Zacks Investment Research Lowers Invesco (IVZ) to Hold
Invesco (NYSE:IVZ) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Monday.
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 of the company might adversely affect its profitability in the long run. Further, amortization of goodwill and intangible assets remains a near-term concern for Invesco.”
Other analysts have also recently issued research reports about the stock. Citigroup raised their price objective on shares of Invesco from $38.50 to $39.50 and gave the company a “buy” rating in a research note on Tuesday, October 3rd. ValuEngine upgraded shares of Invesco from a “hold” rating to a “buy” rating in a report on Monday, October 2nd. UBS Group raised their target price on shares of Invesco from $36.00 to $37.00 and gave the company a “neutral” rating in a report on Monday, October 2nd. Royal Bank of Canada restated a “buy” rating and set a $41.00 target price on shares of Invesco in a report on Friday, October 27th. Finally, JPMorgan Chase & Co. set a $45.00 target price on shares of Invesco and gave the company a “buy” rating in a report on Monday. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and eight have issued a buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus price target of $39.79.
Invesco (NYSE:IVZ) last announced its quarterly earnings data on Thursday, October 26th. The asset manager reported $0.71 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.66 by $0.05. Invesco had a net margin of 18.99% and a return on equity of 13.02%. The firm had revenue of $976.60 million during the quarter, compared to analysts’ expectations of $940.96 million. During the same quarter last year, the business earned $0.60 earnings per share. The business’s revenue for the quarter was up 14.3% compared to the same quarter last year. research analysts forecast that Invesco will post 2.66 EPS for the current fiscal year.
In other Invesco news, insider Colin Meadows sold 54,215 shares of the firm’s stock in a transaction dated Tuesday, October 31st. The shares were sold at an average price of $36.01, for a total transaction of $1,952,282.15. Following the completion of the transaction, the insider now directly owns 164,420 shares in the company, valued at approximately $5,920,764.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 1.80% of the company’s stock.
Several hedge funds and other institutional investors have recently modified their holdings of IVZ. Sun Life Financial INC purchased a new stake in shares of Invesco during the third quarter worth about $145,000. Valeo Financial Advisors LLC purchased a new stake in shares of Invesco during the third quarter worth about $160,000. C M Bidwell & Associates Ltd. purchased a new stake in shares of Invesco during the second quarter worth about $185,000. ETRADE Capital Management LLC purchased a new stake in shares of Invesco during the third quarter worth about $205,000. Finally, Financial Counselors Inc. purchased a new stake in shares of Invesco during the second quarter worth about $215,000. Institutional investors and hedge funds own 81.30% of the company’s stock.
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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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