Envestnet Asset Management Inc. lifted its position in shares of Invesco Ltd. (NYSE:IVZ) by 20.8% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 134,575 shares of the asset manager’s stock after purchasing an additional 23,175 shares during the period. Envestnet Asset Management Inc.’s holdings in Invesco were worth $3,597,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds have also recently added to or reduced their stakes in IVZ. First Horizon Advisors Inc. raised its position in Invesco by 2,601.7% in the first quarter. First Horizon Advisors Inc. now owns 1,567 shares of the asset manager’s stock worth $38,000 after acquiring an additional 1,509 shares during the period. First National Bank of South Miami bought a new stake in Invesco in the first quarter worth about $41,000. Maverick Capital Ltd. purchased a new position in shares of Invesco in the first quarter worth about $68,000. Harvest Fund Management Co. Ltd purchased a new position in shares of Invesco in the first quarter worth about $82,000. Finally, Harbour Investments Inc. purchased a new position in shares of Invesco in the first quarter worth about $83,000. 61.85% of the stock is currently owned by institutional investors.
In other news, Director Andrew Tak Shing Lo sold 150,000 shares of the business’s stock in a transaction that occurred on Monday, September 13th. The shares were sold at an average price of $24.91, for a total value of $3,736,500.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 1.87% of the company’s stock.
Invesco (NYSE:IVZ) last released its quarterly earnings results on Tuesday, July 27th. The asset manager reported $0.78 EPS for the quarter, topping the Zacks’ consensus estimate of $0.70 by $0.08. The business had revenue of $1.30 billion during the quarter, compared to analysts’ expectations of $1.30 billion. Invesco had a net margin of 19.60% and a return on equity of 13.73%. The business’s quarterly revenue was up 26.0% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.35 EPS. On average, research analysts expect that Invesco Ltd. will post 3.02 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, September 1st. Stockholders of record on Friday, August 13th were issued a $0.17 dividend. The ex-dividend date of this dividend was Thursday, August 12th. This represents a $0.68 dividend on an annualized basis and a dividend yield of 2.73%. Invesco’s payout ratio is 35.23%.
Several equities analysts have recently weighed in on the stock. Morgan Stanley reduced their target price on shares of Invesco from $29.00 to $28.00 and set an “equal weight” rating for the company in a research note on Wednesday, July 28th. Zacks Investment Research downgraded shares of Invesco from a “buy” rating to a “hold” rating and set a $28.00 target price for the company. in a research note on Thursday, July 15th. raised shares of Invesco from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $29.00 to $34.00 in a research note on Monday, July 12th. Citigroup raised shares of Invesco from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $29.00 to $34.00 in a research note on Monday, July 12th. Finally, Evercore ISI reaffirmed a “sell” rating and set a $30.00 price objective on shares of Invesco in a research note on Friday, June 4th. Two research analysts have rated the stock with a sell rating, four have issued a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $27.86.
Invesco Ltd. engages in the investment management business. Its product includes mutual funds, unit trusts, exchange-traded funds, closed-end funds, and retirement plans. The company was founded in December 1935 and is headquartered in Atlanta, GA.
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