Zacks Investment Research upgraded shares of Victory Capital (NASDAQ:VCTR) from a hold rating to a strong-buy rating in a research note released on Wednesday, July 25th. Zacks Investment Research currently has $12.00 target price on the stock.
According to Zacks, “Victory Capital Holdings, Inc. is an integrated multi-boutique asset management firm. The company provides institutions, financial advisors and retirement platforms which include separately managed accounts, collective trusts, mutual funds, ETFs and UMA/SMA vehicles. Victory Capital Holdings, Inc. is headquartered in Cleveland, Ohio. “
Several other brokerages also recently commented on VCTR. Barclays reduced their target price on Victory Capital from $16.00 to $15.00 and set an overweight rating for the company in a research note on Monday, April 23rd. Sandler O’Neill set a $11.00 price target on Victory Capital and gave the stock a hold rating in a report on Friday, July 13th. ValuEngine cut Victory Capital from a buy rating to a hold rating in a report on Wednesday, May 2nd. Keefe, Bruyette & Woods reissued a hold rating and set a $13.00 price target on shares of Victory Capital in a report on Wednesday, April 11th. Finally, Morgan Stanley dropped their price target on Victory Capital from $17.00 to $16.00 and set an overweight rating for the company in a report on Thursday, July 12th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the stock. The company currently has a consensus rating of Buy and a consensus price target of $13.67.
Victory Capital (NASDAQ:VCTR) last posted its quarterly earnings results on Tuesday, August 7th. The company reported $0.41 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.40 by $0.01. The company had revenue of $104.40 million during the quarter, compared to the consensus estimate of $106.12 million. research analysts predict that Victory Capital will post 1.55 earnings per share for the current fiscal year.
Victory Capital declared that its Board of Directors has authorized a stock buyback plan on Tuesday, May 22nd that authorizes the company to repurchase $15.00 million in shares. This repurchase authorization authorizes the company to repurchase up to 2.1% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s board of directors believes its shares are undervalued.
A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Impax Asset Management LLC raised its holdings in Victory Capital by 44.1% in the 2nd quarter. Impax Asset Management LLC now owns 1,415,710 shares of the company’s stock valued at $14,978,000 after acquiring an additional 433,362 shares in the last quarter. Citadel Advisors LLC acquired a new position in Victory Capital in the 1st quarter valued at $11,690,000. RMB Capital Management LLC acquired a new position in Victory Capital in the 1st quarter valued at $9,539,000. Principal Financial Group Inc. acquired a new position in Victory Capital in the 1st quarter valued at $7,565,000. Finally, Millennium Management LLC raised its holdings in Victory Capital by 23.3% in the 2nd quarter. Millennium Management LLC now owns 547,382 shares of the company’s stock valued at $5,791,000 after acquiring an additional 103,374 shares in the last quarter. 15.90% of the stock is owned by hedge funds and other institutional investors.
Victory Capital Company Profile
Victory Capital Holdings, Inc, together with its subsidiaries, operates as an independent investment management company in the United States. It offers investment advisory, fund administration, and distribution services through broker-dealers, retirement platforms, and registered investment advisor networks.
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