Waddell & Reed Financial (NYSE:WDR) Downgraded by Bank of America to Underperform

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Bank of America cut shares of Waddell & Reed Financial (NYSE:WDR) from a neutral rating to an underperform rating in a report released on Friday, BenzingaRatingsTable reports. The firm currently has $17.00 target price on the asset manager’s stock.

A number of other research firms have also recently commented on WDR. Evercore ISI set a $17.00 price objective on Waddell & Reed Financial and gave the company a hold rating in a report on Monday, August 12th. Citigroup set a $15.00 price objective on Waddell & Reed Financial and gave the company a sell rating in a report on Wednesday, July 31st. Five research analysts have rated the stock with a sell rating, three have issued a hold rating and one has given a buy rating to the company’s stock. The company has an average rating of Hold and a consensus price target of $16.86.

WDR opened at $17.83 on Friday. Waddell & Reed Financial has a one year low of $15.09 and a one year high of $21.63. The stock has a market capitalization of $1.32 billion, a PE ratio of 7.82, a P/E/G ratio of 4.30 and a beta of 1.44. The business’s 50 day moving average price is $16.44 and its 200 day moving average price is $17.16. The company has a debt-to-equity ratio of 0.11, a quick ratio of 1.20 and a current ratio of 3.78.

Waddell & Reed Financial (NYSE:WDR) last released its quarterly earnings data on Tuesday, July 30th. The asset manager reported $0.42 EPS for the quarter, beating analysts’ consensus estimates of $0.37 by $0.05. Waddell & Reed Financial had a return on equity of 17.88% and a net margin of 14.48%. The firm had revenue of $270.20 million for the quarter, compared to analysts’ expectations of $267.48 million. During the same period in the prior year, the firm posted $0.55 earnings per share. The firm’s quarterly revenue was down 8.5% on a year-over-year basis. As a group, equities research analysts forecast that Waddell & Reed Financial will post 1.68 earnings per share for the current fiscal year.

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Royal Bank of Canada raised its position in Waddell & Reed Financial by 15.5% in the second quarter. Royal Bank of Canada now owns 41,151 shares of the asset manager’s stock valued at $686,000 after purchasing an additional 5,518 shares during the period. Verition Fund Management LLC purchased a new stake in Waddell & Reed Financial in the second quarter valued at approximately $170,000. Factorial Partners LLC raised its position in Waddell & Reed Financial by 2.0% in the second quarter. Factorial Partners LLC now owns 51,000 shares of the asset manager’s stock valued at $850,000 after purchasing an additional 1,000 shares during the period. Schroder Investment Management Group raised its position in Waddell & Reed Financial by 189.2% in the second quarter. Schroder Investment Management Group now owns 45,988 shares of the asset manager’s stock valued at $767,000 after purchasing an additional 30,088 shares during the period. Finally, Nuveen Asset Management LLC purchased a new stake in Waddell & Reed Financial in the second quarter valued at approximately $5,072,000.

Waddell & Reed Financial Company Profile

Waddell & Reed Financial, Inc, through its subsidiaries, provides investment management and advisory, investment product underwriting and distribution, and shareholder services administration to mutual funds, and institutional and separately managed accounts in the United States. The company acts as an investment adviser for institutional and other private investors, and provides sub advisory services to other investment companies; and underwrites and distributes registered open-end mutual fund portfolios.

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Analyst Recommendations for Waddell & Reed Financial (NYSE:WDR)

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