Invesco (NYSE:IVZ) Price Target Cut to $11.00

Invesco (NYSE:IVZ) had its price target reduced by Bank of America from $12.00 to $11.00 in a research report released on Friday, BenzingaRatingsTable reports. Bank of America currently has a neutral rating on the asset manager’s stock.

A number of other equities research analysts also recently weighed in on IVZ. Morgan Stanley raised their price target on Invesco from $8.00 to $11.00 and gave the company an equal weight rating in a research report on Thursday, July 2nd. Wells Fargo & Co decreased their price objective on Invesco from $9.50 to $7.00 and set an underweight rating on the stock in a report on Friday, April 24th. Zacks Investment Research cut Invesco from a hold rating to a sell rating and set a $8.00 target price on the stock. in a research note on Monday, April 6th. Deutsche Bank cut their target price on Invesco from $12.00 to $11.00 and set a buy rating on the stock in a research note on Friday, May 15th. Finally, William Blair reaffirmed a market perform rating on shares of Invesco in a research report on Monday, April 27th. Five equities research analysts have rated the stock with a sell rating, nine have given a hold rating and two have given a buy rating to the stock. The company currently has a consensus rating of Hold and an average target price of $10.60.

NYSE:IVZ opened at $10.53 on Friday. The firm has a market capitalization of $4.83 billion, a price-to-earnings ratio of 10.32, a P/E/G ratio of 1.17 and a beta of 1.48. Invesco has a 52-week low of $6.38 and a 52-week high of $20.43. The stock has a fifty day moving average of $9.85 and a 200 day moving average of $12.39. The company has a debt-to-equity ratio of 0.88, a quick ratio of 1.71 and a current ratio of 1.71.

Invesco (NYSE:IVZ) last released its quarterly earnings results on Thursday, April 23rd. The asset manager reported $0.34 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.52 by ($0.18). Invesco had a net margin of 8.12% and a return on equity of 11.04%. The firm had revenue of $1.15 billion for the quarter, compared to analysts’ expectations of $1.17 billion. During the same quarter in the previous year, the business earned $0.56 EPS. The company’s revenue for the quarter was up 29.2% on a year-over-year basis. Equities analysts forecast that Invesco will post 1.56 earnings per share for the current fiscal year.

In related news, Director C Robert Henrikson bought 12,660 shares of Invesco stock in a transaction dated Friday, May 1st. The shares were acquired at an average cost of $7.93 per share, with a total value of $100,393.80. Following the completion of the transaction, the director now owns 55,334 shares in the company, valued at approximately $438,798.62. The purchase was disclosed in a filing with the SEC, which can be accessed through this link. Company insiders own 1.89% of the company’s stock.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Prudential PLC acquired a new stake in shares of Invesco during the first quarter worth $43,899,000. Norges Bank purchased a new position in Invesco in the fourth quarter valued at $69,260,000. Contrarius Investment Management Ltd purchased a new position in Invesco in the first quarter valued at $27,675,000. Bank of New York Mellon Corp increased its holdings in Invesco by 34.8% in the first quarter. Bank of New York Mellon Corp now owns 11,814,228 shares of the asset manager’s stock valued at $107,274,000 after buying an additional 3,047,716 shares in the last quarter. Finally, Goldman Sachs Group Inc. increased its holdings in Invesco by 38.3% in the fourth quarter. Goldman Sachs Group Inc. now owns 5,351,909 shares of the asset manager’s stock valued at $96,227,000 after buying an additional 1,483,346 shares in the last quarter. Hedge funds and other institutional investors own 65.42% of the company’s stock.

About Invesco

Invesco Ltd. is a publicly owned investment manager. The firm provides its services to retail clients, institutional clients, high-net worth clients, public entities, corporations, unions, non-profit organizations, endowments, foundations, pension funds, financial institutions, and sovereign wealth funds.

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Analyst Recommendations for Invesco (NYSE:IVZ)

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