Analysts Set Voya Financial, Inc. (NYSE:VOYA) Price Target at $83.40

Shares of Voya Financial, Inc. (NYSE:VOYA) have been assigned a consensus recommendation of “Moderate Buy” from the ten ratings firms that are covering the company, MarketBeat.com reports. Three investment analysts have rated the stock with a hold recommendation and seven have issued a buy recommendation on the company. The average 12 month price target among brokers that have updated their coverage on the stock in the last year is $83.40.

A number of analysts have recently commented on VOYA shares. Royal Bank of Canada reiterated an “outperform” rating and set a $83.00 target price on shares of Voya Financial in a research report on Wednesday, August 7th. JPMorgan Chase & Co. cut their price target on Voya Financial from $88.00 to $87.00 and set an “overweight” rating on the stock in a research report on Wednesday, July 31st. Wells Fargo & Company reduced their price objective on Voya Financial from $91.00 to $87.00 and set an “overweight” rating for the company in a research note on Monday, August 12th. Citigroup raised their target price on shares of Voya Financial from $86.00 to $91.00 and gave the stock a “buy” rating in a research report on Tuesday, July 23rd. Finally, Jefferies Financial Group upped their price target on shares of Voya Financial from $78.00 to $80.00 and gave the company a “hold” rating in a research report on Thursday, July 18th.

Voya Financial Stock Performance

Shares of Voya Financial stock opened at $71.07 on Monday. The company has a quick ratio of 0.30, a current ratio of 0.30 and a debt-to-equity ratio of 0.51. Voya Financial has a 52 week low of $63.02 and a 52 week high of $76.75. The firm’s 50 day moving average is $69.82 and its two-hundred day moving average is $70.80. The firm has a market capitalization of $7.16 billion, a P/E ratio of 10.10, a P/E/G ratio of 0.49 and a beta of 1.05.

Voya Financial (NYSE:VOYA) last posted its earnings results on Tuesday, July 30th. The asset manager reported $2.27 EPS for the quarter, beating analysts’ consensus estimates of $2.14 by $0.13. Voya Financial had a net margin of 10.87% and a return on equity of 16.11%. The firm had revenue of $2.03 billion for the quarter, compared to the consensus estimate of $1.87 billion. During the same period last year, the firm posted $2.31 EPS. The company’s revenue was up 8.7% on a year-over-year basis. Research analysts forecast that Voya Financial will post 8.45 EPS for the current fiscal 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 is a positive change from Voya Financial’s previous quarterly dividend of $0.40. The ex-dividend date is Tuesday, August 27th. This represents a $1.80 annualized dividend and a dividend yield of 2.53%. Voya Financial’s payout ratio is 25.57%.

Hedge Funds Weigh In On Voya Financial

Several hedge funds have recently bought and sold shares of the company. TFO Wealth Partners LLC increased its holdings in Voya Financial by 1,035,080.0% during the 4th quarter. TFO Wealth Partners LLC now owns 51,759 shares of the asset manager’s stock valued at $3,776,000 after acquiring an additional 51,754 shares in the last quarter. Crestline Management LP purchased a new position in shares of Voya Financial during the 4th quarter worth approximately $1,554,000. Gillson Capital LP purchased a new position in shares of Voya Financial during the 4th quarter worth approximately $11,142,000. FORA Capital LLC lifted its stake in Voya Financial by 94.1% in the 1st quarter. FORA Capital LLC now owns 28,175 shares of the asset manager’s stock valued at $2,083,000 after buying an additional 13,662 shares in the last quarter. Finally, Empowered Funds LLC lifted its stake in Voya Financial by 149.4% in the 1st quarter. Empowered Funds LLC now owns 25,399 shares of the asset manager’s stock valued at $1,877,000 after buying an additional 15,216 shares in the last quarter. 96.10% of the stock is owned by hedge funds and other institutional investors.

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.