Piper Sandler Boosts Voya Financial (NYSE:VOYA) Price Target to $88.00

Voya Financial (NYSE:VOYA) had its price objective increased by Piper Sandler from $84.00 to $88.00 in a research report sent to investors on Wednesday morning, Benzinga reports. Piper Sandler currently has an overweight rating on the asset manager’s stock.

Several other equities research analysts have also recently issued reports on VOYA. Raymond James cut shares of Voya Financial from a strong-buy rating to a market perform rating in a report on Friday, September 13th. Jefferies Financial Group upped 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. Citigroup raised their target price on Voya Financial from $86.00 to $91.00 and gave the stock a buy rating in a research report on Tuesday, July 23rd. Royal Bank of Canada reaffirmed an outperform rating and set a $83.00 price target on shares of Voya Financial in a research report on Wednesday, August 7th. Finally, Morgan Stanley dropped their price objective 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. Six research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to MarketBeat.com, Voya Financial presently has a consensus rating of Moderate Buy and a consensus price target of $83.82.

Voya Financial Stock Up 2.1 %

Shares of Voya Financial stock opened at $79.98 on Wednesday. The stock has a market capitalization of $8.05 billion, a PE ratio of 11.36, a price-to-earnings-growth ratio of 0.59 and a beta of 1.03. Voya Financial has a 52-week low of $63.02 and a 52-week high of $80.16. The company has a debt-to-equity ratio of 0.51, a quick ratio of 0.30 and a current ratio of 0.30. The company has a 50-day simple moving average of $71.69 and a two-hundred day simple moving average of $71.88.

Voya Financial (NYSE:VOYA) last released its quarterly earnings data on Tuesday, July 30th. The asset manager reported $2.27 EPS for the quarter, topping the consensus estimate of $2.14 by $0.13. The company had revenue of $2.03 billion during the quarter, compared to the consensus estimate of $1.87 billion. Voya Financial had a return on equity of 16.11% and a net margin of 10.87%. Voya Financial’s revenue for the quarter was up 8.7% on a year-over-year basis. During the same period last year, the company earned $2.31 EPS. On average, analysts anticipate that Voya Financial will post 8.41 EPS for the current fiscal year.

Voya Financial Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, September 26th. Investors of record on Tuesday, August 27th were paid a dividend of $0.45 per share. This is a boost from Voya Financial’s previous quarterly dividend of $0.40. The ex-dividend date of this dividend was Tuesday, August 27th. This represents a $1.80 dividend on an annualized basis and a dividend yield of 2.25%. Voya Financial’s payout ratio is 25.57%.

Hedge Funds Weigh In On Voya Financial

Large investors have recently made changes to their positions in the business. SYSTM Wealth Solutions LLC raised its position in shares of Voya Financial by 56.2% during the first quarter. SYSTM Wealth Solutions LLC now owns 414 shares of the asset manager’s stock valued at $31,000 after buying an additional 149 shares during the last quarter. FinTrust Capital Advisors LLC purchased a new stake in Voya Financial in the 1st quarter worth $43,000. Quarry LP bought a new position in shares of Voya Financial during the 2nd quarter valued at about $61,000. Allspring Global Investments Holdings LLC grew its position 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 purchasing an additional 822 shares in the last quarter. Finally, Mather Group LLC. bought a new stake in shares of Voya Financial in the first quarter worth about $85,000. 96.10% of the stock is currently owned by hedge funds and other institutional investors.

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.