Voya Financial (VOYA) Stock Tumbles on Earnings Miss

Voya Financial (VOYA) stock is declining after the company reported disappointing 2015 third quarter financial results.
By Amanda Gomez ,

NEW YORK (TheStreet) -- Voya Financial (VOYA) - Get Report stock is falling 3.39% to $39.31 on heavy trading volume on Wednesday afternoon after the company reported lower than expected financial results for the third quarter of 2015.

Before the market open this morning, the investment and insurance company reported earnings of 42 cents per share for the quarter ended September 30, missing estimates of 79 cents per share.

Revenue declined 37% year-over-year to $210 million, falling short of estimates of $330.83 million.

"Despite the market volatility we saw during the quarter, our most equity market sensitive businesses - retirement and investment management - performed well," CEO Rodney Martin said in a statement.

Ongoing earnings from the retirement segment declined 32% year-over-year to $80 million, while investment management earnings dropped 22% to $46 million.

So far today, 2.76 million shares of Voya Financial have exchanged hands, compared with its average daily volume of 2.04 million shares.

Separately, TheStreet Ratings team rates VOYA FINANCIAL INC as a Hold with a ratings score of C. TheStreet Ratings Team has this to say about their recommendation:

We rate VOYA FINANCIAL INC (VOYA) a HOLD. The primary factors that have impacted our rating are mixed - some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its revenue growth, increase in stock price during the past year and notable return on equity. However, as a counter to these strengths, we also find weaknesses including weak operating cash flow and poor profit margins.

You can view the full analysis from the report here: VOYA

VOYA

data by

YCharts

Any reference to TheStreet Ratings and its underlying recommendation does not reflect the opinion of Jim Cramer, TheStreet or any of its contributors.

Loading ...