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

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

Other equities research analysts have also recently issued research reports about the stock. UBS Group cut their price objective on shares of Voya Financial from $94.00 to $89.00 and set a “buy” rating for the company in a research report on Wednesday, April 2nd. Keefe, Bruyette & Woods reduced their price target on shares of Voya Financial from $84.00 to $80.00 and set an “outperform” rating on the stock in a research report on Wednesday, April 9th. Bank of America reissued an “underperform” rating and issued a $71.00 price objective (down from $79.00) on shares of Voya Financial in a research note on Friday, March 28th. Morgan Stanley raised Voya Financial from an “equal weight” rating to an “overweight” rating and raised their target price for the company from $76.00 to $87.00 in a report on Friday, February 28th. Finally, Royal Bank of Canada lowered their price target on Voya Financial from $90.00 to $85.00 and set an “outperform” rating for the company in a report on Monday, February 3rd. One investment analyst has rated the stock with a sell rating, five have given a hold rating and seven have assigned a buy rating to the company’s stock. According to MarketBeat.com, Voya Financial presently has a consensus rating of “Hold” and an average target price of $81.83.

Voya Financial Stock Performance

NYSE VOYA opened at $66.97 on Thursday. Voya Financial has a 12-month low of $52.43 and a 12-month high of $84.30. The firm has a 50-day moving average price of $62.85 and a two-hundred day moving average price of $70.28. The company has a market capitalization of $6.44 billion, a P/E ratio of 10.94, a P/E/G ratio of 0.48 and a beta of 0.95. The company has a quick ratio of 0.31, a current ratio of 0.30 and a debt-to-equity ratio of 0.59.

Voya Financial (NYSE:VOYA) last issued 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 business had revenue of $1.97 billion for the quarter, compared to the consensus estimate of $1.94 billion. Voya Financial had a return on equity of 14.10% and a net margin of 8.29%. The firm’s quarterly revenue was down 4.0% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.77 earnings per share. Analysts anticipate that Voya Financial will post 8.39 earnings per share for the current year.

Institutional Investors Weigh In On Voya Financial

Several hedge funds have recently added to or reduced their stakes in the business. Jones Financial Companies Lllp grew its stake in shares of 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 last quarter. SRS Capital Advisors Inc. grew its position in shares of Voya Financial by 207.0% in the 4th quarter. SRS Capital Advisors Inc. now owns 485 shares of the asset manager’s stock valued at $33,000 after buying an additional 327 shares during the last quarter. Quarry LP acquired a new stake in shares of Voya Financial in the fourth quarter valued at about $37,000. R Squared Ltd acquired a new position in shares of Voya Financial in the fourth quarter worth approximately $41,000. Finally, Venturi Wealth Management LLC lifted its stake 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 during the period. 96.10% of the stock is currently owned by institutional investors and hedge funds.

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.