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Citi downgrades Voya to neutral, says financial stock lacks catalysts to catch up to its peers

Traders on the floor of the New York Stock Exchange.
Source: NYSE

Voya Financial has lagged behind other financial stocks this year, and Citi says it's not clear how it can catch up.

The investment and insurance stock has risen 8.8% year to date, underperforming the broader market and financial stocks. Shares have been flat over the past three months, while the SPDR Select Financial Sector ETF has gained 8%.

Analyst Suneet Kamath downgraded the stock to neutral from buy, saying Thursday in a note to clients that Voya lacks catalysts and "low hanging fruit" to boost shares.

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