Royal Bank of Canada Forecasts Strong Price Appreciation for Voya Financial (NYSE:VOYA) Stock

Voya Financial (NYSE:VOYA) had its price target boosted by equities research analysts at Royal Bank of Canada from $90.00 to $95.00 in a report issued on Tuesday,Benzinga reports. The firm currently has an “outperform” rating on the asset manager’s stock. Royal Bank of Canada’s price objective suggests a potential upside of 15.70% from the company’s current price.

A number of other equities analysts have also commented on the company. Citigroup lifted their price objective on Voya Financial from $86.00 to $91.00 and gave the stock a “buy” rating in a research note on Tuesday, July 23rd. Barclays upped their price target on Voya Financial from $84.00 to $85.00 and gave the stock an “overweight” rating in a report on Tuesday, October 8th. Raymond James downgraded shares of Voya Financial from a “strong-buy” rating to a “market perform” rating in a research note on Friday, September 13th. Bank of America upped their target price on shares of Voya Financial from $84.00 to $88.00 and gave the company a “buy” rating in a research note on Thursday, October 10th. Finally, Morgan Stanley decreased their price target on shares of Voya Financial from $76.00 to $75.00 and set an “equal weight” rating on the stock in a research report on Monday, August 19th. Six investment analysts have rated the stock with a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $86.00.

Voya Financial Price Performance

Shares of NYSE:VOYA opened at $82.11 on Tuesday. The stock has a market capitalization of $7.90 billion, a P/E ratio of 13.07, a P/E/G ratio of 0.59 and a beta of 1.03. The business has a 50-day moving average of $78.88 and a two-hundred day moving average of $74.00. Voya Financial has a fifty-two week low of $63.11 and a fifty-two week high of $84.30. The company has a debt-to-equity ratio of 0.54, a current ratio of 0.31 and a quick ratio of 0.31.

Voya Financial (NYSE:VOYA) last issued its quarterly earnings data on Monday, November 4th. The asset manager reported $2.12 earnings per share for the quarter, beating 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 business had revenue of $1.96 billion for the quarter, compared to the consensus estimate of $1.86 billion. During the same period last year, the business earned $2.07 EPS. The firm’s revenue was up 7.3% compared to the same quarter last year. On average, equities research analysts predict that Voya Financial will post 8.21 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, insider Tony D. Oh sold 715 shares of the stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $81.95, for a total transaction of $58,594.25. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Insiders own 1.37% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the company. Arjuna Capital raised its stake in shares of Voya Financial by 0.8% during the second quarter. Arjuna Capital now owns 19,685 shares of the asset manager’s stock worth $1,401,000 after buying an additional 161 shares during the last quarter. US Bancorp DE raised its position in shares of Voya Financial by 5.8% during the 3rd quarter. US Bancorp DE now owns 3,655 shares of the asset manager’s stock valued at $290,000 after acquiring an additional 202 shares during the last quarter. First Trust Direct Indexing L.P. lifted its stake in shares of Voya Financial by 6.8% in the 3rd quarter. First Trust Direct Indexing L.P. now owns 3,291 shares of the asset manager’s stock valued at $261,000 after purchasing an additional 210 shares during the period. UMB Bank n.a. boosted its position in shares of Voya Financial by 118.9% in the 3rd quarter. UMB Bank n.a. now owns 440 shares of the asset manager’s stock worth $35,000 after purchasing an additional 239 shares during the last quarter. Finally, State of Alaska Department of Revenue grew its stake in shares of Voya Financial by 2.2% during the third quarter. State of Alaska Department of Revenue now owns 11,426 shares of the asset manager’s stock worth $905,000 after purchasing an additional 245 shares during the period. Institutional investors and hedge funds own 96.10% of the company’s stock.

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.