Zacks Investment Research upgraded shares of Invesco (NYSE:IVZ) from a hold rating to a buy rating in a research note published on Wednesday morning. The firm currently has $41.00 target price on the asset manager’s stock.
According to Zacks, “Shares of Invesco have significantly underperformed the industry over the last six months. Yet, the company has an impressive earnings surprise history, having surpassed the Zacks Consensus Estimate in all the trailing four quarters. With an aim to enhance its exchange-traded funds (ETF) operation, the company inked a deal to acquire the ETF business of Guggenheim Partners LLC. Also, strong balance sheet position along with cost savings efforts, improving assets under management (AUM) and diverse product offerings are likely to continue supporting growth. However, high-debt levels and amortization of goodwill and intangible assets might adversely affect its profitability in the long run.”
Several other equities analysts also recently commented on the company. Royal Bank of Canada set a $47.00 target price on Invesco and gave the company a buy rating in a research report on Saturday, December 16th. ValuEngine raised Invesco from a hold rating to a buy rating in a research report on Wednesday, December 6th. Wells Fargo & Co upped their target price on Invesco from $38.00 to $40.00 and gave the company an outperform rating in a research report on Wednesday, October 11th. Keefe, Bruyette & Woods reaffirmed a buy rating and issued a $39.00 target price on shares of Invesco in a research report on Tuesday, October 3rd. Finally, Goldman Sachs Group downgraded Invesco from a buy rating to a neutral rating and decreased their target price for the company from $38.00 to $36.00 in a research report on Thursday, September 28th. One research analyst has rated the stock with a sell rating, five have given a hold rating and nine have assigned a buy rating to the company. Invesco currently has a consensus rating of Buy and an average price target of $39.17.
Invesco (NYSE:IVZ) last released its quarterly earnings data on Thursday, October 26th. The asset manager reported $0.71 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.66 by $0.05. The firm had revenue of $976.60 million for the quarter, compared to analyst estimates of $940.96 million. Invesco had a return on equity of 13.02% and a net margin of 18.99%. The business’s revenue for the quarter was up 14.3% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.60 earnings per share. equities research analysts forecast that Invesco will post 2.66 earnings per share for the current fiscal year.
In related news, insider Colin Meadows sold 54,215 shares of the stock in a transaction that occurred on Tuesday, October 31st. The stock was sold at an average price of $36.01, for a total transaction of $1,952,282.15. Following the sale, the insider now owns 164,420 shares of the company’s stock, valued at $5,920,764.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 1.80% of the company’s stock.
A number of large investors have recently modified their holdings of the stock. Flinton Capital Management LLC boosted its holdings in shares of Invesco by 0.8% in the 2nd quarter. Flinton Capital Management LLC now owns 10,368 shares of the asset manager’s stock valued at $365,000 after purchasing an additional 80 shares in the last quarter. Riverhead Capital Management LLC boosted its holdings in shares of Invesco by 1.3% in the 2nd quarter. Riverhead Capital Management LLC now owns 11,593 shares of the asset manager’s stock valued at $408,000 after purchasing an additional 144 shares in the last quarter. Cubist Systematic Strategies LLC boosted its holdings in shares of Invesco by 0.3% in the 2nd quarter. Cubist Systematic Strategies LLC now owns 61,079 shares of the asset manager’s stock valued at $2,149,000 after purchasing an additional 202 shares in the last quarter. Veritable L.P. boosted its holdings in shares of Invesco by 1.9% in the 2nd quarter. Veritable L.P. now owns 11,997 shares of the asset manager’s stock valued at $422,000 after purchasing an additional 219 shares in the last quarter. Finally, Sentry Investment Management LLC boosted its holdings in shares of Invesco by 0.9% in the 2nd quarter. Sentry Investment Management LLC now owns 25,726 shares of the asset manager’s stock valued at $905,000 after purchasing an additional 229 shares in the last quarter. 81.30% of the stock is currently owned by institutional investors and hedge funds.
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Invesco Ltd. (Invesco) is an independent investment management company. The Company provides a range of investment capabilities and outcomes, which are delivered through a set of investment vehicles, to help clients achieve their investment objectives. It has a presence in the retail and institutional markets within the investment management industry in North America; Europe, Middle East and Africa (EMEA), and Asia-Pacific.
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