Zacks Investment Research upgraded shares of Invesco PLC (NYSE:IVZ) from a hold rating to a buy rating in a research report report published on Wednesday morning. Zacks Investment Research currently has $40.00 price target on the asset manager’s stock.
According to Zacks, “Invesco’s shares have underperformed the industry so far this year. Yet, the company has an impressive earnings surprise history. It surpassed the Zacks Consensus Estimate for earnings in three of the trailing four quarters. With an aim to enhance its exchange-traded funds (ETF) operation, the company has inked a deal to acquire the ETF business of Guggenheim Partners LLC. Strong balance sheet position along with cost savings efforts, improving assets under management (AUM), diverse product offerings and alternative investment strategies should continue supporting growth. However, high-debt levels, and amortization of goodwill and intangible assets could have an adverse effect on the company’s profitability.”
A number of other equities research analysts have also recently issued reports on IVZ. ValuEngine raised shares of Invesco PLC from a hold rating to a buy rating in a report on Monday, October 2nd. Wells Fargo & Company upped their target price on shares of Invesco PLC from $38.00 to $40.00 and gave the company an outperform rating in a report on Wednesday. Jefferies Group LLC reaffirmed a buy rating and issued a $41.00 target price on shares of Invesco PLC in a report on Sunday, July 30th. Keefe, Bruyette & Woods reaffirmed a buy rating and issued a $39.00 target price on shares of Invesco PLC in a report on Tuesday, October 3rd. Finally, Citigroup Inc. upped their target price on shares of Invesco PLC from $38.50 to $39.50 and gave the company a buy rating in a report on Tuesday, October 3rd. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and nine have issued a buy rating to the company’s stock. The stock has an average rating of Buy and a consensus target price of $38.04.
Shares of Invesco PLC (NYSE:IVZ) traded up 0.41% during midday trading on Wednesday, hitting $36.44. The stock had a trading volume of 2,970,325 shares. Invesco PLC has a 1-year low of $27.46 and a 1-year high of $36.83. The firm has a market capitalization of $14.83 billion, a PE ratio of 16.25 and a beta of 1.80. The company’s 50 day moving average price is $33.68 and its 200-day moving average price is $33.42.
Invesco PLC (NYSE:IVZ) last issued its earnings results on Thursday, July 27th. The asset manager reported $0.64 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.61 by $0.03. The company had revenue of $906.30 million for the quarter, compared to analysts’ expectations of $891.19 million. Invesco PLC had a net margin of 18.98% and a return on equity of 12.74%. Invesco PLC’s quarterly revenue was up 4.5% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.56 EPS. Equities analysts predict that Invesco PLC will post $2.57 earnings per share for the current year.
Large investors have recently made changes to their positions in the business. BlackRock Inc. grew its position in shares of Invesco PLC by 2,611.3% during the 1st quarter. BlackRock Inc. now owns 32,067,091 shares of the asset manager’s stock worth $982,213,000 after purchasing an additional 30,884,375 shares in the last quarter. Schwab Charles Investment Management Inc. grew its position in shares of Invesco PLC by 7.0% during the 2nd quarter. Schwab Charles Investment Management Inc. now owns 1,344,769 shares of the asset manager’s stock worth $47,323,000 after purchasing an additional 87,755 shares in the last quarter. Legal & General Group Plc grew its position in shares of Invesco PLC by 5.4% during the 1st quarter. Legal & General Group Plc now owns 2,100,821 shares of the asset manager’s stock worth $64,347,000 after purchasing an additional 108,212 shares in the last quarter. Eaton Vance Management grew its position in shares of Invesco PLC by 247.2% during the 2nd quarter. Eaton Vance Management now owns 452,597 shares of the asset manager’s stock worth $15,927,000 after purchasing an additional 322,230 shares in the last quarter. Finally, Wells Fargo & Company MN grew its position in shares of Invesco PLC by 17.3% during the 2nd quarter. Wells Fargo & Company MN now owns 1,300,168 shares of the asset manager’s stock worth $45,754,000 after purchasing an additional 192,018 shares in the last quarter. Hedge funds and other institutional investors own 79.79% of the company’s stock.
Invesco PLC 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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