Voya Financial (NYSE:VOYA) Price Target Raised to $95.00

Voya Financial (NYSE:VOYA) had its price target lifted by Royal Bank of Canada from $90.00 to $95.00 in a report published on Tuesday,Benzinga reports. Royal Bank of Canada currently has an outperform rating on the asset manager’s stock.

Other research analysts have also issued research reports about the stock. Piper Sandler raised their price target on shares of Voya Financial from $88.00 to $91.00 and gave the stock an “overweight” rating in a report on Thursday, November 7th. Morgan Stanley dropped their target price on shares of Voya Financial from $76.00 to $75.00 and set an “equal weight” rating on the stock in a report on Monday, August 19th. Jefferies Financial Group increased their price target on Voya Financial from $78.00 to $80.00 and gave the stock a “hold” rating in a report on Thursday, July 18th. Evercore ISI boosted their price objective on Voya Financial from $79.00 to $82.00 and gave the company an “outperform” rating in a research note on Wednesday, September 11th. Finally, Bank of America raised their target price on Voya Financial from $84.00 to $88.00 and gave the stock a “buy” rating in a research note on Thursday, October 10th. Six investment analysts have rated the stock with a hold rating, seven have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, Voya Financial presently has a consensus rating of “Moderate Buy” and a consensus target price of $86.00.

Voya Financial Stock Performance

NYSE VOYA opened at $81.35 on Tuesday. The firm’s fifty day moving average price is $79.09 and its two-hundred day moving average price is $74.05. The stock has a market cap of $7.83 billion, a PE ratio of 12.95, a PEG ratio of 0.59 and a beta of 1.03. The company has a debt-to-equity ratio of 0.54, a quick ratio of 0.31 and a current ratio of 0.31. Voya Financial has a fifty-two week low of $63.11 and a fifty-two week high of $84.30.

Voya Financial (NYSE:VOYA) last announced its quarterly earnings results on Monday, November 4th. The asset manager reported $2.12 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.05 by $0.07. The firm had revenue of $1.96 billion during the quarter, compared to analysts’ expectations of $1.86 billion. Voya Financial had a net margin of 8.81% and a return on equity of 15.09%. The company’s revenue was up 7.3% on a year-over-year basis. During the same period in the prior year, the company posted $2.07 EPS. On average, equities analysts expect that Voya Financial will post 8.21 EPS for the current fiscal year.

Voya Financial Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, December 26th. Stockholders of record on Tuesday, November 26th will be given a dividend of $0.45 per share. The ex-dividend date of this dividend is Tuesday, November 26th. This represents a $1.80 dividend on an annualized basis and a dividend yield of 2.21%. Voya Financial’s dividend payout ratio is presently 28.66%.

Insider Buying and Selling

In related news, insider Tony D. Oh sold 715 shares of the company’s stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $81.95, for a total transaction of $58,594.25. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 1.37% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Voya Financial

Several institutional investors have recently made changes to their positions in VOYA. Vanguard Group Inc. boosted its stake in Voya Financial by 6.2% in the 1st quarter. Vanguard Group Inc. now owns 11,067,291 shares of the asset manager’s stock worth $818,094,000 after purchasing an additional 644,216 shares during the period. FMR LLC boosted its position in shares of Voya Financial by 25.9% in the third quarter. FMR LLC now owns 2,884,044 shares of the asset manager’s stock valued at $228,474,000 after acquiring an additional 592,523 shares during the period. Massachusetts Financial Services Co. MA grew its stake in Voya Financial by 1.5% during the third quarter. Massachusetts Financial Services Co. MA now owns 2,678,016 shares of the asset manager’s stock valued at $212,152,000 after acquiring an additional 38,438 shares in the last quarter. Boston Partners increased its holdings in Voya Financial by 83.8% during the 1st quarter. Boston Partners now owns 2,525,604 shares of the asset manager’s stock worth $186,310,000 after acquiring an additional 1,151,822 shares during the period. Finally, Price T Rowe Associates Inc. MD lifted its stake in Voya Financial by 1,020.2% in the 1st 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 in the last quarter. Hedge funds and other institutional investors own 96.10% of the company’s stock.

Voya Financial Company Profile

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.