Voya Financial (NYSE:VOYA) Shares Gap Down Following Analyst Downgrade

Voya Financial, Inc. (NYSE:VOYA)’s stock price gapped down before the market opened on Tuesday after Wells Fargo & Company lowered their price target on the stock from $92.00 to $87.00. The stock had previously closed at $79.71, but opened at $76.25. Wells Fargo & Company currently has an overweight rating on the stock. Voya Financial shares last traded at $75.61, with a volume of 255,332 shares traded.

Other analysts also recently issued reports about the stock. Morgan Stanley dropped their price objective 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. Evercore ISI dropped their target price on Voya Financial from $94.00 to $89.00 and set an “outperform” rating for the company in a report on Tuesday. Piper Sandler lifted their target price on Voya Financial from $88.00 to $91.00 and gave the company an “overweight” rating in a research report on Thursday, November 7th. Royal Bank of Canada boosted their price objective on shares of Voya Financial from $90.00 to $95.00 and gave the company an “outperform” rating in a report on Tuesday, November 12th. Finally, UBS Group raised shares of Voya Financial to a “strong-buy” rating in a research note on Monday, November 11th. Six analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Voya Financial has an average rating of “Moderate Buy” and a consensus target price of $86.50.

Insider Activity

In other news, insider Tony D. Oh sold 715 shares of the business’s stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $81.95, for a total value of $58,594.25. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 1.37% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the business. Retirement Systems of Alabama boosted its position in Voya Financial by 8.2% during the 3rd quarter. Retirement Systems of Alabama now owns 272,339 shares of the asset manager’s stock worth $21,575,000 after acquiring an additional 20,750 shares during the period. Wilmington Savings Fund Society FSB acquired a new stake in Voya Financial during the 3rd quarter worth about $209,000. Coldstream Capital Management Inc. grew its holdings in shares of Voya Financial by 8.1% during the 3rd quarter. Coldstream Capital Management Inc. now owns 3,591 shares of the asset manager’s stock valued at $285,000 after acquiring an additional 270 shares in the last quarter. Barclays PLC boosted its holdings in Voya Financial by 48.2% in the third quarter. Barclays PLC now owns 48,890 shares of the asset manager’s stock worth $3,872,000 after purchasing an additional 15,902 shares in the last quarter. Finally, LRI Investments LLC boosted its position in Voya Financial by 780.5% during the third quarter. LRI Investments LLC now owns 1,039 shares of the asset manager’s stock worth $85,000 after purchasing an additional 921 shares during the period. 96.10% of the stock is currently owned by institutional investors.

Voya Financial Trading Down 9.4 %

The company has a current ratio of 0.31, a quick ratio of 0.31 and a debt-to-equity ratio of 0.54. The company’s fifty day moving average is $80.94 and its 200-day moving average is $75.13. The firm has a market capitalization of $6.95 billion, a P/E ratio of 11.50, a P/E/G ratio of 0.56 and a beta of 1.02.

Voya Financial (NYSE:VOYA) last released its earnings results on Monday, November 4th. The asset manager reported $2.12 earnings per share for the quarter, topping analysts’ consensus estimates 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 the consensus estimate of $1.86 billion. During the same quarter in the previous year, the company posted $2.07 earnings per share. The firm’s quarterly revenue was up 7.3% on a year-over-year basis. As a group, sell-side analysts anticipate that Voya Financial, Inc. will post 8.4 earnings per share for the current fiscal year.

Voya Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 26th. Investors of record on Tuesday, November 26th will be given a $0.45 dividend. This represents a $1.80 dividend on an annualized basis and a yield of 2.49%. The ex-dividend date of this dividend is Tuesday, November 26th. Voya Financial’s dividend payout ratio (DPR) is currently 28.66%.

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.