Voya Financial (NYSE:VOYA) Given New $88.00 Price Target at Piper Sandler

Voya Financial (NYSE:VOYA) had its price objective lifted by Piper Sandler from $84.00 to $88.00 in a report published on Wednesday morning, Benzinga reports. Piper Sandler currently has an overweight rating on the asset manager’s stock.

Other equities analysts have also recently issued research 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. Morgan Stanley cut their target price on shares of Voya Financial from $76.00 to $75.00 and set an equal weight rating on the stock in a report on Monday, August 19th. JPMorgan Chase & Co. cut their target price on shares of Voya Financial from $88.00 to $87.00 and set an overweight rating on the stock in a report on Wednesday, July 31st. Evercore ISI raised their target price on shares of Voya Financial from $79.00 to $82.00 and gave the stock an outperform rating in a report on Wednesday, September 11th. Finally, Wells Fargo & Company cut their target price on shares of Voya Financial from $91.00 to $87.00 and set an overweight rating on the stock in a report on Monday, August 12th. Six investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Voya Financial currently has an average rating of Moderate Buy and an average target price of $83.82.

Voya Financial Stock Performance

Shares of VOYA stock opened at $79.97 on Wednesday. The company has a debt-to-equity ratio of 0.51, a quick ratio of 0.30 and a current ratio of 0.30. Voya Financial has a one year low of $63.02 and a one year high of $80.16. The company’s 50-day simple moving average is $71.82 and its 200-day simple moving average is $71.94. The stock has a market capitalization of $8.05 billion, a price-to-earnings ratio of 11.36, a PEG ratio of 0.59 and a beta of 1.03.

Voya Financial (NYSE:VOYA) last issued its quarterly earnings results on Tuesday, July 30th. The asset manager reported $2.27 EPS for the quarter, topping the consensus estimate of $2.14 by $0.13. Voya Financial had a net margin of 10.87% and a return on equity of 16.11%. The business had revenue of $2.03 billion for the quarter, compared to analysts’ expectations of $1.87 billion. During the same quarter last year, the company posted $2.31 earnings per share. The company’s quarterly revenue was up 8.7% compared to the same quarter last year. Equities analysts anticipate that Voya Financial will post 8.41 earnings per share for the current fiscal year.

Voya Financial Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, September 26th. Stockholders of record on Tuesday, August 27th were issued a dividend of $0.45 per share. This represents a $1.80 dividend on an annualized basis and a dividend yield of 2.25%. The ex-dividend date was Tuesday, August 27th. This is a boost from Voya Financial’s previous quarterly dividend of $0.40. Voya Financial’s payout ratio is 25.57%.

Institutional Investors Weigh In On Voya Financial

A number of hedge funds have recently made changes to their positions in VOYA. Price T Rowe Associates Inc. MD raised its holdings in shares of Voya Financial by 1,020.2% during the first quarter. Price T Rowe Associates Inc. MD now owns 2,368,185 shares of the asset manager’s stock valued at $175,057,000 after buying an additional 2,156,773 shares during the last quarter. Boston Partners increased its stake in shares of Voya Financial by 83.8% during the first quarter. Boston Partners now owns 2,525,604 shares of the asset manager’s stock valued at $186,310,000 after acquiring an additional 1,151,822 shares during the period. Vanguard Group Inc. increased its stake in shares of Voya Financial by 6.2% during the first quarter. Vanguard Group Inc. now owns 11,067,291 shares of the asset manager’s stock valued at $818,094,000 after acquiring an additional 644,216 shares during the period. Dimensional Fund Advisors LP increased its stake in shares of Voya Financial by 13.8% during the second quarter. Dimensional Fund Advisors LP now owns 2,055,263 shares of the asset manager’s stock valued at $146,234,000 after acquiring an additional 248,795 shares during the period. Finally, Renaissance Technologies LLC acquired a new position in shares of Voya Financial during the second quarter valued at approximately $13,013,000. 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.