Voya Financial (NYSE:VOYA) Given New $88.00 Price Target at JPMorgan Chase & Co.

Voya Financial (NYSE:VOYA) had its price target dropped by equities researchers at JPMorgan Chase & Co. from $89.00 to $88.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The firm presently has a “neutral” rating on the asset manager’s stock. JPMorgan Chase & Co.‘s price objective would indicate a potential upside of 7.71% from the stock’s current price.

Other equities analysts also recently issued research reports about the company. TD Cowen initiated coverage on Voya Financial in a research report on Monday, April 20th. They set a “buy” rating and a $100.00 price target on the stock. Wells Fargo & Company boosted their price objective on Voya Financial from $80.00 to $89.00 and gave the stock an “equal weight” rating in a report on Tuesday, May 12th. Weiss Ratings upgraded Voya Financial from a “hold (c+)” rating to a “buy (b-)” rating in a report on Monday, May 4th. Bank of America reduced their price objective on Voya Financial from $72.00 to $70.00 and set an “underperform” rating for the company in a report on Tuesday, April 14th. Finally, Keefe, Bruyette & Woods reduced their price objective on Voya Financial from $82.00 to $81.00 and set an “outperform” rating for the company in a report on Friday, April 10th. Eight research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $88.30.

Voya Financial Stock Performance

NYSE VOYA traded down $0.69 during trading on Tuesday, reaching $81.70. 216,248 shares of the company’s stock were exchanged, compared to its average volume of 1,137,585. The business has a 50 day moving average price of $74.46 and a 200-day moving average price of $73.57. The stock has a market capitalization of $7.41 billion, a P/E ratio of 12.34, a PEG ratio of 0.74 and a beta of 0.94. The company has a debt-to-equity ratio of 0.48, a current ratio of 0.27 and a quick ratio of 0.27. Voya Financial has a fifty-two week low of $64.50 and a fifty-two week high of $84.00.

Voya Financial (NYSE:VOYA) last announced its quarterly earnings results on Tuesday, May 5th. The asset manager reported $2.26 earnings per share for the quarter, topping analysts’ consensus estimates of $2.02 by $0.24. The firm had revenue of $1.93 billion for the quarter, compared to the consensus estimate of $1.98 billion. Voya Financial had a return on equity of 13.84% and a net margin of 8.24%.The business’s revenue was up 3.1% compared to the same quarter last year. During the same quarter in the previous year, the business earned $2.00 earnings per share. Sell-side analysts forecast that Voya Financial will post 9.61 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Voya Financial

Several institutional investors have recently made changes to their positions in VOYA. Verdad Advisers LP bought a new stake in shares of Voya Financial in the fourth quarter valued at approximately $148,980,000. Norges Bank bought a new stake in shares of Voya Financial in the fourth quarter valued at approximately $83,106,000. Bank of New York Mellon Corp boosted its stake in shares of Voya Financial by 17.7% in the third quarter. Bank of New York Mellon Corp now owns 6,516,879 shares of the asset manager’s stock valued at $487,463,000 after buying an additional 977,870 shares during the period. Millennium Management LLC boosted its stake in shares of Voya Financial by 135.7% in the third quarter. Millennium Management LLC now owns 1,084,747 shares of the asset manager’s stock valued at $81,139,000 after buying an additional 624,436 shares during the period. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake in shares of Voya Financial by 63.0% in the third quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,431,835 shares of the asset manager’s stock valued at $107,101,000 after buying an additional 553,675 shares during the period. 96.10% of the stock is currently owned by institutional investors.

About Voya Financial

Voya Financial, Inc (NYSE: VOYA) is a financial services company headquartered in New York City, focused on helping Americans plan, invest and protect their savings. The company traces its roots to the U.S. operations of ING Group, which were spun off in 2013 and rebranded as Voya Financial in 2014. Voya’s operations are built around a customer-centric approach, drawing on decades of experience in retirement planning and risk management to serve both individual and institutional clients.

Voya’s core business activities span three key segments: Retirement, Investment Management and Employee Benefits.