Credit Suisse Group Trims Waddell & Reed Financial, Inc. (WDR) Target Price to $18.00
Waddell & Reed Financial, Inc. (NYSE:WDR) had its price objective decreased by analysts at Credit Suisse Group from $19.00 to $18.00 in a note issued to investors on Friday. The brokerage currently has an “underperform” rating on the asset manager’s stock. Credit Suisse Group’s price objective would suggest a potential downside of 4.05% from the stock’s current price.
WDR has been the topic of a number of other research reports. ValuEngine upgraded Waddell & Reed Financial from a “hold” rating to a “buy” rating in a research report on Tuesday, June 20th. BidaskClub upgraded Waddell & Reed Financial from a “hold” rating to a “buy” rating in a research report on Thursday, June 15th. Keefe, Bruyette & Woods reiterated a “hold” rating and issued a $20.00 target price on shares of Waddell & Reed Financial in a research report on Thursday, August 3rd. Jefferies Group LLC reiterated a “hold” rating and issued a $19.00 target price (down previously from $20.00) on shares of Waddell & Reed Financial in a research report on Wednesday, August 2nd. Finally, Royal Bank Of Canada set a $18.00 target price on Waddell & Reed Financial and gave the company a “sell” rating in a research report on Wednesday, August 2nd. Five equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and one has issued a buy rating to the company’s stock. Waddell & Reed Financial has an average rating of “Hold” and an average target price of $18.06.
Shares of Waddell & Reed Financial (NYSE WDR) traded up 0.187% during mid-day trading on Friday, reaching $18.795. 450,149 shares of the company traded hands. Waddell & Reed Financial has a 52 week low of $15.02 and a 52 week high of $22.45. The firm has a 50 day moving average of $19.90 and a 200-day moving average of $18.23. The stock has a market capitalization of $1.57 billion, a PE ratio of 11.813 and a beta of 2.04.
Waddell & Reed Financial (NYSE:WDR) last posted its earnings results on Tuesday, August 1st. The asset manager reported $0.39 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.37 by $0.02. Waddell & Reed Financial had a return on equity of 18.75% and a net margin of 11.34%. The company had revenue of $286.70 million for the quarter, compared to analyst estimates of $285.25 million. During the same quarter in the previous year, the firm earned $0.59 earnings per share. The firm’s quarterly revenue was down 10.2% compared to the same quarter last year. On average, equities research analysts expect that Waddell & Reed Financial will post $1.45 EPS for the current fiscal year.
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In related news, VP Benjamin R. Clouse sold 5,903 shares of the stock in a transaction on Monday, August 7th. The stock was sold at an average price of $20.01, for a total value of $118,119.03. Following the completion of the transaction, the vice president now directly owns 25,845 shares of the company’s stock, valued at approximately $517,158.45. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Alan W. Kosloff sold 25,076 shares of the stock in a transaction on Thursday, August 3rd. The shares were sold at an average price of $19.40, for a total value of $486,474.40. Following the completion of the transaction, the director now directly owns 71,873 shares of the company’s stock, valued at $1,394,336.20. The disclosure for this sale can be found here. Corporate insiders own 3.80% of the company’s stock.
A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Riverhead Capital Management LLC increased its position in Waddell & Reed Financial by 79.0% in the second quarter. Riverhead Capital Management LLC now owns 6,624 shares of the asset manager’s stock valued at $125,000 after buying an additional 2,924 shares in the last quarter. CIBC Asset Management Inc bought a new stake in shares of Waddell & Reed Financial during the second quarter valued at about $194,000. Advantus Capital Management Inc boosted its stake in shares of Waddell & Reed Financial by 4.8% in the first quarter. Advantus Capital Management Inc now owns 10,790 shares of the asset manager’s stock valued at $183,000 after buying an additional 498 shares during the last quarter. CIBC World Markets Inc. bought a new stake in shares of Waddell & Reed Financial during the second quarter valued at about $205,000. Finally, Bridgecreek Investment Management LLC boosted its stake in shares of Waddell & Reed Financial by 10.0% in the first quarter. Bridgecreek Investment Management LLC now owns 11,000 shares of the asset manager’s stock valued at $187,000 after buying an additional 1,000 shares during the last quarter. 93.99% of the stock is owned by hedge funds and other institutional investors.
Waddell & Reed Financial Company Profile
Waddell & Reed Financial, Inc, incorporated on December 24, 1981, is a holding company. The Company is a mutual fund and asset management company. The Company provides investment management, investment advisory, investment product underwriting, and distribution and shareholder services administration to Waddell & Reed Advisors group of mutual funds (the Advisors Funds), Ivy Funds, Ivy Funds Variable Insurance Portfolios (Ivy Funds VIP), InvestEd Portfolios and 529 college savings plan (collectively, the Funds), and the Ivy Global Investors Fund SICAV (the SICAV) and its Ivy Global Investors sub-funds (the IGI Funds), and institutional and separately managed accounts.
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