- Q3 adjusted operating earnings of $0.79 per share was shy of consensus by a penny, and by two cents from BTIG bull Mark Palmer's hope for $0.81. The miss, says Palmer, was probably due to a higher than expected share count.
- The good news, says Palmer, is management appears to be moving past its caution on share repurchases by boosting the buyback authorization by $600M. This brings the total allowed to $883M - more inline with nearly $1B in excess capital. A $200M share repurchase agreement is set for Q4.
- He reiterates his Buy rating and $50 price target (66% upside) based on 0.8x expected year-end book value (excl. AOCI).
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VOYA +0.35%