Voya Financial, Inc. (NYSE:VOYA) Increases Dividend to $0.45 Per Share

Voya Financial, Inc. (NYSE:VOYA) declared a quarterly dividend on Friday, July 26th, Wall Street Journal reports. Shareholders of record on Tuesday, August 27th will be paid a dividend of 0.45 per share by the asset manager on Thursday, September 26th. This represents a $1.80 dividend on an annualized basis and a yield of 2.45%. The ex-dividend date is Tuesday, August 27th. This is an increase from Voya Financial’s previous quarterly dividend of $0.40.

Voya Financial has increased its dividend by an average of 26.0% annually over the last three years. Voya Financial has a dividend payout ratio of 16.9% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect Voya Financial to earn $9.47 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 16.9%.

Voya Financial Stock Up 1.7 %

Shares of VOYA traded up $1.21 during midday trading on Friday, hitting $73.52. 754,104 shares of the company’s stock traded hands, compared to its average volume of 828,827. The company has a current ratio of 0.30, a quick ratio of 0.30 and a debt-to-equity ratio of 0.51. The stock has a market capitalization of $7.40 billion, a price-to-earnings ratio of 10.46, a price-to-earnings-growth ratio of 0.52 and a beta of 1.05. Voya Financial has a 1 year low of $63.02 and a 1 year high of $77.00. The firm’s fifty day moving average is $72.80 and its 200-day moving average is $71.27.

Voya Financial (NYSE:VOYA) last issued its quarterly earnings results on Tuesday, April 30th. The asset manager reported $1.88 earnings per share for the quarter, topping the consensus estimate of $1.58 by $0.30. The company had revenue of $2.05 billion for 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%. Voya Financial’s quarterly revenue was up 11.8% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.69 EPS. As a group, sell-side analysts anticipate that Voya Financial will post 8.42 earnings per share for the current year.

Analyst Ratings Changes

Several equities analysts have recently weighed in on the stock. Citigroup lifted their target price on shares of Voya Financial from $86.00 to $91.00 and gave the company a “buy” rating in a report on Tuesday. Evercore ISI lifted their price objective on shares of Voya Financial from $79.00 to $80.00 and gave the company an “outperform” rating in a report on Thursday, April 11th. JPMorgan Chase & Co. increased their target price on shares of Voya Financial from $85.00 to $88.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 2nd. Bank of America lifted their price target on Voya Financial from $80.00 to $83.00 and gave the company a “buy” rating in a research note on Thursday, July 11th. Finally, Jefferies Financial Group increased their price target on Voya Financial from $78.00 to $80.00 and gave the stock a “hold” rating in a research report on Thursday, July 18th. Three investment analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to MarketBeat, Voya Financial has an average rating of “Moderate Buy” and a consensus price target of $84.30.

Insider Transactions at Voya Financial

In other Voya Financial news, Director Yvette S. Butler sold 2,165 shares of the company’s stock in a transaction on Friday, May 24th. The stock was sold at an average price of $73.78, for a total value of $159,733.70. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 1.37% of the company’s stock.

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.