Zacks Investment Research upgraded shares of Invesco (NYSE:IVZ) from a sell rating to a hold rating in a research note published on Monday morning.
According to Zacks, “Shares of Invesco have significantly underperformed the industry over the past six months. The company’s earnings have surpassed the Zacks Consensus Estimate in two of the trailing four quarters. The company's operating expenses are expected to continue increasing in the quarters ahead, mainly due to its inorganic growth strategy and investment in franchise. Also, high debt levels and the presence of various intangible assets on the company's balance sheet remain major concerns. However, improving assets under management, acquisition of exchange-traded funds (ETF) operation of Guggenheim Partners LLC and diverse product offerings are likely to support growth. Also, the company's steady capital deployment activities reflect strong balance position.”
Other equities analysts also recently issued reports about the company. TheStreet downgraded Invesco from a b- rating to a c+ rating in a research report on Tuesday, May 29th. ValuEngine downgraded Invesco from a sell rating to a strong sell rating in a research report on Saturday, June 2nd. Keefe, Bruyette & Woods downgraded Invesco from an outperform rating to a market perform rating in a research report on Friday, July 13th. Credit Suisse Group dropped their target price on Invesco from $41.00 to $39.00 and set an outperform rating for the company in a research report on Friday, July 13th. Finally, Wells Fargo & Co dropped their target price on Invesco from $34.00 to $32.00 and set an outperform rating for the company in a research report on Friday, July 13th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and seven have issued a buy rating to the stock. Invesco has a consensus rating of Hold and an average price target of $35.79.
Invesco (NYSE:IVZ) last issued its quarterly earnings data on Thursday, July 26th. The asset manager reported $0.66 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.66. The firm had revenue of $974.00 million during the quarter, compared to the consensus estimate of $960.91 million. Invesco had a return on equity of 12.70% and a net margin of 21.64%. The company’s quarterly revenue was up 7.5% on a year-over-year basis. During the same period last year, the company earned $0.64 EPS. sell-side analysts forecast that Invesco will post 2.71 EPS for the current year.
The company also recently announced a quarterly dividend, which was paid on Tuesday, September 4th. Shareholders of record on Thursday, August 16th were given a $0.30 dividend. This represents a $1.20 annualized dividend and a yield of 5.22%. The ex-dividend date of this dividend was Wednesday, August 15th. Invesco’s dividend payout ratio is currently 44.44%.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Oppenheimer Asset Management Inc. grew its position in shares of Invesco by 62.3% during the second quarter. Oppenheimer Asset Management Inc. now owns 93,072 shares of the asset manager’s stock worth $2,472,000 after buying an additional 35,710 shares in the last quarter. Cadence Capital Management LLC grew its position in shares of Invesco by 9.8% during the second quarter. Cadence Capital Management LLC now owns 64,927 shares of the asset manager’s stock worth $1,724,000 after buying an additional 5,788 shares in the last quarter. BlackRock Inc. grew its position in shares of Invesco by 10.5% during the first quarter. BlackRock Inc. now owns 34,426,896 shares of the asset manager’s stock worth $1,102,006,000 after buying an additional 3,283,953 shares in the last quarter. Raymond James Financial Services Advisors Inc. grew its position in shares of Invesco by 18.6% during the second quarter. Raymond James Financial Services Advisors Inc. now owns 55,363 shares of the asset manager’s stock worth $1,470,000 after buying an additional 8,690 shares in the last quarter. Finally, Cornerstone Wealth Management LLC grew its position in shares of Invesco by 2,099.1% during the second quarter. Cornerstone Wealth Management LLC now owns 186,392 shares of the asset manager’s stock worth $6,957,000 after buying an additional 177,916 shares in the last quarter. 78.76% of the stock is owned by institutional investors.
Invesco Ltd. is a publicly owned investment manager. The firm provides its services to retail clients, institutional clients, high-net worth clients, public entities, corporations, unions, non-profit organizations, endowments, foundations, pension funds, financial institutions, and sovereign wealth funds.
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