Voya Financial (NYSE:VOYA) Downgraded by Morgan Stanley to “Equal Weight”

Morgan Stanley cut shares of Voya Financial (NYSE:VOYA) from an overweight rating to an equal weight rating in a research report report published on Thursday, MarketBeat.com reports. The firm currently has $76.00 price target on the asset manager’s stock, down from their prior price target of $79.00.

Several other equities research analysts also recently weighed in on the stock. JPMorgan Chase & Co. lowered their target price on shares of Voya Financial from $88.00 to $87.00 and set an overweight rating for the company in a research note on Wednesday, July 31st. Bank of America raised their price objective on Voya Financial from $80.00 to $83.00 and gave the stock a buy rating in a research report on Thursday, July 11th. Wells Fargo & Company upped their target price on Voya Financial from $91.00 to $92.00 and gave the company an overweight rating in a research report on Friday, May 10th. Evercore ISI increased their price target on Voya Financial from $79.00 to $80.00 and gave the company an outperform rating in a research note on Thursday, April 11th. Finally, Jefferies Financial Group boosted their price target on Voya Financial from $78.00 to $80.00 and gave the stock a hold rating in a research note on Thursday, July 18th. Four equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of Moderate Buy and a consensus price target of $84.00.

Voya Financial Price Performance

NYSE VOYA opened at $68.12 on Thursday. The company has a market cap of $6.86 billion, a PE ratio of 9.68, a P/E/G ratio of 0.48 and a beta of 1.05. The firm’s 50 day moving average price is $72.55 and its 200-day moving average price is $71.32. The company has a debt-to-equity ratio of 0.51, a quick ratio of 0.30 and a current ratio of 0.30. Voya Financial has a 52-week low of $63.02 and a 52-week high of $76.75.

Voya Financial (NYSE:VOYA) last released its quarterly earnings results on Tuesday, July 30th. The asset manager reported $2.27 EPS for the quarter, topping the consensus estimate of $2.14 by $0.13. Voya Financial had a return on equity of 16.11% and a net margin of 10.87%. The firm had revenue of $2.03 billion during the quarter, compared to analyst estimates of $1.87 billion. During the same period in the previous year, the company posted $2.31 EPS. The business’s revenue for the quarter was up 8.7% compared to the same quarter last year. Sell-side analysts forecast that Voya Financial will post 8.45 EPS for the current fiscal year.

Voya Financial Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, September 26th. Investors of record on Tuesday, August 27th will be issued a dividend of $0.45 per share. This is an increase from Voya Financial’s previous quarterly dividend of $0.40. The ex-dividend date of this dividend is Tuesday, August 27th. This represents a $1.80 dividend on an annualized basis and a dividend yield of 2.64%. Voya Financial’s payout ratio is 22.73%.

Insider Buying and Selling

In other Voya Financial news, Director Yvette S. Butler sold 2,165 shares of Voya Financial stock in a transaction that occurred on Friday, May 24th. The shares were sold at an average price of $73.78, for a total transaction of $159,733.70. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 1.37% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Voya Financial

A number of institutional investors have recently modified their holdings of VOYA. AIA Group Ltd acquired a new stake in Voya Financial during the fourth quarter worth about $1,717,000. TFO Wealth Partners LLC boosted its position in Voya Financial by 1,035,080.0% in the 4th quarter. TFO Wealth Partners LLC now owns 51,759 shares of the asset manager’s stock worth $3,776,000 after purchasing an additional 51,754 shares in the last quarter. Crestline Management LP acquired a new stake in shares of Voya Financial during the 4th quarter worth approximately $1,554,000. Gillson Capital LP purchased a new position in shares of Voya Financial during the 4th quarter valued at approximately $11,142,000. Finally, DekaBank Deutsche Girozentrale lifted its stake in shares of Voya Financial by 2.5% in the 4th quarter. DekaBank Deutsche Girozentrale now owns 1,610,199 shares of the asset manager’s stock valued at $115,621,000 after purchasing an additional 40,000 shares during the period. Hedge funds and other institutional investors own 96.10% of the company’s stock.

About Voya Financial

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.