Voya Financial, Inc. Declares Quarterly Dividend of $0.40 (NYSE:VOYA)

Voya Financial, Inc. (NYSE:VOYA) declared a quarterly dividend on Tuesday, April 23rd, Zacks reports. Shareholders of record on Tuesday, May 28th will be given a dividend of 0.40 per share by the asset manager on Wednesday, June 26th. This represents a $1.60 annualized dividend and a yield of 2.30%. The ex-dividend date of this dividend is Tuesday, May 28th.

Voya Financial has increased its dividend by an average of 26.0% per year over the last three years and has increased its dividend annually for the last 1 consecutive years. Voya Financial has a payout ratio of 16.8% indicating that its dividend is sufficiently covered by earnings. Analysts expect Voya Financial to earn $9.52 per share next year, which means the company should continue to be able to cover its $1.60 annual dividend with an expected future payout ratio of 16.8%.

Voya Financial Stock Performance

VOYA stock opened at $69.58 on Thursday. The business’s 50-day moving average price is $69.73 and its two-hundred day moving average price is $70.30. The company has a current ratio of 0.30, a quick ratio of 0.30 and a debt-to-equity ratio of 0.55. The firm has a market cap of $7.05 billion, a PE ratio of 12.81, a P/E/G ratio of 0.46 and a beta of 1.06. Voya Financial has a 1-year low of $63.02 and a 1-year high of $77.28.

Voya Financial (NYSE:VOYA) last posted its earnings results on Tuesday, February 6th. The asset manager reported $1.97 earnings per share for the quarter, topping the consensus estimate of $1.95 by $0.02. The firm had revenue of $236.00 million for the quarter, compared to analyst estimates of $304.66 million. Voya Financial had a return on equity of 16.60% and a net margin of 8.51%. As a group, research analysts forecast that Voya Financial will post 8.42 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on the company. Royal Bank of Canada reduced their target price on Voya Financial from $85.00 to $83.00 and set an “outperform” rating on the stock in a report on Thursday, February 8th. Evercore ISI lifted their target price on Voya Financial from $79.00 to $80.00 and gave the stock an “outperform” rating in a report on Thursday, April 11th. Piper Sandler boosted their price target on Voya Financial from $78.00 to $86.00 and gave the company an “overweight” rating in a report on Friday, April 5th. Wells Fargo & Company boosted their price target on Voya Financial from $85.00 to $91.00 and gave the company an “overweight” rating in a report on Thursday, April 11th. Finally, The Goldman Sachs Group restated a “neutral” rating and issued a $82.00 price target on shares of Voya Financial in a report on Monday, January 8th. Three research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to data from MarketBeat, Voya Financial has a consensus rating of “Moderate Buy” and an average price target of $82.50.

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.