Voya Financial (NYSE:VOYA) Price Target Raised to $82.00

Voya Financial (NYSE:VOYA) had its price target raised by Evercore ISI from $79.00 to $82.00 in a report issued on Wednesday, Benzinga reports. The brokerage currently has an outperform rating on the asset manager’s stock.

Several other equities analysts also recently commented on the stock. Jefferies Financial Group increased their price objective on shares of Voya Financial from $78.00 to $80.00 and gave the company a hold rating in a research note on Thursday, July 18th. Barclays started coverage on shares of Voya Financial in a research report on Wednesday, September 4th. They issued an overweight rating and a $84.00 price target for the company. JPMorgan Chase & Co. decreased their price target on shares of Voya Financial from $88.00 to $87.00 and set an overweight rating for the company in a research report on Wednesday, July 31st. Citigroup increased their price objective on shares of Voya Financial from $86.00 to $91.00 and gave the stock a buy rating in a research report on Tuesday, July 23rd. Finally, Royal Bank of Canada reissued an outperform rating and set a $83.00 target price on shares of Voya Financial in a research note on Wednesday, August 7th. Five research analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of Moderate Buy and a consensus target price of $83.64.

Voya Financial Price Performance

Shares of NYSE:VOYA opened at $75.10 on Wednesday. The company has a market cap of $7.38 billion, a price-to-earnings ratio of 10.67, a PEG ratio of 0.55 and a beta of 1.03. The company has a debt-to-equity ratio of 0.51, a current ratio of 0.30 and a quick ratio of 0.30. The firm has a 50 day simple moving average of $69.90 and a 200 day simple moving average of $70.91. Voya Financial has a one year low of $63.02 and a one year high of $76.75.

Voya Financial (NYSE:VOYA) last issued its quarterly earnings data on Tuesday, July 30th. The asset manager reported $2.27 EPS for the quarter, beating the consensus estimate of $2.14 by $0.13. The business had revenue of $2.03 billion during the quarter, compared to the consensus estimate of $1.87 billion. Voya Financial had a net margin of 10.87% and a return on equity of 16.11%. The firm’s revenue was up 8.7% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $2.31 EPS. Research analysts predict that Voya Financial will post 8.42 earnings per share for the current fiscal year.

Voya Financial Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, September 26th. Shareholders of record on Tuesday, August 27th will be paid a $0.45 dividend. This is an increase from Voya Financial’s previous quarterly dividend of $0.40. This represents a $1.80 annualized dividend and a yield of 2.40%. The ex-dividend date is Tuesday, August 27th. Voya Financial’s payout ratio is 25.57%.

Institutional Investors Weigh In On Voya Financial

Hedge funds and other institutional investors have recently bought and sold shares of the stock. SYSTM Wealth Solutions LLC increased its stake in Voya Financial by 56.2% in the first quarter. SYSTM Wealth Solutions LLC now owns 414 shares of the asset manager’s stock valued at $31,000 after purchasing an additional 149 shares in the last quarter. FinTrust Capital Advisors LLC acquired a new position in shares of Voya Financial during the first quarter valued at about $43,000. Quarry LP acquired a new position in shares of Voya Financial during the second quarter valued at about $61,000. Allspring Global Investments Holdings LLC grew its holdings in shares of Voya Financial by 6,850.0% during the first quarter. Allspring Global Investments Holdings LLC now owns 834 shares of the asset manager’s stock valued at $62,000 after buying an additional 822 shares during the last quarter. Finally, Mather Group LLC. acquired a new position in shares of Voya Financial during the first quarter valued at about $85,000. 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.