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

Voya Financial, Inc. (NYSE:VOYA) announced a quarterly dividend on Tuesday, April 23rd, Zacks reports. Shareholders of record on Tuesday, May 28th will be paid a dividend of 0.40 per share by the asset manager on Wednesday, June 26th. This represents a $1.60 dividend on an annualized basis and a yield of 2.14%. The ex-dividend date is Friday, May 24th.

Voya Financial has increased its dividend payment by an average of 26.0% per year over the last three years and has increased its dividend every year for the last 5 years. Voya Financial has a payout ratio of 16.9% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect Voya Financial to earn $9.50 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

NYSE:VOYA opened at $74.88 on Thursday. The company has a fifty day simple moving average of $71.27 and a two-hundred day simple moving average of $71.04. The company has a market cap of $7.54 billion, a price-to-earnings ratio of 10.64, a price-to-earnings-growth ratio of 0.52 and a beta of 1.06. The company has a quick ratio of 0.30, a current ratio of 0.30 and a debt-to-equity ratio of 0.51. Voya Financial has a 52 week low of $63.02 and a 52 week high of $77.00.

Voya Financial (NYSE:VOYA) last posted its quarterly earnings results on Tuesday, April 30th. The asset manager reported $1.88 EPS for the quarter, topping the consensus estimate of $1.58 by $0.30. The business had revenue of $2.05 billion during the quarter, compared to the consensus estimate of $1.80 billion. Voya Financial had a net margin of 10.48% and a return on equity of 16.74%. The company’s quarterly revenue was up 11.8% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.69 earnings per share. As a group, equities analysts anticipate that Voya Financial will post 8.53 earnings per share for the current fiscal year.

Analysts Set New Price Targets

VOYA has been the subject of a number of analyst reports. Morgan Stanley lowered their target price on shares of Voya Financial from $79.00 to $78.00 and set an “overweight” rating for the company in a research note on Friday, March 1st. Piper Sandler boosted their target price on shares of Voya Financial from $78.00 to $86.00 and gave the stock an “overweight” rating in a research note on Friday, April 5th. Royal Bank of Canada lowered their target price on shares of Voya Financial from $85.00 to $83.00 and set an “outperform” rating for the company in a research note on Thursday, February 8th. Wells Fargo & Company upped their price objective on shares of Voya Financial from $91.00 to $92.00 and gave the company an “overweight” rating in a research note on Friday, May 10th. Finally, Evercore ISI upped their price objective on shares of Voya Financial from $79.00 to $80.00 and gave the company an “outperform” rating in a research note on Thursday, April 11th. Three investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat, Voya Financial presently has a consensus rating of “Moderate Buy” and a consensus price target of $83.44.

Voya Financial Company Profile

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.