Voya Wins Regulatory Nod To Divest Particular person Life Business enterprise Road Is Bullish
2 min readVoya Economical declared that it has received the regulatory approval to divest its Particular person Everyday living and non-retirement legacy annuities company to insurance business, Resolution Everyday living Group Holdings. Voya expects the offer to close on Jan. 4, 2021.
Voya’s (VOYA) CEO Rodney O. Martin, Jr. mentioned, “Thanks to the motivation of workforce at both of those corporations, we have presently completed the operational and economic specifications wanted to close the transaction and be certain a smooth changeover for our shoppers.”
Voya also declared the resumption of its share repurchase program. The corporation entered into an accelerated share repurchase (ASR) arrangement with a 3rd-celebration economic institution and agreed to repurchase shares worthy of $150 million. The enterprise claimed, “The first shipping and delivery of shares beneath the ASR would get position in the fourth quarter of 2020, with final settlement throughout the very first quarter of 2021.” (See VOYA inventory examination on TipRanks).
Previously on Dec. 1, Credit Suisse analyst Andrew Kligerman raised the stock’s selling price goal to $78 (35.9% upside likely) from $66 and maintained a Invest in rating. The analyst continues to be optimistic about Voya Financial’s cash-gentle businesses. Kligerman added that the organization could use $1.5 billion of incremental capital from the divestiture to repurchase shares and debt retirement.
In general, the Street has a bullish outlook on the inventory. The Sturdy Acquire analyst consensus is based mostly on 8 Buys and 1 Hold. The average price goal stands at $66.22 and indicates upside opportunity of about 15.4% to recent amounts. Shares have declined 5.9% year-to-day.
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