Wells Fargo & Company Forecasts Strong Price Appreciation for Voya Financial (NYSE:VOYA) Stock

Voya Financial (NYSE:VOYA) had its price objective upped by Wells Fargo & Company from $69.00 to $76.00 in a research note issued to investors on Thursday,Benzinga reports. The firm presently has an “equal weight” rating on the asset manager’s stock. Wells Fargo & Company‘s target price would indicate a potential upside of 13.48% from the stock’s current price.

Other equities research analysts also recently issued reports about the stock. Bank of America reaffirmed an “underperform” rating and issued a $71.00 price target (down from $79.00) on shares of Voya Financial in a research note on Friday, March 28th. Barclays set a $70.00 target price on Voya Financial in a research report on Wednesday. JPMorgan Chase & Co. cut their price target on Voya Financial from $81.00 to $80.00 and set a “neutral” rating on the stock in a report on Wednesday, April 2nd. Keefe, Bruyette & Woods decreased their price objective on Voya Financial from $84.00 to $80.00 and set an “outperform” rating for the company in a report on Wednesday, April 9th. Finally, Royal Bank of Canada cut their target price on Voya Financial from $90.00 to $85.00 and set an “outperform” rating on the stock in a report on Monday, February 3rd. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $81.83.

Voya Financial Stock Up 0.1 %

Shares of NYSE:VOYA opened at $66.97 on Thursday. The business’s 50-day moving average is $62.85 and its 200-day moving average is $70.28. Voya Financial has a 1 year low of $52.43 and a 1 year high of $84.30. The company has a market capitalization of $6.44 billion, a price-to-earnings ratio of 10.94, a P/E/G ratio of 0.48 and a beta of 0.95. The company has a debt-to-equity ratio of 0.59, a current ratio of 0.30 and a quick ratio of 0.31.

Voya Financial (NYSE:VOYA) last posted its quarterly earnings results on Tuesday, May 6th. The asset manager reported $2.15 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.59 by $0.56. The firm had revenue of $1.97 billion for the quarter, compared to analysts’ expectations of $1.94 billion. Voya Financial had a return on equity of 14.10% and a net margin of 8.29%. The company’s revenue for the quarter was down 4.0% compared to the same quarter last year. During the same period in the prior year, the business earned $1.77 EPS. Equities research analysts predict that Voya Financial will post 8.39 earnings per share for the current year.

Institutional Investors Weigh In On Voya Financial

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Bank of New York Mellon Corp grew its holdings in shares of Voya Financial by 15.7% in the fourth quarter. Bank of New York Mellon Corp now owns 6,472,277 shares of the asset manager’s stock valued at $445,487,000 after acquiring an additional 876,399 shares in the last quarter. Kelly Financial Group LLC purchased a new stake in shares of Voya Financial during the 1st quarter valued at $270,680,000. Pzena Investment Management LLC raised its stake in shares of Voya Financial by 0.9% during the 1st quarter. Pzena Investment Management LLC now owns 3,599,164 shares of the asset manager’s stock worth $243,879,000 after purchasing an additional 32,061 shares during the period. FMR LLC boosted its holdings in shares of Voya Financial by 10.5% in the 4th quarter. FMR LLC now owns 3,185,726 shares of the asset manager’s stock worth $219,274,000 after buying an additional 301,682 shares during the last quarter. Finally, Impax Asset Management Group plc grew its position in Voya Financial by 277.8% during the fourth quarter. Impax Asset Management Group plc now owns 2,898,785 shares of the asset manager’s stock valued at $199,062,000 after buying an additional 2,131,578 shares during the period. Hedge funds and other institutional investors own 96.10% of the company’s stock.

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.