Bank of America Corp DE Makes New $34.06 Million Investment in Voya Financial, Inc. $VOYA

Key Points

• Bank of America acquired 376,234 Voya Financial shares during the second quarter, valued at approximately $34.06 million and representing a 0.42% stake.
• Institutional ownership remains high at 96.1%, with BlackRock and Bank of New York Mellon also establishing sizable positions. Analysts hold a “Moderate Buy” consensus rating and an average price target of $103.85.
• Voya reported quarterly earnings of $1.51 per share, missing the $1.98 consensus estimate, while revenue declined 4.3% year over year. The company declared a quarterly dividend of $0.47 per share, equivalent to a 1.9% annual yield.

Bank of America Corp DE acquired a new position in Voya Financial, Inc. (NYSE:VOYA - Free Report) during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund acquired 376,234 shares of the asset manager's stock, valued at approximately $34,060,000. Bank of America Corp DE owned 0.42% of Voya Financial as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also made changes to their positions in the company. BlackRock Inc. acquired a new position in shares of Voya Financial during the second quarter valued at about $850,187,000. Bank of New York Mellon Corp bought a new position in Voya Financial during the second quarter valued at about $520,280,000. Pzena Investment Management LLC raised its holdings in Voya Financial by 1.3% in the 1st quarter. Pzena Investment Management LLC now owns 3,673,118 shares of the asset manager's stock valued at $250,947,000 after acquiring an additional 46,906 shares in the last quarter. Dimensional Fund Advisors LP raised its holdings in Voya Financial by 10.2% in the 1st quarter. Dimensional Fund Advisors LP now owns 2,699,676 shares of the asset manager's stock valued at $184,436,000 after acquiring an additional 248,935 shares in the last quarter. Finally, Geode Capital Management LLC lifted its position in shares of Voya Financial by 4.0% in the 4th quarter. Geode Capital Management LLC now owns 1,827,362 shares of the asset manager's stock worth $136,146,000 after acquiring an additional 70,208 shares during the period. Institutional investors and hedge funds own 96.10% of the company's stock.

Analysts Set New Price Targets

VOYA has been the topic of a number of recent research reports. Royal Bank Of Canada lifted their price target on shares of Voya Financial from $107.00 to $110.00 and gave the stock an "outperform" rating in a research note on Thursday, August 6th. Morgan Stanley raised their price objective on shares of Voya Financial from $92.00 to $105.00 and gave the stock an "overweight" rating in a report on Monday, August 24th. Raymond James Financial upgraded shares of Voya Financial from a "market perform" rating to a "strong-buy" rating and set a $117.00 target price on the stock in a research report on Monday, June 8th. JPMorgan Chase & Co. upped their target price on shares of Voya Financial from $105.00 to $109.00 and gave the company a "neutral" rating in a research note on Tuesday, August 11th. Finally, Keefe, Bruyette & Woods increased their price target on shares of Voya Financial from $109.00 to $110.00 and gave the stock an "outperform" rating in a research report on Tuesday, August 11th. One equities research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat.com, Voya Financial currently has a consensus rating of "Moderate Buy" and an average price target of $103.85.

Voya Financial Stock Performance

NYSE VOYA opened at $97.81 on Wednesday. Voya Financial, Inc. has a 1-year low of $64.50 and a 1-year high of $105.64. The company has a 50 day moving average of $100.50 and a 200-day moving average of $87.28. The company has a current ratio of 0.27, a quick ratio of 0.27 and a debt-to-equity ratio of 0.51. The firm has a market cap of $8.86 billion, a price-to-earnings ratio of 16.49, a PEG ratio of 0.97 and a beta of 0.90.

Voya Financial (NYSE:VOYA - Get Free Report) last released its quarterly earnings results on Tuesday, August 4th. The asset manager reported $1.51 earnings per share for the quarter, missing analysts' consensus estimates of $1.98 by ($0.47). The business had revenue of $1.88 billion for the quarter, compared to analyst estimates of $1.90 billion. Voya Financial had a net margin of 7.45% and a return on equity of 12.31%. The company's revenue for the quarter was down 4.3% on a year-over-year basis. During the same period in the prior year, the business earned $1.66 earnings per share. On average, equities analysts forecast that Voya Financial, Inc. will post 9.21 earnings per share for the current fiscal year.

Voya Financial Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 28th. Shareholders of record on Wednesday, August 26th will be issued a dividend of $0.47 per share. The ex-dividend date of this dividend is Wednesday, August 26th. This represents a $1.88 dividend on an annualized basis and a yield of 1.9%. Voya Financial's dividend payout ratio is currently 31.70%.

Voya Financial Profile

Voya Financial, Inc is a U.S.-based financial services company that helps individuals, employers and institutions plan for retirement, manage investments and address employee benefits needs. Its operations are organized primarily around retirement, employee benefits and investment management.

Through its retirement business, Voya provides workplace retirement plans, including defined contribution and defined benefit solutions, as well as individual retirement products and financial-wellness resources.

Want to see what other hedge funds are holding VOYA? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Voya Financial, Inc. (NYSE:VOYA - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.