stanley lowered Voya Financial from an “overweight” rating to an “equal weight” rating and reduced their price objective for the stock from $79.00 to $76.00 in a research note on Thursday, August 1st. JPMorgan Chase & Co. lowered their target price on Voya Financial from $88.00 to $87.00 and set an “overweight” rating on the stock in a research report on Wednesday, July 31st. Citigroup upped their price target on Voya Financial from $86.00 to $91.00 and gave the stock a “buy” rating in a research report on Tuesday, July 23rd. Finally, Jefferies Financial Group lifted their price objective on Voya Financial from $78.00 to $80.00 and gave the company a “hold” rating in a research report on Thursday, July 18th. Four investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $83.50.

Voya Financial Stock Performance

Shares of NYSE VOYA traded down $0.26 during midday trading on Monday, hitting $65.46. 120,903 shares of the stock traded hands, compared to its average volume of 832,887. The company has a debt-to-equity ratio of 0.51, a quick ratio of 0.30 and a current ratio of 0.30. Voya Financial has a one year low of $63.02 and a one year high of $76.75. The firm has a market capitalization of $6.44 billion, a P/E ratio of 9.30, a PEG ratio of 0.46 and a beta of 1.05. The firm has a 50-day moving average of $71.61 and a two-hundred day moving average of $71.08.

Voya Financial (NYSE:VOYA) last announced its earnings results on Tuesday, July 30th. The asset manager reported $2.27 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.14 by $0.13. Voya Financial had a return on equity of 16.11% and a net margin of 10.87%. The business had revenue of $2.03 billion for the quarter, compared to analysts’ expectations of $1.87 billion. During the same period last year, the firm posted $2.31 earnings per share. The business’s revenue for the quarter was up 8.7% on a year-over-year basis. On average, equities analysts forecast that Voya Financial will post 8.48 EPS for the current fiscal year.

Insider Activity

In related news, Director Yvette S. Butler sold 2,165 shares of the company’s stock in a transaction on Friday, May 24th. The shares were sold at an average price of $73.78, for a total transaction of $159,733.70. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Company insiders own 1.37% of the company’s stock.

Institutional Investors Weigh In On Voya Financial

Several large investors have recently made changes to their positions in the company. Price T Rowe Associates Inc. MD increased its position in Voya Financial by 1,020.2% in the first quarter. Price T Rowe Associates Inc. MD now owns 2,368,185 shares of the asset manager’s stock worth $175,057,000 after purchasing an additional 2,156,773 shares during the last quarter. Boston Partners grew its stake in shares of Voya Financial by 83.8% in the 1st quarter. Boston Partners now owns 2,525,604 shares of the asset manager’s stock worth $186,310,000 after buying an additional 1,151,822 shares in the last quarter. Norges Bank bought a new stake in shares of Voya Financial in the 4th quarter worth about $80,749,000. Vanguard Group Inc. raised its position in shares of Voya Financial by 6.2% during the 1st quarter. Vanguard Group Inc. now owns 11,067,291 shares of the asset manager’s stock valued at $818,094,000 after buying an additional 644,216 shares in the last quarter. Finally, Dimensional Fund Advisors LP lifted its holdings in shares of Voya Financial by 13.8% in the 2nd quarter. Dimensional Fund Advisors LP now owns 2,055,263 shares of the asset manager’s stock valued at $146,234,000 after acquiring an additional 248,795 shares during the last quarter. 96.10% of the stock is owned by institutional investors.

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.