Voya Financial (NYSE:VOYA) Earns “Overweight” Rating from Piper Sandler

Piper Sandler reissued their overweight rating on shares of Voya Financial (NYSE:VOYA) in a research report released on Monday, Benzinga reports. Piper Sandler currently has a $84.00 price target on the asset manager’s stock.

A number of other equities research analysts have also commented on the stock. Wells Fargo & Company reduced their price objective on shares of Voya Financial from $91.00 to $87.00 and set an overweight rating on the stock in a research note on Monday, August 12th. Royal Bank of Canada reissued an outperform rating and issued a $83.00 price objective on shares of Voya Financial in a research report on Wednesday, August 7th. Bank of America raised their price objective on shares of Voya Financial from $80.00 to $83.00 and gave the stock a buy rating in a research report on Thursday, July 11th. Raymond James downgraded shares of Voya Financial from a strong-buy rating to a market perform rating in a research report on Friday, September 13th. Finally, Barclays started coverage on shares of Voya Financial in a report on Wednesday, September 4th. They set an overweight rating and a $84.00 price objective on the stock. Five investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to MarketBeat, the stock presently has an average rating of Moderate Buy and a consensus target price of $83.45.

Voya Financial Stock Up 1.2 %

Shares of NYSE VOYA opened at $78.62 on Monday. The company has a 50 day simple moving average of $70.89 and a 200 day simple moving average of $71.51. The firm has a market cap of $7.73 billion, a PE ratio of 11.17, a price-to-earnings-growth ratio of 0.57 and a beta of 1.03. Voya Financial has a 1 year low of $63.02 and a 1 year high of $78.98. The company has a debt-to-equity ratio of 0.51, a current ratio of 0.30 and a quick ratio of 0.30.

Voya Financial (NYSE:VOYA) last announced its 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 return on equity of 16.11% and a net margin of 10.87%. The firm had revenue of $2.03 billion for the quarter, compared to the consensus estimate of $1.87 billion. During the same period in the previous year, the business earned $2.31 EPS. The business’s quarterly revenue was up 8.7% compared to the same quarter last year. On average, research analysts forecast that Voya Financial will post 8.45 EPS for the current year.

Voya Financial Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, September 26th. Shareholders of record on Tuesday, August 27th will be paid a dividend of $0.45 per share. The ex-dividend date is Tuesday, August 27th. This represents a $1.80 dividend on an annualized basis and a yield of 2.29%. This is an increase from Voya Financial’s previous quarterly dividend of $0.40. Voya Financial’s payout ratio is 25.57%.

Institutional Trading of Voya Financial

Several institutional investors and hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. lifted its position 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 purchasing an additional 644,216 shares in the last quarter. Boston Partners lifted its position in shares of Voya Financial by 83.8% during the 1st quarter. Boston Partners now owns 2,525,604 shares of the asset manager’s stock worth $186,310,000 after buying an additional 1,151,822 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its position in shares of Voya Financial by 1,020.2% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 2,368,185 shares of the asset manager’s stock worth $175,057,000 after buying an additional 2,156,773 shares in the last quarter. Dimensional Fund Advisors LP boosted its stake in shares of Voya Financial by 13.8% in the 2nd quarter. Dimensional Fund Advisors LP now owns 2,055,263 shares of the asset manager’s stock worth $146,234,000 after buying an additional 248,795 shares during the last quarter. Finally, AQR Capital Management LLC grew its holdings in shares of Voya Financial by 29.6% in the second quarter. AQR Capital Management LLC now owns 651,803 shares of the asset manager’s stock valued at $46,376,000 after acquiring an additional 148,810 shares in the last quarter. 96.10% of the stock is owned by hedge funds and other institutional investors.

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.