Hennessy Advisors Inc. Sells 62,100 Shares of Voya Financial, Inc. $VOYA

Key Points

• Hennessy Advisors Inc. has reduced its stake in Voya Financial, Inc. by 10% during the second quarter, selling 62,100 shares, and now holds 562,000 shares valued at approximately $39.9 million.
• Voya Financial's stock has received multiple upgrades from analysts, with Royal Bank of Canada setting a new price target of $87.00 and JPMorgan Chase raising theirs to $89.00, reflecting positive sentiment in market expectations.
• The company recently announced a quarterly dividend of $0.45 per share, yielding around 2.4%, with a payout ratio of 36% as part of its financial performance strategy.

Hennessy Advisors Inc. cut its holdings in shares of Voya Financial, Inc. (NYSE:VOYA - Free Report) by 10.0% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 562,000 shares of the asset manager's stock after selling 62,100 shares during the quarter. Voya Financial makes up 1.3% of Hennessy Advisors Inc.'s investment portfolio, making the stock its 17th largest holding. Hennessy Advisors Inc. owned 0.58% of Voya Financial worth $39,902,000 as of its most recent SEC filing.

Several other large investors have also recently made changes to their positions in the business. Lecap Asset Management Ltd. purchased a new stake in shares of Voya Financial during the 2nd quarter valued at $1,124,000. Washington Capital Management Inc. purchased a new stake in shares of Voya Financial during the 2nd quarter valued at $490,000. Paragon Capital Management Ltd increased its position in shares of Voya Financial by 10.1% during the 2nd quarter. Paragon Capital Management Ltd now owns 3,460 shares of the asset manager's stock valued at $246,000 after purchasing an additional 318 shares during the last quarter. Public Employees Retirement System of Ohio increased its position in shares of Voya Financial by 0.7% during the 2nd quarter. Public Employees Retirement System of Ohio now owns 32,078 shares of the asset manager's stock valued at $2,278,000 after purchasing an additional 227 shares during the last quarter. Finally, GAMMA Investing LLC increased its position in shares of Voya Financial by 58.6% during the 2nd quarter. GAMMA Investing LLC now owns 2,449 shares of the asset manager's stock valued at $174,000 after purchasing an additional 905 shares during the last quarter. 96.10% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

VOYA has been the subject of several research analyst reports. Weiss Ratings reaffirmed a "buy (b-)" rating on shares of Voya Financial in a research report on Saturday, September 27th. Royal Bank Of Canada lifted their price objective on Voya Financial from $80.00 to $87.00 and gave the stock an "outperform" rating in a report on Tuesday, August 19th. JPMorgan Chase & Co. lifted their price objective on Voya Financial from $80.00 to $89.00 and gave the stock a "neutral" rating in a report on Tuesday, July 8th. UBS Group lifted their price objective on Voya Financial from $87.00 to $90.00 and gave the stock a "buy" rating in a report on Wednesday, August 6th. Finally, Wells Fargo & Company lifted their price objective on Voya Financial from $76.00 to $82.00 and gave the stock an "equal weight" rating in a report on Thursday, July 10th. Seven investment analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $83.70.

Voya Financial Stock Up 0.4%

Shares of NYSE VOYA opened at $75.00 on Friday. Voya Financial, Inc. has a 52 week low of $52.43 and a 52 week high of $84.30. The business has a 50-day simple moving average of $74.30 and a two-hundred day simple moving average of $68.91. The company has a quick ratio of 0.28, a current ratio of 0.28 and a debt-to-equity ratio of 0.44. The company has a market cap of $7.23 billion, a P/E ratio of 15.00, a P/E/G ratio of 0.55 and a beta of 0.98.

Voya Financial (NYSE:VOYA - Get Free Report) last issued its earnings results on Tuesday, August 5th. The asset manager reported $2.40 EPS for the quarter, topping the consensus estimate of $2.09 by $0.31. Voya Financial had a return on equity of 13.72% and a net margin of 6.73%.The business had revenue of $1.98 billion during the quarter, compared to the consensus estimate of $1.94 billion. During the same quarter last year, the company earned $2.18 EPS. The firm's revenue was down 2.6% compared to the same quarter last year. Research analysts anticipate that Voya Financial, Inc. will post 8.39 earnings per share for the current fiscal year.

Voya Financial Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, September 26th. Shareholders of record on Tuesday, August 26th were paid a $0.45 dividend. The ex-dividend date was Tuesday, August 26th. This represents a $1.80 annualized dividend and a yield of 2.4%. Voya Financial's dividend payout ratio (DPR) is currently 36.00%.

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.

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