Voya Financial (NYSE:VOYA) Price Target Raised to $90.00 at Wells Fargo & Company

Voya Financial (NYSE:VOYA) had its target price upped by Wells Fargo & Company from $87.00 to $90.00 in a research report sent to investors on Thursday, Benzinga reports. The brokerage currently has an overweight rating on the asset manager’s stock.

A number of other analysts have also issued reports on VOYA. JPMorgan Chase & Co. lowered shares of Voya Financial from an overweight rating to a neutral rating and set a $87.00 target price on the stock. in a research report on Thursday, October 3rd. Morgan Stanley lowered their price objective 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. Jefferies Financial Group increased their target price on Voya Financial from $78.00 to $80.00 and gave the stock a hold rating in a research report on Thursday, July 18th. Barclays lifted their price target on Voya Financial from $84.00 to $85.00 and gave the company an overweight rating in a report on Tuesday, October 8th. Finally, Royal Bank of Canada reiterated an outperform rating and set a $83.00 price objective on shares of Voya Financial in a report on Wednesday, August 7th. Six analysts have rated the stock with a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat, Voya Financial currently has a consensus rating of Moderate Buy and a consensus price target of $85.27.

Voya Financial Stock Performance

Voya Financial stock opened at $79.84 on Thursday. The company has a debt-to-equity ratio of 0.51, a quick ratio of 0.30 and a current ratio of 0.30. Voya Financial has a fifty-two week low of $63.02 and a fifty-two week high of $80.36. The stock has a fifty day moving average of $72.56 and a two-hundred day moving average of $72.19. The company has a market capitalization of $7.85 billion, a price-to-earnings ratio of 10.52, a PEG ratio of 0.59 and a beta of 1.03.

Voya Financial (NYSE:VOYA) last announced its earnings results on Tuesday, July 30th. The asset manager reported $2.27 earnings per share for the quarter, beating the consensus estimate of $2.14 by $0.13. Voya Financial had a net margin of 10.87% and a return on equity of 16.11%. The firm had revenue of $2.03 billion during the quarter, compared to the consensus estimate of $1.87 billion. During the same quarter in the previous year, the company posted $2.31 EPS. The firm’s revenue for the quarter was up 8.7% on a year-over-year basis. On average, analysts anticipate that Voya Financial will post 8.31 EPS for the current fiscal year.

Voya Financial Increases Dividend

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

Hedge Funds Weigh In On Voya Financial

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. UMB Bank n.a. increased its stake in shares of Voya Financial by 118.9% in the third quarter. UMB Bank n.a. now owns 440 shares of the asset manager’s stock worth $35,000 after buying an additional 239 shares during the last quarter. FinTrust Capital Advisors LLC acquired a new stake in Voya Financial during the first quarter worth about $43,000. Allspring Global Investments Holdings LLC lifted its holdings in shares of Voya Financial by 6,850.0% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 834 shares of the asset manager’s stock worth $62,000 after purchasing an additional 822 shares during the last quarter. Quarry LP bought a new stake in Voya Financial in the second quarter valued at $61,000. Finally, Mather Group LLC. bought a new stake in Voya Financial in the 1st quarter valued at about $85,000. 96.10% of the stock is 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.