Royal Bank Of Canada Reiterates “Buy” Rating for Voya Financial, Inc. (VOYA)
Voya Financial, Inc. (NYSE:VOYA)‘s stock had its “buy” rating reaffirmed by stock analysts at Royal Bank Of Canada in a research note issued on Thursday. They presently have a $50.00 target price on the asset manager’s stock. Royal Bank Of Canada’s price objective would indicate a potential upside of 24.50% from the company’s previous close.
A number of other research analysts also recently issued reports 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. Wells Fargo & Company restated a “buy” rating on shares of Voya Financial in a research note on Tuesday, August 1st. BidaskClub upgraded shares of Voya Financial from a “hold” rating to a “buy” rating in a research note on Wednesday, August 2nd. Finally, Goldman Sachs Group, Inc. (The) began coverage on shares of Voya Financial in a research note on Wednesday, October 18th. They set a “buy” rating and a $46.00 price target for the company. One equities 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 stock. The company currently has a consensus rating of “Buy” and a consensus price target of $47.60.
Voya Financial (NYSE:VOYA) last released its earnings results on Tuesday, October 31st. The asset manager reported $0.51 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.90 by ($0.39). Voya Financial had a negative net margin of 3.64% and a positive return on equity of 3.96%. The company had revenue of $226.50 million for the quarter, compared to analyst estimates of $322.92 million. During the same quarter in the previous year, the firm earned ($1.24) EPS.
Voya Financial announced that its Board of Directors has approved a share buyback plan on Tuesday, October 31st that allows the company to buyback $800.00 million in shares. This buyback authorization allows the asset manager to reacquire shares of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s management believes its stock is undervalued.
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A number of hedge funds have recently made changes to their positions in VOYA. Toronto Dominion Bank increased its stake in Voya Financial by 7.9% during the 2nd quarter. Toronto Dominion Bank now owns 2,728 shares of the asset manager’s stock valued at $101,000 after purchasing an additional 199 shares in the last quarter. MU Investments Co. Ltd. bought a new stake in Voya Financial during the 3rd quarter valued at $105,000. FNY Managed Accounts LLC increased its stake in Voya Financial by 362.4% during the 3rd quarter. FNY Managed Accounts LLC now owns 3,750 shares of the asset manager’s stock valued at $108,000 after purchasing an additional 2,939 shares in the last quarter. Mckinley Capital Management LLC Delaware bought a new stake in Voya Financial during the 1st quarter valued at $119,000. Finally, Cantab Capital Partners LLP bought a new stake in Voya Financial during the 4th quarter valued at $125,000. Institutional investors and hedge funds own 96.61% of the company’s stock.
Voya Financial Company Profile
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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