BTIG Research reissued their buy rating on shares of Voya Financial (NYSE:VOYA) in a research note published on Tuesday morning. They currently have a $59.00 target price on the asset manager’s stock.
“CBVA and Removal of Tail Risk = Much Higher Multiple We are reiterating our Buy recommendation on Voya Financial (VOYA) while raising our price target to $59 (from $50) based on 1.1x the company’s FY18E book value ex. accumulated other cumulative income (AOCI) of $53.27. We view VOYA’s agreement to sell its closed block variable annuity (CBVA) unit to Venerable, a newly-formed firm backed by a group of private equity firms led by Apollo, and to have its fixed annuity book reinsured by Athene Holding (ATH, Not Rated), as a game-changer for the company.”,” BTIG Research’s analyst commented.
Several other equities research analysts also recently issued reports on VOYA. Royal Bank of Canada reiterated a buy rating and set a $46.00 price target on shares of Voya Financial in a report on Wednesday, September 6th. BidaskClub upgraded Voya Financial from a hold rating to a buy rating in a report on Saturday, September 23rd. Goldman Sachs Group initiated coverage on Voya Financial in a report on Wednesday, October 18th. They set a buy rating and a $46.00 price target for the company. Wells Fargo & Co set a $50.00 price target on Voya Financial and gave the stock a buy rating in a report on Tuesday, October 31st. Finally, Keefe, Bruyette & Woods reiterated a buy rating and set a $51.00 price target on shares of Voya Financial in a report on Friday, November 10th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and eleven have issued a buy rating to the company’s stock. The stock presently has an average rating of Buy and a consensus price target of $52.18.
Voya Financial (NYSE:VOYA) last announced its quarterly earnings results on Tuesday, October 31st. The asset manager reported $0.51 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.90 by ($0.39). Voya Financial had a positive return on equity of 3.92% and a negative net margin of 3.64%. The company had revenue of $226.50 million for the quarter, compared to the consensus estimate of $322.92 million. During the same quarter last year, the company posted ($1.24) EPS. sell-side analysts expect that Voya Financial will post 2.93 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which was paid on Thursday, December 28th. Shareholders of record on Thursday, November 30th were given a $0.01 dividend. The ex-dividend date was Wednesday, November 29th. This represents a $0.04 annualized dividend and a yield of 0.08%. Voya Financial’s dividend payout ratio is currently -2.23%.
A number of hedge funds have recently bought and sold shares of VOYA. SG Americas Securities LLC purchased a new position in Voya Financial in the second quarter worth $761,000. Marshall Wace North America L.P. boosted its position in Voya Financial by 387.0% in the second quarter. Marshall Wace North America L.P. now owns 54,242 shares of the asset manager’s stock worth $2,007,000 after purchasing an additional 43,105 shares during the last quarter. Keybank National Association OH purchased a new position in Voya Financial in the second quarter worth $1,041,000. Delta Lloyd Asset Management N.V. purchased a new position in Voya Financial in the second quarter worth $906,000. Finally, Oppenheimer Asset Management Inc. boosted its position in Voya Financial by 56.5% in the second quarter. Oppenheimer Asset Management Inc. now owns 11,091 shares of the asset manager’s stock worth $410,000 after purchasing an additional 4,002 shares during the last quarter. 96.79% of the stock is currently 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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