Voya Financial, Inc. $VOYA Shares Sold by Bank of America Corp DE

Key Points

• Bank of America reduced its Voya Financial stake by 23.7% in the first quarter, selling 66,042 shares and retaining 212,488 shares worth approximately $14.5 million. Institutional investors collectively own 96.1% of VOYA.
• Analysts maintain a generally positive outlook, with a consensus “Moderate Buy” rating and an average price target of $102.85, compared with the stock’s recent price of $97.74.
• Voya reported quarterly EPS of $1.51, missing estimates of $1.98, while revenue declined 4.3% year over year to $1.88 billion. The company declared a quarterly dividend of $0.47 per share, representing a 1.9% annual yield.

Bank of America Corp DE lowered its stake in shares of Voya Financial, Inc. (NYSE:VOYA - Free Report) by 23.7% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 212,488 shares of the asset manager's stock after selling 66,042 shares during the quarter. Bank of America Corp DE owned approximately 0.23% of Voya Financial worth $14,517,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. Allworth Financial LP increased its holdings in shares of Voya Financial by 75.5% in the 3rd quarter. Allworth Financial LP now owns 351 shares of the asset manager's stock worth $26,000 after acquiring an additional 151 shares during the period. Atlas Capital Advisors Inc. bought a new stake in Voya Financial in the 4th quarter valued at about $28,000. Systematic Financial Management LP acquired a new position in Voya Financial during the 4th quarter valued at about $37,000. Root Financial Partners LLC boosted its stake in Voya Financial by 59.6% during the 1st quarter. Root Financial Partners LLC now owns 573 shares of the asset manager's stock valued at $39,000 after purchasing an additional 214 shares during the period. Finally, EverSource Wealth Advisors LLC grew its position in Voya Financial by 625.0% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 551 shares of the asset manager's stock worth $39,000 after purchasing an additional 475 shares during the last quarter. 96.10% of the stock is currently owned by institutional investors.

Insider Activity

In related news, insider Trevor Ogle sold 3,994 shares of Voya Financial stock in a transaction on Monday, June 8th. The shares were sold at an average price of $90.00, for a total value of $359,460.00. Following the completion of the sale, the insider owned 2,887 shares of the company's stock, valued at approximately $259,830. The trade was a 58.04% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 1.57% of the company's stock.

Analyst Upgrades and Downgrades

VOYA has been the subject of several analyst reports. Wells Fargo & Company boosted their price objective on Voya Financial from $100.00 to $104.00 and gave the stock an "equal weight" rating in a research report on Wednesday. TD Cowen raised their target price on Voya Financial from $112.00 to $120.00 and gave the company a "buy" rating in a research report on Wednesday, July 22nd. Keefe, Bruyette & Woods lifted their target price on Voya Financial from $109.00 to $110.00 and gave the company an "outperform" rating in a research note on Tuesday, August 11th. Weiss Ratings lowered Voya Financial from a "buy (b)" rating to a "buy (b-)" rating in a research report on Tuesday, August 11th. Finally, Evercore reissued an "outperform" rating and issued a $111.00 price target on shares of Voya Financial in a research note on Friday, August 7th. 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 assigned a Sell rating to the stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $102.85.

Voya Financial Stock Performance

Shares of NYSE VOYA opened at $97.74 on Friday. The company has a debt-to-equity ratio of 0.51, a current ratio of 0.27 and a quick ratio of 0.27. Voya Financial, Inc. has a one year low of $64.50 and a one year high of $103.85. The business's 50-day moving average price is $96.73 and its two-hundred day moving average price is $82.74. The company has a market capitalization of $8.86 billion, a P/E ratio of 16.48, a price-to-earnings-growth ratio of 0.94 and a beta of 0.89.

Voya Financial (NYSE:VOYA - Get Free Report) last announced its quarterly earnings results on Tuesday, August 4th. The asset manager reported $1.51 EPS for the quarter, missing the consensus estimate of $1.98 by ($0.47). The firm had revenue of $1.88 billion during the quarter, compared to the consensus estimate of $1.90 billion. Voya Financial had a net margin of 7.45% and a return on equity of 12.31%. The company's quarterly revenue was down 4.3% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.66 EPS. Analysts anticipate that Voya Financial, Inc. will post 9.27 earnings per share for the current fiscal year.

Voya Financial Announces Dividend

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

Voya Financial Company Profile

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.

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.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source