State of New Jersey Common Pension Fund D Trims Stock Position in Voya Financial, Inc. (NYSE:VOYA)

State of New Jersey Common Pension Fund D decreased its stake in Voya Financial, Inc. (NYSE:VOYA) by 36.4% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 29,559 shares of the asset manager’s stock after selling 16,911 shares during the period. State of New Jersey Common Pension Fund D’s holdings in Voya Financial were worth $2,103,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of VOYA. Royal London Asset Management Ltd. boosted its holdings in shares of Voya Financial by 1.3% in the second quarter. Royal London Asset Management Ltd. now owns 58,259 shares of the asset manager’s stock valued at $4,145,000 after acquiring an additional 760 shares during the period. Oak Thistle LLC acquired a new stake in Voya Financial during the 2nd quarter worth $289,000. Caprock Group LLC purchased a new position in Voya Financial during the 2nd quarter worth $397,000. Victory Capital Management Inc. increased its stake in Voya Financial by 2.3% in the second quarter. Victory Capital Management Inc. now owns 282,034 shares of the asset manager’s stock valued at $20,067,000 after purchasing an additional 6,296 shares during the period. Finally, Belpointe Asset Management LLC raised its holdings in shares of Voya Financial by 33.3% in the second quarter. Belpointe Asset Management LLC now owns 11,847 shares of the asset manager’s stock valued at $843,000 after buying an additional 2,959 shares during the last quarter. 96.10% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on VOYA. JPMorgan Chase & Co. lowered their price target on Voya Financial from $88.00 to $87.00 and set an “overweight” rating on the stock in a report on Wednesday, July 31st. Wells Fargo & Company lowered their target price on Voya Financial from $91.00 to $87.00 and set an “overweight” rating on the stock in a research note on Monday, August 12th. Morgan Stanley cut their price target on Voya Financial from $76.00 to $75.00 and set an “equal weight” rating for the company in a research note on Monday, August 19th. Raymond James lowered shares of Voya Financial from a “strong-buy” rating to a “market perform” rating in a research report on Friday, September 13th. Finally, Evercore ISI upped their price objective on shares of Voya Financial from $79.00 to $82.00 and gave the stock an “outperform” rating in a research report on Wednesday, September 11th. Five 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 a consensus rating of “Moderate Buy” and an average price target of $83.64.

Voya Financial Price Performance

VOYA stock opened at $76.62 on Friday. The firm has a 50 day moving average of $70.58 and a 200-day moving average of $71.29. The company has a market cap of $7.53 billion, a price-to-earnings ratio of 10.88, a PEG ratio of 0.56 and a beta of 1.03. The company has a current ratio of 0.30, a quick ratio of 0.30 and a debt-to-equity ratio of 0.51. Voya Financial, Inc. has a 12-month low of $63.02 and a 12-month high of $78.12.

Voya Financial (NYSE:VOYA) last issued its quarterly earnings data on Tuesday, July 30th. The asset manager reported $2.27 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.14 by $0.13. The firm had revenue of $2.03 billion during the quarter, compared to analysts’ expectations of $1.87 billion. Voya Financial had a return on equity of 16.11% and a net margin of 10.87%. Voya Financial’s revenue was up 8.7% on a year-over-year basis. During the same period in the previous year, the firm posted $2.31 earnings per share. As a group, equities analysts expect that Voya Financial, Inc. will post 8.45 EPS for the current fiscal year.

Voya Financial Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, September 26th. Investors of record on Tuesday, August 27th will be given a $0.45 dividend. The ex-dividend date is Tuesday, August 27th. This is a positive change from Voya Financial’s previous quarterly dividend of $0.40. This represents a $1.80 annualized dividend and a dividend yield of 2.35%. Voya Financial’s payout ratio is currently 25.57%.

Voya Financial 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.