Voya Financial (NYSE:VOYA) Shares Gap Down Following Weak Earnings

Posted by Defense World Staff on May 4th, 2023

Voya Financial, Inc. (NYSE:VOYA – Get Rating)’s share price gapped down before the market opened on Wednesday after the company announced weaker than expected quarterly earnings. The stock had previously closed at $74.82, but opened at $68.00. Voya Financial shares last traded at $71.97, with a volume of 613,285 shares.

The asset manager reported $1.69 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.72 by ($0.03). The firm had revenue of $1.84 billion during the quarter, compared to analyst estimates of $288.10 million. Voya Financial had a return on equity of 13.09% and a net margin of 9.37%. During the same period in the prior year, the firm earned $1.47 earnings per share.

Voya Financial Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 28th. Shareholders of record on Friday, May 26th will be paid a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a yield of 1.16%. The ex-dividend date of this dividend is Thursday, May 25th. Voya Financial’s dividend payout ratio (DPR) is currently 18.18%.

Analyst Ratings Changes

A number of equities analysts have weighed in on the company. Royal Bank of Canada boosted their price objective on Voya Financial from $79.00 to $87.00 and gave the stock an “outperform” rating in a research note on Monday, February 13th. Wells Fargo & Company lowered their price objective on Voya Financial from $89.00 to $86.00 and set an “overweight” rating on the stock in a research note on Wednesday, April 5th. Jefferies Financial Group boosted their price objective on Voya Financial from $74.00 to $78.00 and gave the stock a “hold” rating in a research note on Tuesday, February 21st. Truist Financial upped their price target on Voya Financial from $70.00 to $80.00 and gave the company a “hold” rating in a research note on Thursday, February 9th. Finally, Piper Sandler upped their price target on Voya Financial from $78.00 to $84.00 in a research note on Thursday, February 9th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, Voya Financial presently has an average rating of “Moderate Buy” and a consensus target price of $82.92.

Insider Activity at Voya Financial

In related news, CEO Rodney O. Martin, Jr. sold 109,588 shares of the business’s stock in a transaction on Thursday, February 9th. The stock was sold at an average price of $74.23, for a total value of $8,134,717.24. Following the sale, the chief executive officer now owns 220,882 shares in the company, valued at approximately $16,396,070.86. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other Voya Financial news, Director Rodney O. Martin, Jr. sold 70,774 shares of the company’s stock in a transaction dated Wednesday, February 22nd. The stock was sold at an average price of $73.59, for a total transaction of $5,208,258.66. Following the sale, the director now owns 228,208 shares in the company, valued at approximately $16,793,826.72. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Rodney O. Martin, Jr. sold 109,588 shares of the company’s stock in a transaction dated Thursday, February 9th. The stock was sold at an average price of $74.23, for a total value of $8,134,717.24. Following the sale, the chief executive officer now owns 220,882 shares in the company, valued at approximately $16,396,070.86. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 223,650 shares of company stock worth $16,595,760. 1.44% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Voya Financial

Large investors have recently bought and sold shares of the stock. American Century Companies Inc. increased its holdings in shares of Voya Financial by 73.0% in the 1st quarter. American Century Companies Inc. now owns 32,836 shares of the asset manager’s stock valued at $2,179,000 after acquiring an additional 13,861 shares during the last quarter. HighTower Advisors LLC increased its holdings in shares of Voya Financial by 6.5% in the 1st quarter. HighTower Advisors LLC now owns 3,960 shares of the asset manager’s stock valued at $262,000 after acquiring an additional 243 shares during the last quarter. PNC Financial Services Group Inc. increased its holdings in shares of Voya Financial by 41.0% in the 1st quarter. PNC Financial Services Group Inc. now owns 4,368 shares of the asset manager’s stock valued at $290,000 after acquiring an additional 1,270 shares during the last quarter. Natixis Advisors L.P. increased its holdings in shares of Voya Financial by 18.9% in the 1st quarter. Natixis Advisors L.P. now owns 28,056 shares of the asset manager’s stock valued at $1,862,000 after acquiring an additional 4,469 shares during the last quarter. Finally, D.A. Davidson & CO. purchased a new position in shares of Voya Financial in the 1st quarter valued at about $226,000.

Voya Financial Trading Down 7.6 %

The firm has a market cap of $6.79 billion, a PE ratio of 15.71, a P/E/G ratio of 0.68 and a beta of 1.15. The company has a current ratio of 0.31, a quick ratio of 0.31 and a debt-to-equity ratio of 0.57. The business has a fifty day moving average price of $72.12 and a 200 day moving average price of $68.38.

Voya Financial Company Profile

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Voya Financial, Inc is a retirement, investment, and insurance company, which engages in the provision of financial services. It operates through the following segments: Retirement, Investment Management, and Employee Benefits. The Retirement segment offers tax-deferred, employer-sponsored retirement savings plans and administrative services.