Voya Financial, Inc. (NYSE:VOYA) has been given a $50.00 price target by Wells Fargo & Company in a research note issued to investors on Tuesday. The brokerage presently has a “buy” rating on the asset manager’s stock. Wells Fargo & Company’s price objective suggests a potential upside of 24.50% from the company’s previous close.
The analysts wrote, “We expect VOYA shares will react positively to the stronger-than- expected underlying earnings.””
Several other equities analysts have also commented on VOYA. ValuEngine upgraded shares of Voya Financial from a “buy” rating to a “strong-buy” rating in a research report on Tuesday, July 11th. Royal Bank Of Canada restated a “buy” rating and set a $44.00 price target on shares of Voya Financial in a research report on Wednesday, July 12th. BidaskClub upgraded shares of Voya Financial from a “hold” rating to a “buy” rating in a research report on Wednesday, August 2nd. Finally, Goldman Sachs Group, Inc. (The) started coverage on shares of Voya Financial in a research report on Wednesday, October 18th. They set a “buy” rating and a $46.00 price target for the company. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and nine have given a buy rating to the company’s stock. The company currently has an average rating of “Buy” and a consensus price target of $47.20.
Voya Financial (NYSE:VOYA) last released its earnings results on Tuesday, October 31st. The asset manager reported $0.51 earnings per share for the quarter, missing the consensus estimate of $0.90 by ($0.39). The business had revenue of $226.50 million for the quarter, compared to the consensus estimate of $322.92 million. Voya Financial had a negative net margin of 3.64% and a positive return on equity of 3.96%. During the same quarter in the previous year, the firm earned ($1.24) EPS.
Voya Financial announced that its board has authorized a stock repurchase program on Tuesday, October 31st that authorizes the company to repurchase $800.00 million in shares. This repurchase authorization authorizes the asset manager to reacquire shares of its stock through open market purchases. Shares repurchase programs are usually a sign that the company’s leadership believes its stock is undervalued.
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A number of hedge funds have recently bought and sold shares of the stock. Bessemer Group Inc. lifted its holdings in Voya Financial by 0.3% in the second quarter. Bessemer Group Inc. now owns 20,110 shares of the asset manager’s stock worth $742,000 after purchasing an additional 63 shares during the period. Lazard Asset Management LLC lifted its holdings in Voya Financial by 0.9% in the second quarter. Lazard Asset Management LLC now owns 20,291 shares of the asset manager’s stock worth $748,000 after purchasing an additional 176 shares during the period. Toronto Dominion Bank lifted its holdings in Voya Financial by 7.9% in the second quarter. Toronto Dominion Bank now owns 2,728 shares of the asset manager’s stock worth $101,000 after purchasing an additional 199 shares during the period. The Manufacturers Life Insurance Company lifted its holdings in Voya Financial by 4.5% in the second quarter. The Manufacturers Life Insurance Company now owns 7,497 shares of the asset manager’s stock worth $276,000 after purchasing an additional 321 shares during the period. Finally, BKS Advisors LLC lifted its holdings in Voya Financial by 2.9% in the second quarter. BKS Advisors LLC now owns 14,265 shares of the asset manager’s stock worth $526,000 after purchasing an additional 400 shares during the period. 96.61% of the stock is owned by institutional investors and hedge funds.
About Voya Financial
Voya Financial, Inc is a retirement, investment and insurance company. The Company operates through five segments: Retirement, Investment Management, Annuities, Individual Life and Employee Benefits. The Retirement segment is a provider of retirement services and products in the United States. The Investment Management segment offers domestic and international fixed income, equity, multi-asset and alternatives products and solutions.
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