Financial services company Voya Financial (NYSE: VOYA) will be reporting earnings this Tuesday after market close. Here’s what investors should know.
Voya Financial beat analysts’ revenue expectations last quarter, reporting revenues of $1.93 billion, up 2.3% year on year. It was a stunning quarter for the company, with a beat of analysts’ EPS estimates.
Is Voya Financial a buy or sell going into earnings? Read our full analysis here, it’s free for active Edge members.
This quarter, the market is expecting Voya Financial’s revenue to be flat year on year, slowing from the 2.2% increase it recorded in the same quarter last year.
Analysts covering the company have generally reconfirmed their estimates over the last 30 days, suggesting they anticipate the business will stay the course heading into earnings. Voya Financial rarely misses Wall Street’s revenue estimates.
Looking at Voya Financial’s peers in the custody bank segment, some have already reported their Q2 results, giving us a hint as to what we can expect. WisdomTree delivered year-on-year revenue growth of 57.3%, beating analysts’ expectations by 3.4%, and BNY reported revenues up 13.3%, topping estimates by 5.4%. BNY traded up 4.1% following the results.
Read our full analysis of WisdomTree’s results here and BNY’s results here.
There has been positive sentiment among investors in the custody bank segment, with share prices up 2.4% on average over the last month. Voya Financial is up 3.3% during the same time and is heading into earnings with an average analyst price target of $104.25 (compared to the current share price of $99.43).
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