Voya Financial (NYSE:VOYA) Price Target Raised to $83.00

Voya Financial (NYSE:VOYA) had its target price raised by Wells Fargo & Company from $82.00 to $83.00 in a report published on Wednesday morning,Benzinga reports. Wells Fargo & Company currently has an equal weight rating on the asset manager’s stock.

VOYA has been the topic of several other research reports. JPMorgan Chase & Co. raised their price objective on shares of Voya Financial from $80.00 to $89.00 and gave the company a “neutral” rating in a research report on Tuesday, July 8th. UBS Group raised their price objective on shares of Voya Financial from $87.00 to $90.00 and gave the company a “buy” rating in a research report on Wednesday, August 6th. Weiss Ratings reiterated a “buy (b-)” rating on shares of Voya Financial in a research report on Saturday, September 27th. Royal Bank Of Canada lifted their target price on shares of Voya Financial from $80.00 to $87.00 and gave the stock an “outperform” rating in a research report on Tuesday, August 19th. Finally, Barclays lifted their target price on shares of Voya Financial from $81.00 to $83.00 and gave the stock an “equal weight” rating in a research report on Wednesday. Seven equities research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $85.00.

Voya Financial Stock Performance

Voya Financial stock opened at $72.66 on Wednesday. The firm’s fifty day moving average price is $74.76 and its 200-day moving average price is $69.10. The company has a debt-to-equity ratio of 0.44, a quick ratio of 0.28 and a current ratio of 0.28. The stock has a market cap of $7.01 billion, a P/E ratio of 14.53, a price-to-earnings-growth ratio of 0.55 and a beta of 0.98. Voya Financial has a fifty-two week low of $52.43 and a fifty-two week high of $84.30.

Voya Financial (NYSE:VOYA) last posted its quarterly earnings data on Tuesday, August 5th. The asset manager reported $2.40 earnings per share for the quarter, beating the consensus estimate of $2.09 by $0.31. The firm had revenue of $1.98 billion for the quarter, compared to analysts’ expectations of $1.94 billion. Voya Financial had a net margin of 6.73% and a return on equity of 13.72%. The business’s quarterly revenue was down 2.6% on a year-over-year basis. During the same quarter last year, the company posted $2.18 EPS. On average, equities research analysts expect that Voya Financial will post 8.39 earnings per share for the current fiscal year.

Voya Financial Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, September 26th. Shareholders of record on Tuesday, August 26th were given a $0.45 dividend. The ex-dividend date was Tuesday, August 26th. This represents a $1.80 dividend on an annualized basis and a dividend yield of 2.5%. Voya Financial’s payout ratio is presently 36.00%.

Hedge Funds Weigh In On Voya Financial

Hedge funds have recently modified their holdings of the company. IFP Advisors Inc increased its position in shares of Voya Financial by 225.6% in the second quarter. IFP Advisors Inc now owns 433 shares of the asset manager’s stock valued at $31,000 after acquiring an additional 300 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. increased its position in shares of Voya Financial by 149.2% in the second quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 481 shares of the asset manager’s stock valued at $34,000 after acquiring an additional 288 shares during the period. EverSource Wealth Advisors LLC increased its position in shares of Voya Financial by 625.0% in the second quarter. EverSource Wealth Advisors LLC now owns 551 shares of the asset manager’s stock valued at $39,000 after acquiring an additional 475 shares during the period. BI Asset Management Fondsmaeglerselskab A S purchased a new position in shares of Voya Financial in the first quarter valued at about $47,000. Finally, Geneos Wealth Management Inc. increased its position in shares of Voya Financial by 44.0% in the first quarter. Geneos Wealth Management Inc. now owns 730 shares of the asset manager’s stock valued at $49,000 after acquiring an additional 223 shares during the period. Hedge funds and other institutional investors 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.