Pinnacle Associates Ltd. increased its stake in Invesco Ltd. (NYSE:IVZ) by 3.1% in the 2nd quarter, Holdings Channel reports. The institutional investor owned 222,820 shares of the asset manager’s stock after purchasing an additional 6,781 shares during the quarter. Pinnacle Associates Ltd.’s holdings in Invesco were worth $5,918,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors also recently added to or reduced their stakes in IVZ. HC Financial Advisors Inc. acquired a new stake in Invesco during the 4th quarter worth about $1,762,000. Two Sigma Advisers LP acquired a new stake in Invesco during the 4th quarter worth about $372,000. Wells Fargo & Company MN grew its position in Invesco by 19.5% during the 1st quarter. Wells Fargo & Company MN now owns 1,828,815 shares of the asset manager’s stock worth $58,541,000 after purchasing an additional 298,083 shares during the period. Meag Munich Ergo Kapitalanlagegesellschaft MBH grew its position in Invesco by 118.3% during the 1st quarter. Meag Munich Ergo Kapitalanlagegesellschaft MBH now owns 177,324 shares of the asset manager’s stock worth $5,558,000 after purchasing an additional 96,095 shares during the period. Finally, Dupont Capital Management Corp grew its position in Invesco by 4,124.5% during the 1st quarter. Dupont Capital Management Corp now owns 85,927 shares of the asset manager’s stock worth $2,751,000 after purchasing an additional 83,893 shares during the period. 81.96% of the stock is owned by institutional investors.
IVZ stock opened at $24.60 on Tuesday. The company has a debt-to-equity ratio of 0.87, a quick ratio of 1.51 and a current ratio of 1.51. Invesco Ltd. has a 52-week low of $24.13 and a 52-week high of $38.43. The stock has a market cap of $10.06 billion, a PE ratio of 8.84, a PEG ratio of 1.00 and a beta of 1.70.
Invesco (NYSE:IVZ) last posted its earnings results on Thursday, July 26th. The asset manager reported $0.66 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.66. Invesco had a net margin of 21.64% and a return on equity of 12.70%. The business had revenue of $974.00 million for the quarter, compared to analyst estimates of $960.91 million. During the same period in the prior year, the company posted $0.64 EPS. The company’s revenue for the quarter was up 7.5% on a year-over-year basis. sell-side analysts forecast that Invesco Ltd. will post 2.71 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 4th. Stockholders of record on Thursday, August 16th will be paid a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a dividend yield of 4.88%. The ex-dividend date is Wednesday, August 15th. Invesco’s payout ratio is currently 44.44%.
Several brokerages have weighed in on IVZ. Deutsche Bank cut their price target on Invesco from $31.00 to $30.00 and set a “buy” rating on the stock in a research report on Thursday, August 16th. Morgan Stanley cut their price target on Invesco from $31.00 to $29.00 and set an “equal weight” rating on the stock in a research report on Thursday, August 2nd. Credit Suisse Group cut their price target on Invesco from $39.00 to $37.00 and set an “outperform” rating on the stock in a research report on Friday, July 27th. JPMorgan Chase & Co. cut their price target on Invesco from $34.00 to $29.00 and set an “overweight” rating on the stock in a research report on Friday, July 27th. Finally, Royal Bank of Canada reaffirmed a “buy” rating and set a $35.00 price target on shares of Invesco in a research report on Friday, July 27th. One research analyst has rated the stock with a sell rating, seven have given a hold rating and seven have issued a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus price target of $35.79.
Invesco Company Profile
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.
Further Reading: Growth Stocks
Want to see what other hedge funds are holding IVZ? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Invesco Ltd. (NYSE:IVZ).
Receive News & Ratings for Invesco Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Invesco and related companies with MarketBeat.com's FREE daily email newsletter.