Voya Financial, Inc. (NYSE:VOYA) to Issue Dividend Increase – $0.45 Per Share

Voya Financial, Inc. (NYSE:VOYA) announced a quarterly dividend on Thursday, July 25th, Wall Street Journal reports. Stockholders of record on Tuesday, August 27th will be given a dividend of 0.45 per share by the asset manager on Thursday, September 26th. This represents a $1.80 dividend on an annualized basis and a dividend yield of 2.45%. The ex-dividend date of this dividend is Tuesday, August 27th. This is a boost from Voya Financial’s previous quarterly dividend of $0.40.

Voya Financial has increased its dividend by an average of 26.0% per year over the last three years. Voya Financial has a payout ratio of 16.9% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect Voya Financial to earn $9.47 per share next year, which means the company should continue to be able to cover its $1.60 annual dividend with an expected future payout ratio of 16.9%.

Voya Financial Price Performance

Shares of NYSE:VOYA opened at $73.52 on Friday. Voya Financial has a fifty-two week low of $63.02 and a fifty-two week high of $77.00. The company has a debt-to-equity ratio of 0.51, a quick ratio of 0.30 and a current ratio of 0.30. The business has a 50-day simple moving average of $72.80 and a two-hundred day simple moving average of $71.27. The firm has a market cap of $7.40 billion, a price-to-earnings ratio of 10.44, a price-to-earnings-growth ratio of 0.52 and a beta of 1.05.

Voya Financial (NYSE:VOYA) last posted its quarterly earnings data on Tuesday, April 30th. The asset manager reported $1.88 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.58 by $0.30. Voya Financial had a net margin of 10.48% and a return on equity of 16.74%. The company had revenue of $2.05 billion for the quarter, compared to the consensus estimate of $1.80 billion. During the same quarter last year, the firm posted $1.69 earnings per share. The firm’s revenue was up 11.8% compared to the same quarter last year. On average, analysts expect that Voya Financial will post 8.42 earnings per share for the current year.

Analyst Ratings Changes

A number of research firms have commented on VOYA. Jefferies Financial Group raised their target price on shares of Voya Financial from $78.00 to $80.00 and gave the stock a “hold” rating in a research note on Thursday, July 18th. Evercore ISI increased their price target on Voya Financial from $79.00 to $80.00 and gave the company an “outperform” rating in a research note on Thursday, April 11th. Citigroup upped their price objective on Voya Financial from $86.00 to $91.00 and gave the company a “buy” rating in a research report on Tuesday. JPMorgan Chase & Co. lifted their price target on shares of Voya Financial from $85.00 to $88.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 2nd. Finally, Piper Sandler boosted their target price on Voya Financial from $78.00 to $86.00 and gave the company an “overweight” rating in a research report on Friday, April 5th. Three research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat, Voya Financial has an average rating of “Moderate Buy” and an average price target of $84.30.

Insider Transactions at Voya Financial

In related news, Director Yvette S. Butler sold 2,165 shares of the firm’s 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 sale was disclosed in a filing with the SEC, which is available at this hyperlink. Corporate insiders own 1.37% 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.