Royal Bank of Canada Issues Positive Forecast for Voya Financial (NYSE:VOYA) Stock Price

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

VOYA has been the topic of several other research reports. Wells Fargo & Company increased their price target on Voya Financial from $87.00 to $90.00 and gave the company an “overweight” rating in a report on Thursday, October 10th. Piper Sandler raised their target price on shares of Voya Financial from $88.00 to $91.00 and gave the stock an “overweight” rating in a report on Thursday, November 7th. JPMorgan Chase & Co. cut shares of Voya Financial from an “overweight” rating to a “neutral” rating and set a $87.00 price target for the company. in a research note on Thursday, October 3rd. Jefferies Financial Group raised their price objective 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. Finally, Bank of America upped their target price on Voya Financial from $84.00 to $88.00 and gave the company a “buy” rating in a research note on Thursday, October 10th. Six research 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, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $86.00.

Voya Financial Price Performance

VOYA stock opened at $83.32 on Tuesday. Voya Financial has a 52 week low of $63.11 and a 52 week high of $84.30. The firm has a market capitalization of $8.02 billion, a P/E ratio of 13.27, a price-to-earnings-growth ratio of 0.58 and a beta of 1.03. The company has a fifty day simple moving average of $78.66 and a two-hundred day simple moving average of $73.94. The company has a quick ratio of 0.30, a current ratio of 0.31 and a debt-to-equity ratio of 0.54.

Voya Financial (NYSE:VOYA) last released its quarterly earnings results on Monday, November 4th. The asset manager reported $2.12 EPS for the quarter, topping the consensus estimate of $2.05 by $0.07. Voya Financial had a return on equity of 15.09% and a net margin of 8.81%. The company had revenue of $1.96 billion during the quarter, compared to analyst estimates of $1.86 billion. During the same quarter last year, the business posted $2.07 earnings per share. The firm’s revenue was up 7.3% on a year-over-year basis. Analysts anticipate that Voya Financial will post 8.23 earnings per share for the current fiscal year.

Voya Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, December 26th. Investors of record on Tuesday, November 26th will be issued a $0.45 dividend. The ex-dividend date of this dividend is Tuesday, November 26th. This represents a $1.80 annualized dividend and a dividend yield of 2.16%. Voya Financial’s payout ratio is currently 28.66%.

Insider Buying and Selling

In other Voya Financial news, insider Tony D. Oh sold 715 shares of the firm’s stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $81.95, for a total transaction of $58,594.25. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 1.37% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. V Square Quantitative Management LLC bought a new stake in Voya Financial during the third quarter valued at about $29,000. UMB Bank n.a. boosted its holdings in shares of Voya Financial by 118.9% in the 3rd quarter. UMB Bank n.a. now owns 440 shares of the asset manager’s stock valued at $35,000 after buying an additional 239 shares in the last quarter. Blue Trust Inc. grew its position in shares of Voya Financial by 3,640.9% in the 3rd quarter. Blue Trust Inc. now owns 823 shares of the asset manager’s stock worth $65,000 after buying an additional 801 shares during the last quarter. Allspring Global Investments Holdings LLC raised its stake in shares of Voya Financial by 6,850.0% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 834 shares of the asset manager’s stock worth $62,000 after acquiring an additional 822 shares in the last quarter. Finally, Quarry LP bought a new position in shares of Voya Financial during the 2nd quarter worth approximately $61,000. 96.10% of the stock is currently owned by hedge funds and other institutional investors.

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.