Voya Financial (NYSE:VOYA) Shares Gap Up After Strong Earnings

Voya Financial, Inc. (NYSE:VOYA)’s share price gapped up prior to trading on Wednesday after the company announced better than expected quarterly earnings. The stock had previously closed at $60.24, but opened at $65.00. Voya Financial shares last traded at $67.08, with a volume of 1,003,022 shares changing hands.

The asset manager reported $2.15 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.59 by $0.56. Voya Financial had a net margin of 8.29% and a return on equity of 14.10%. The company had revenue of $1.97 billion during the quarter, compared to analysts’ expectations of $1.94 billion. During the same quarter in the previous year, the company posted $1.77 earnings per share. Voya Financial’s quarterly revenue was down 4.0% compared to the same quarter last year.

Voya Financial Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, June 26th. Investors of record on Tuesday, May 27th will be issued a $0.45 dividend. The ex-dividend date is Tuesday, May 27th. This represents a $1.80 dividend on an annualized basis and a dividend yield of 2.69%. Voya Financial’s dividend payout ratio is 29.41%.

Wall Street Analyst Weigh In

Several research firms have weighed in on VOYA. Wells Fargo & Company raised their price objective on shares of Voya Financial from $69.00 to $76.00 and gave the company an “equal weight” rating in a research report on Thursday. UBS Group lowered their price target on shares of Voya Financial from $94.00 to $89.00 and set a “buy” rating for the company in a report on Wednesday, April 2nd. Bank of America reaffirmed an “underperform” rating and set a $71.00 price objective (down previously from $79.00) on shares of Voya Financial in a report on Friday, March 28th. Morgan Stanley raised Voya Financial from an “equal weight” rating to an “overweight” rating and lifted their target price for the company from $76.00 to $87.00 in a research note on Friday, February 28th. Finally, Royal Bank of Canada dropped their target price on Voya Financial from $90.00 to $85.00 and set an “outperform” rating for the company in a research report on Monday, February 3rd. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat, Voya Financial currently has a consensus rating of “Hold” and an average target price of $81.83.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Jones Financial Companies Lllp raised its holdings in Voya Financial by 81.0% in the fourth quarter. Jones Financial Companies Lllp now owns 409 shares of the asset manager’s stock worth $28,000 after purchasing an additional 183 shares during the period. SRS Capital Advisors Inc. lifted its holdings in Voya Financial by 207.0% during the fourth quarter. SRS Capital Advisors Inc. now owns 485 shares of the asset manager’s stock worth $33,000 after acquiring an additional 327 shares in the last quarter. Quarry LP bought a new position in Voya Financial during the fourth quarter worth about $37,000. R Squared Ltd acquired a new position in Voya Financial in the fourth quarter valued at about $41,000. Finally, Venturi Wealth Management LLC increased its holdings in shares of Voya Financial by 45.0% in the fourth quarter. Venturi Wealth Management LLC now owns 648 shares of the asset manager’s stock worth $45,000 after acquiring an additional 201 shares in the last quarter. Institutional investors own 96.10% of the company’s stock.

Voya Financial Stock Performance

The company has a debt-to-equity ratio of 0.59, a current ratio of 0.30 and a quick ratio of 0.31. The stock has a 50-day moving average price of $62.90 and a 200 day moving average price of $70.38. The company has a market cap of $6.43 billion, a price-to-earnings ratio of 10.92, a price-to-earnings-growth ratio of 0.48 and a beta of 0.95.

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.