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

Voya Financial, Inc. (NYSE:VOYA) declared a quarterly dividend on Tuesday, April 23rd, Zacks reports. Investors 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 dividend on an annualized basis and a yield of 2.15%. The ex-dividend date is Friday, May 24th.

Voya Financial has raised 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 dividend payout ratio of 16.9% indicating that its dividend is sufficiently covered by earnings. 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 Up 0.4 %

VOYA opened at $74.41 on Wednesday. Voya Financial has a fifty-two week low of $63.02 and a fifty-two week high of $77.00. The company has a debt-to-equity ratio of 0.51, a quick ratio of 0.30 and a current ratio of 0.30. The company has a fifty day moving average of $71.19 and a two-hundred day moving average of $71.01. The stock has a market capitalization of $7.49 billion, a price-to-earnings ratio of 10.57, a PEG ratio of 0.52 and a beta of 1.06.

Voya Financial (NYSE:VOYA) last released its quarterly earnings data on Tuesday, April 30th. The asset manager reported $1.88 earnings per share for the quarter, beating analysts’ consensus estimates of $1.58 by $0.30. Voya Financial had a net margin of 10.48% and a return on equity of 16.74%. The company had revenue of $2.05 billion during the quarter, compared to analysts’ expectations of $1.80 billion. During the same quarter in the previous year, the company earned $1.69 earnings per share. The firm’s revenue for the quarter was up 11.8% on a year-over-year basis. On average, research analysts expect that Voya Financial will post 8.53 earnings per share for the current year.

Analyst Upgrades and Downgrades

VOYA has been the subject of a number of recent analyst reports. Wells Fargo & Company lifted their price objective on shares of Voya Financial from $91.00 to $92.00 and gave the company an “overweight” rating in a report on Friday, May 10th. Morgan Stanley cut 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. 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. Royal Bank of Canada dropped their price objective 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. Finally, Piper Sandler upped their price objective on shares of Voya Financial from $78.00 to $86.00 and gave the company an “overweight” rating in a research note on Friday, April 5th. Three research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to MarketBeat, Voya Financial currently has a consensus rating of “Moderate Buy” and an average price target of $83.44.

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.