Voya Financial (NYSE:VOYA) Price Target Cut to $87.00

Voya Financial (NYSE:VOYA) had its price objective cut by JPMorgan Chase & Co. from $88.00 to $87.00 in a research note published on Wednesday, Benzinga reports. They currently have an overweight rating on the asset manager’s stock.

Other analysts have also recently issued reports about the company. Wells Fargo & Company upped their price target on Voya Financial from $91.00 to $92.00 and gave the company an overweight rating in a research report on Friday, May 10th. Jefferies Financial Group upped their price target 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 increased their target price on Voya Financial from $86.00 to $91.00 and gave the stock a buy rating in a report on Tuesday, July 23rd. Piper Sandler increased their target price on Voya Financial from $78.00 to $86.00 and gave the stock an overweight rating in a report on Friday, April 5th. Finally, Evercore ISI increased their target price on Voya Financial from $79.00 to $80.00 and gave the stock an outperform rating in a report on Thursday, April 11th. Four analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat, Voya Financial presently has an average rating of Moderate Buy and a consensus price target of $84.00.

Voya Financial Stock Performance

VOYA opened at $68.12 on Wednesday. The stock has a market cap of $6.86 billion, a PE ratio of 9.68, a P/E/G ratio of 0.50 and a beta of 1.05. The company has a current ratio of 0.30, a quick ratio of 0.30 and a debt-to-equity ratio of 0.51. Voya Financial has a 1 year low of $63.02 and a 1 year high of $76.75. The stock’s 50 day simple moving average is $72.55 and its 200-day simple moving average is $71.30.

Voya Financial (NYSE:VOYA) last announced 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. Voya Financial had a return on equity of 16.11% and a net margin of 10.87%. The firm had revenue of $2.03 billion for the quarter, compared to analysts’ expectations of $1.87 billion. During the same period in the prior year, the business posted $2.31 earnings per share. The business’s revenue was up 8.7% compared to the same quarter last year. Sell-side analysts forecast that Voya Financial will post 8.41 EPS for the current year.

Voya Financial Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, September 26th. Stockholders of record on Tuesday, August 27th will be paid a dividend of $0.45 per share. This represents a $1.80 annualized dividend and a dividend yield of 2.64%. The ex-dividend date is Tuesday, August 27th. This is a positive change from Voya Financial’s previous quarterly dividend of $0.40. Voya Financial’s dividend payout ratio is 22.73%.

Insider Buying and Selling at Voya Financial

In other news, Director Yvette S. Butler sold 2,165 shares of Voya Financial stock in a transaction dated Friday, May 24th. The stock was sold at an average price of $73.78, for a total transaction of $159,733.70. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Insiders own 1.37% of the company’s stock.

Hedge Funds Weigh In On Voya Financial

Several institutional investors have recently modified their holdings of the business. Hohimer Wealth Management LLC lifted its holdings in shares of Voya Financial by 1.7% during the 1st quarter. Hohimer Wealth Management LLC now owns 8,452 shares of the asset manager’s stock valued at $625,000 after purchasing an additional 140 shares in the last quarter. Signaturefd LLC raised its position in Voya Financial by 2.9% in the 4th quarter. Signaturefd LLC now owns 5,156 shares of the asset manager’s stock valued at $376,000 after buying an additional 147 shares during the last quarter. SYSTM Wealth Solutions LLC raised its position in Voya Financial by 56.2% in the 1st 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. Arjuna Capital raised its position in Voya Financial by 0.8% in the 2nd quarter. Arjuna Capital now owns 19,685 shares of the asset manager’s stock valued at $1,401,000 after buying an additional 161 shares during the last quarter. Finally, Panagora Asset Management Inc. raised its position in Voya Financial by 1.3% in the 4th quarter. Panagora Asset Management Inc. now owns 13,115 shares of the asset manager’s stock valued at $957,000 after buying an additional 169 shares during the last quarter. 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.