Royal Bank of Canada Raises Voya Financial (NYSE:VOYA) Price Target to $90.00

Voya Financial (NYSE:VOYA) had its price objective raised by Royal Bank of Canada from $83.00 to $90.00 in a research note issued to investors on Friday morning, Benzinga reports. They currently have an outperform rating on the asset manager’s stock.

Several other research analysts also recently weighed in on the stock. Wells Fargo & Company upped their target price on shares of Voya Financial from $87.00 to $90.00 and gave the stock an overweight rating in a report on Thursday, October 10th. JPMorgan Chase & Co. downgraded shares of Voya Financial from an overweight rating to a neutral rating and set a $87.00 target price on the stock. in a research note on Thursday, October 3rd. Piper Sandler increased their price objective on shares of Voya Financial from $84.00 to $88.00 and gave the company an overweight rating in a research note on Wednesday, October 2nd. Citigroup raised their price target on shares of Voya Financial from $86.00 to $91.00 and gave the stock a buy rating in a report on Tuesday, July 23rd. Finally, Bank of America raised their target price on shares of Voya Financial from $84.00 to $88.00 and gave the stock a buy rating in a report on Thursday, October 10th. Six equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of Moderate Buy and an average price target of $85.27.

Voya Financial Trading Up 1.5 %

NYSE VOYA opened at $81.04 on Friday. The stock’s 50-day simple moving average is $72.89 and its two-hundred day simple moving average is $72.24. Voya Financial has a twelve month low of $63.02 and a twelve month high of $81.16. The company has a quick ratio of 0.30, a current ratio of 0.30 and a debt-to-equity ratio of 0.51. The company has a market capitalization of $7.97 billion, a price-to-earnings ratio of 10.68, a PEG ratio of 0.59 and a beta of 1.03.

Voya Financial (NYSE:VOYA) last posted its quarterly earnings data on Tuesday, July 30th. The asset manager reported $2.27 earnings per share for the quarter, beating 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 in the previous year, the firm posted $2.31 EPS. The business’s revenue was up 8.7% on a year-over-year basis. Research analysts forecast that Voya Financial will post 8.31 EPS for the current fiscal year.

Voya Financial Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, September 26th. Investors of record on Tuesday, August 27th were given a dividend of $0.45 per share. This represents a $1.80 annualized dividend and a yield of 2.22%. The ex-dividend date of this dividend was Tuesday, August 27th. This is a positive change from Voya Financial’s previous quarterly dividend of $0.40. Voya Financial’s dividend payout ratio (DPR) is presently 23.72%.

Institutional Investors Weigh In On Voya Financial

A number of institutional investors have recently bought and sold shares of VOYA. GLOBALT Investments LLC GA acquired a new position in Voya Financial during the 4th quarter worth approximately $697,000. Virtu Financial LLC bought a new position in Voya Financial in the fourth quarter valued at about $213,000. Quadrature Capital Ltd bought a new position in shares of Voya Financial during the fourth quarter worth about $257,000. HighPoint Advisor Group LLC bought a new stake in Voya Financial in the fourth quarter worth approximately $295,000. Finally, Davis Capital Management increased its holdings in Voya Financial by 3.9% in the first quarter. Davis Capital Management now owns 17,879 shares of the asset manager’s stock worth $1,309,000 after purchasing an additional 676 shares in the last quarter. Institutional investors and hedge funds own 96.10% of the company’s stock.

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.