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

Voya Financial (NYSE:VOYA) had its price objective cut by Royal Bank of Canada from $95.00 to $90.00 in a research note published on Wednesday,Benzinga reports. They currently have an outperform rating on the asset manager’s stock.

Other research analysts have also recently issued reports about the stock. Raymond James cut shares of Voya Financial from a “strong-buy” rating to a “market perform” rating in a report on Friday, September 13th. JPMorgan Chase & Co. lowered shares of Voya Financial from an “overweight” rating to a “neutral” rating and set a $87.00 target price for the company. in a report on Thursday, October 3rd. Piper Sandler boosted their price objective on Voya Financial from $88.00 to $91.00 and gave the company an “overweight” rating in a research 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 for the company in a research report on Monday, August 19th. Finally, UBS Group upgraded Voya Financial to a “strong-buy” rating in a report on Monday, November 11th. Seven analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, Voya Financial has an average rating of “Moderate Buy” and a consensus target price of $85.67.

Voya Financial Price Performance

VOYA stock opened at $69.83 on Wednesday. The company has a debt-to-equity ratio of 0.54, a quick ratio of 0.31 and a current ratio of 0.31. The firm has a 50 day moving average price of $80.41 and a 200-day moving average price of $75.04. Voya Financial has a 52-week low of $63.11 and a 52-week high of $84.30. The firm has a market capitalization of $6.72 billion, a price-to-earnings ratio of 11.12, a PEG ratio of 0.51 and a beta of 1.02.

Voya Financial (NYSE:VOYA) last released its quarterly earnings data on Monday, November 4th. The asset manager reported $2.12 earnings per share for the quarter, beating analysts’ consensus estimates of $2.05 by $0.07. The business had revenue of $1.96 billion during the quarter, compared to analyst estimates of $1.86 billion. Voya Financial had a net margin of 8.81% and a return on equity of 15.09%. Voya Financial’s revenue was up 7.3% compared to the same quarter last year. During the same period last year, the business earned $2.07 EPS. Equities research analysts forecast that Voya Financial will post 8.24 EPS for the current fiscal year.

Voya Financial Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, December 26th. Investors of record on Tuesday, November 26th will be issued a dividend of $0.45 per share. This represents a $1.80 dividend on an annualized basis and a yield of 2.58%. The ex-dividend date of this dividend is Tuesday, November 26th. Voya Financial’s payout ratio is currently 28.66%.

Insider Buying and Selling at Voya Financial

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

Hedge Funds Weigh In On Voya Financial

A number of hedge funds and other institutional investors have recently made changes to their positions in VOYA. FMR LLC raised its holdings 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 in the last quarter. Dimensional Fund Advisors LP increased its position in Voya Financial by 13.8% during the 2nd quarter. Dimensional Fund Advisors LP now owns 2,055,263 shares of the asset manager’s stock valued at $146,234,000 after purchasing an additional 248,795 shares during the period. Leeward Investments LLC MA bought a new stake in shares of Voya Financial in the 3rd quarter valued at about $19,269,000. Renaissance Technologies LLC purchased a new stake in shares of Voya Financial in the 2nd quarter worth approximately $13,013,000. Finally, AQR Capital Management LLC boosted its stake in shares of Voya Financial by 29.6% during the second quarter. AQR Capital Management LLC now owns 651,803 shares of the asset manager’s stock valued at $46,376,000 after purchasing an additional 148,810 shares in 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.