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

Voya Financial (NYSE:VOYA) had its price objective upped by Royal Bank of Canada from $83.00 to $90.00 in a research report sent to investors on Friday morning, Benzinga reports. The brokerage currently has an outperform rating on the asset manager’s stock.

A number of other research analysts have also weighed in on VOYA. Jefferies Financial Group raised their price target on shares of Voya Financial from $78.00 to $80.00 and gave the company a hold rating in a research note on Thursday, July 18th. Bank of America raised their target price on Voya Financial from $84.00 to $88.00 and gave the company a buy rating in a research report on Thursday. Morgan Stanley dropped their price target on 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. JPMorgan Chase & Co. cut 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. Finally, Wells Fargo & Company increased their target price on shares of Voya Financial from $87.00 to $90.00 and gave the company an overweight rating in a research report on Thursday. Six research analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of Moderate Buy and a consensus target price of $85.27.

Voya Financial Stock Performance

Shares of VOYA stock opened at $79.87 on Friday. 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 12-month low of $63.02 and a 12-month high of $80.36. The business’s 50 day moving average is $72.56 and its two-hundred day moving average is $72.20. The company has a market capitalization of $8.04 billion, a P/E ratio of 11.35, a P/E/G ratio of 0.59 and a beta of 1.03.

Voya Financial (NYSE:VOYA) last announced its earnings results on Tuesday, July 30th. The asset manager reported $2.27 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.14 by $0.13. The firm had revenue of $2.03 billion for the quarter, compared to analyst estimates of $1.87 billion. Voya Financial had a return on equity of 16.11% and a net margin of 10.87%. The business’s revenue was up 8.7% on a year-over-year basis. During the same quarter last year, the firm posted $2.31 EPS. Analysts expect that Voya Financial will post 8.37 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 $0.45 dividend. This represents a $1.80 annualized dividend and a yield of 2.25%. This is a positive change from Voya Financial’s previous quarterly dividend of $0.40. The ex-dividend date was Tuesday, August 27th. Voya Financial’s dividend payout ratio is presently 25.57%.

Institutional Trading of Voya Financial

Hedge funds and other institutional investors have recently modified their holdings of the business. UMB Bank n.a. boosted its position in shares of Voya Financial by 118.9% during the 3rd quarter. UMB Bank n.a. now owns 440 shares of the asset manager’s stock worth $35,000 after purchasing an additional 239 shares during the period. FinTrust Capital Advisors LLC purchased a new position in shares of Voya Financial during the first quarter worth $43,000. Quarry LP acquired a new stake in shares of Voya Financial in the second quarter valued at $61,000. Allspring Global Investments Holdings LLC raised its holdings in shares of Voya Financial by 6,850.0% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 834 shares of the asset manager’s stock valued at $62,000 after buying an additional 822 shares during the period. Finally, Mather Group LLC. acquired a new stake in shares of Voya Financial during the first quarter worth about $85,000. 96.10% of the stock is owned by institutional investors and hedge funds.

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.