Royal Bank of Canada Boosts Voya Financial (NYSE:VOYA) Price Target to $95.00

Voya Financial (NYSE:VOYA) had its target price lifted by Royal Bank of Canada from $90.00 to $95.00 in a report published on Tuesday morning,Benzinga reports. Royal Bank of Canada currently has an outperform rating on the asset manager’s stock.

A number of other equities research analysts also recently weighed in on VOYA. JPMorgan Chase & Co. downgraded Voya Financial from an “overweight” rating to a “neutral” rating and set a $87.00 price target on the stock. in a research report on Thursday, October 3rd. Citigroup raised their price objective on Voya Financial from $86.00 to $91.00 and gave the company a “buy” rating in a report on Tuesday, July 23rd. Raymond James lowered Voya Financial from a “strong-buy” rating to a “market perform” rating in a research note on Friday, September 13th. Morgan Stanley decreased their price target on shares of Voya Financial from $76.00 to $75.00 and set an “equal weight” rating on the stock in a research note on Monday, August 19th. Finally, Piper Sandler upped their price objective on shares of Voya Financial from $88.00 to $91.00 and gave the company an “overweight” rating in a research note on Thursday, November 7th. Six investment analysts have rated the stock with a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $86.00.

Voya Financial Stock Down 0.9 %

VOYA stock opened at $81.35 on Tuesday. The company’s 50 day moving average is $79.09 and its 200 day moving average is $74.05. The stock has a market cap of $7.83 billion, a price-to-earnings ratio of 12.95, a price-to-earnings-growth ratio of 0.59 and a beta of 1.03. The company has a current ratio of 0.31, a quick ratio of 0.31 and a debt-to-equity ratio of 0.54. Voya Financial has a 1-year low of $63.11 and a 1-year high of $84.30.

Voya Financial (NYSE:VOYA) last issued its quarterly earnings results on Monday, November 4th. The asset manager reported $2.12 EPS for the quarter, topping analysts’ consensus estimates of $2.05 by $0.07. The firm had revenue of $1.96 billion for the quarter, compared to analyst estimates of $1.86 billion. Voya Financial had a net margin of 8.81% and a return on equity of 15.09%. The business’s revenue for the quarter was up 7.3% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $2.07 EPS. Sell-side analysts predict that Voya Financial will post 8.21 EPS for the current fiscal year.

Voya Financial Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, December 26th. Shareholders of record on Tuesday, November 26th will be issued a $0.45 dividend. This represents a $1.80 dividend on an annualized basis and a yield of 2.21%. The ex-dividend date is Tuesday, November 26th. Voya Financial’s dividend payout ratio (DPR) is presently 28.66%.

Insider Activity

In other news, insider Tony D. Oh sold 715 shares of the business’s stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $81.95, for a total transaction of $58,594.25. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Insiders own 1.37% of the company’s stock.

Institutional Trading of Voya Financial

Several large investors have recently added to or reduced their stakes in VOYA. Price T Rowe Associates Inc. MD raised its holdings in Voya Financial by 1,020.2% in 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 purchasing an additional 2,156,773 shares in the last quarter. Boston Partners boosted its stake 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 valued at $186,310,000 after purchasing an additional 1,151,822 shares in the last quarter. Vanguard Group Inc. increased 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 buying an additional 644,216 shares during the period. FMR LLC raised its stake in Voya Financial by 25.9% in the third quarter. FMR LLC now owns 2,884,044 shares of the asset manager’s stock worth $228,474,000 after buying an additional 592,523 shares in the last quarter. Finally, Dimensional Fund Advisors LP lifted its holdings in Voya Financial by 13.8% in the second 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 period. 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.