Voya Financial (NYSE:VOYA) Price Target Raised to $88.00 at Bank of America

Voya Financial (NYSE:VOYA) had its price objective hoisted by Bank of America from $84.00 to $88.00 in a report issued on Thursday morning, Benzinga reports. Bank of America currently has a buy rating on the asset manager’s stock.

A number of other analysts have also recently commented on VOYA. Barclays lifted their target price on shares of Voya Financial from $84.00 to $85.00 and gave the stock an overweight rating in a research note on Tuesday. Raymond James cut shares of Voya Financial from a strong-buy rating to a market perform rating in a research report on Friday, September 13th. Morgan Stanley reduced their price objective on shares of Voya Financial from $76.00 to $75.00 and set an equal weight rating for the company in a research report on Monday, August 19th. JPMorgan Chase & Co. cut shares of Voya Financial from an overweight rating to a neutral rating and set a $87.00 price objective for the company. in a research report on Thursday, October 3rd. Finally, Citigroup increased their target price on shares of Voya Financial from $86.00 to $91.00 and gave the company a buy rating in a research report on Tuesday, July 23rd. Six equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of Moderate Buy and a consensus price target of $84.64.

Voya Financial Stock Down 0.1 %

NYSE:VOYA opened at $79.13 on Thursday. Voya Financial has a fifty-two week low of $63.02 and a fifty-two week high of $80.16. The stock has a market capitalization of $7.78 billion, a P/E ratio of 10.43, a P/E/G ratio of 0.59 and a beta of 1.03. 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’s 50-day simple moving average is $72.32 and its 200-day simple moving average is $72.14.

Voya Financial (NYSE:VOYA) last released its quarterly earnings results on Tuesday, July 30th. The asset manager reported $2.27 earnings per share for the quarter, beating analysts’ consensus estimates of $2.14 by $0.13. The business had revenue of $2.03 billion for the quarter, compared to analysts’ expectations of $1.87 billion. Voya Financial had a net margin of 10.87% and a return on equity of 16.11%. The company’s revenue was up 8.7% compared to the same quarter last year. During the same period last year, the business earned $2.31 EPS. On average, equities analysts anticipate that Voya Financial will post 8.37 earnings per share 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 issued a $0.45 dividend. 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 annualized dividend and a yield of 2.27%. Voya Financial’s dividend payout ratio (DPR) is 23.72%.

Institutional Trading of Voya Financial

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in VOYA. Price T Rowe Associates Inc. MD raised its holdings in Voya Financial by 1,020.2% during 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 in the last quarter. Boston Partners raised its holdings in Voya Financial by 83.8% during the first quarter. Boston Partners now owns 2,525,604 shares of the asset manager’s stock worth $186,310,000 after purchasing an additional 1,151,822 shares in the last quarter. Vanguard Group Inc. raised its holdings in Voya Financial by 6.2% during the first 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 in the last quarter. Dimensional Fund Advisors LP raised its holdings in Voya Financial by 13.8% during the second quarter. Dimensional Fund Advisors LP now owns 2,055,263 shares of the asset manager’s stock worth $146,234,000 after purchasing an additional 248,795 shares in the last quarter. Finally, Renaissance Technologies LLC acquired a new stake in Voya Financial during the second quarter worth approximately $13,013,000. Institutional investors and hedge funds 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.