Bank of America Boosts Voya Financial (NYSE:VOYA) Price Target to $88.00

Voya Financial (NYSE:VOYA) had its price target raised by Bank of America from $84.00 to $88.00 in a report released on Thursday, Benzinga reports. Bank of America currently has a buy rating on the asset manager’s stock.

Several other analysts have also recently commented on the company. Morgan Stanley dropped their price target on Voya Financial from $76.00 to $75.00 and set an equal weight rating for the company in a research report on Monday, August 19th. Barclays boosted their price target on Voya Financial from $84.00 to $85.00 and gave the stock an overweight rating in a research report on Tuesday, October 8th. Evercore ISI boosted their price target on Voya Financial from $79.00 to $82.00 and gave the stock an outperform rating in a research report on Wednesday, September 11th. Citigroup upped their target price on Voya Financial from $86.00 to $91.00 and gave the company a buy rating in a report on Tuesday, July 23rd. Finally, JPMorgan Chase & Co. cut Voya Financial from an overweight rating to a neutral rating and set a $87.00 target price for the company. in a report on Thursday, October 3rd. Six equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of Moderate Buy and a consensus target price of $85.27.

Voya Financial Stock Up 0.9 %

Shares of VOYA opened at $79.84 on Thursday. 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 has a 12 month low of $63.02 and a 12 month high of $80.36. The stock’s 50 day moving average is $72.56 and its two-hundred day moving average is $72.20. The firm has a market cap of $7.85 billion, a P/E ratio of 10.52, a PEG ratio of 0.59 and a beta of 1.03.

Voya Financial (NYSE:VOYA) last issued its quarterly earnings data on Tuesday, July 30th. The asset manager reported $2.27 EPS for the quarter, beating 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 company had revenue of $2.03 billion for the quarter, compared to analyst estimates of $1.87 billion. During the same period last year, the company earned $2.31 earnings per share. Voya Financial’s quarterly revenue was up 8.7% compared to the same quarter last year. Analysts predict that Voya Financial will post 8.31 earnings per share for the current fiscal year.

Voya Financial Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, September 26th. Stockholders of record on Tuesday, August 27th were paid a $0.45 dividend. This represents a $1.80 annualized dividend and a dividend yield of 2.25%. The ex-dividend date was Tuesday, August 27th. This is a positive change from Voya Financial’s previous quarterly dividend of $0.40. Voya Financial’s dividend payout ratio is 23.72%.

Hedge Funds Weigh In On Voya Financial

Large investors have recently modified their holdings of the business. Gillson Capital LP acquired a new position in Voya Financial during the 4th quarter worth about $11,142,000. GLOBALT Investments LLC GA acquired a new position in Voya Financial during the 4th quarter worth about $697,000. Virtu Financial LLC acquired a new position in Voya Financial during the 4th quarter worth about $213,000. Quadrature Capital Ltd acquired a new position in Voya Financial during the 4th quarter worth about $257,000. Finally, HighPoint Advisor Group LLC acquired a new position in Voya Financial during the 4th quarter worth about $295,000. Institutional investors and hedge funds 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.