Invesco (IVZ) Upgraded to Buy at Zacks Investment Research
Invesco (NYSE:IVZ) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Friday. The brokerage currently has a $37.00 target price on the asset manager’s stock. Zacks Investment Research‘s price target would suggest a potential upside of 14.06% from the company’s current price.
According to Zacks, “Shares of Invesco have significantly underperformed the industry over the last three months. Yet, the company has an impressive earnings surprise history, having surpassed the Zacks Consensus Estimate in each of the trailing four quarters. The company’s fourth-quarter 2017 results benefited from rise in revenues and long-term inflows. A strong balance sheet position, improving assets under management (AUM) and diverse product offerings are likely to continue supporting growth. 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. However, operating expenses are expected to rise in the quarter ahead, mainly due to inorganic growth strategy. Further, the company’s high-debt levels might adversely affect its profitability in the long run.”
A number of other brokerages have also recently issued reports on IVZ. Royal Bank of Canada reiterated a “buy” rating and set a $41.00 price objective on shares of Invesco in a research note on Friday, October 27th. Morgan Stanley reiterated an “equal weight” rating and set a $40.00 price objective (up previously from $39.00) on shares of Invesco in a research note on Wednesday. Credit Suisse Group upgraded Invesco from a “neutral” rating to an “outperform” rating and lifted their price objective for the company from $42.00 to $43.00 in a research note on Wednesday, January 31st. ValuEngine cut Invesco from a “buy” rating to a “hold” rating in a research note on Tuesday, November 14th. Finally, Citigroup cut Invesco from a “buy” rating to a “neutral” rating in a research note on Friday, January 19th. One analyst has rated the stock with a sell rating, six have given a hold rating and nine have assigned a buy rating to the company. The stock presently has a consensus rating of “Buy” and a consensus price target of $40.21.
Invesco (NYSE:IVZ) last announced its quarterly earnings data on Wednesday, January 31st. The asset manager reported $0.73 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.70 by $0.03. The business had revenue of $1 billion during the quarter, compared to analysts’ expectations of $982.86 million. Invesco had a return on equity of 13.51% and a net margin of 21.85%. The firm’s quarterly revenue was up 16.3% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.59 earnings per share. research analysts predict that Invesco will post 3.09 EPS for the current fiscal year.
Several hedge funds have recently bought and sold shares of the company. Capital International Investors raised its stake in shares of Invesco by 9.2% in the third quarter. Capital International Investors now owns 13,917,400 shares of the asset manager’s stock worth $487,666,000 after purchasing an additional 1,169,200 shares during the last quarter. JPMorgan Chase & Co. raised its stake in shares of Invesco by 4.9% in the third quarter. JPMorgan Chase & Co. now owns 11,517,149 shares of the asset manager’s stock worth $394,807,000 after purchasing an additional 538,969 shares during the last quarter. American Century Companies Inc. raised its stake in shares of Invesco by 1.8% in the fourth quarter. American Century Companies Inc. now owns 9,652,437 shares of the asset manager’s stock worth $352,700,000 after purchasing an additional 173,766 shares during the last quarter. Bank of New York Mellon Corp raised its stake in shares of Invesco by 1.0% in the third quarter. Bank of New York Mellon Corp now owns 9,374,021 shares of the asset manager’s stock worth $328,466,000 after purchasing an additional 88,330 shares during the last quarter. Finally, Amundi Pioneer Asset Management Inc. raised its stake in shares of Invesco by 144.5% in the third quarter. Amundi Pioneer Asset Management Inc. now owns 5,097,202 shares of the asset manager’s stock worth $178,605,000 after purchasing an additional 3,012,871 shares during the last quarter. Hedge funds and other institutional investors own 81.07% of the company’s stock.
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Invesco Company Profile
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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