Wells Fargo & Company Boosts Invesco (NYSE:IVZ) Price Target to $16.50

Invesco (NYSE:IVZ) had its price objective upped by Wells Fargo & Company from $16.00 to $16.50 in a research report released on Wednesday morning, Benzinga reports. Wells Fargo & Company currently has an underweight rating on the asset manager’s stock.

Several other analysts have also recently weighed in on the stock. The Goldman Sachs Group reduced their target price on shares of Invesco from $17.50 to $17.00 and set a neutral rating on the stock in a report on Tuesday, July 2nd. Barclays assumed coverage on shares of Invesco in a research report on Tuesday, August 27th. They set an equal weight rating and a $18.00 price objective for the company. Royal Bank of Canada increased their price objective on Invesco from $16.00 to $17.00 and gave the company a sector perform rating in a report on Thursday, July 25th. StockNews.com raised Invesco from a sell rating to a hold rating in a research report on Monday, October 7th. Finally, Evercore ISI raised their price target on Invesco from $17.00 to $18.00 and gave the stock an in-line rating in a research note on Tuesday, August 20th. One equities research analyst has rated the stock with a sell rating, eleven have assigned a hold rating and one has issued a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of Hold and a consensus price target of $17.42.

Invesco Price Performance

Shares of IVZ opened at $17.69 on Wednesday. The company has a quick ratio of 5.80, a current ratio of 5.80 and a debt-to-equity ratio of 0.68. Invesco has a fifty-two week low of $12.48 and a fifty-two week high of $18.28. The company has a market cap of $7.96 billion, a P/E ratio of -23.59, a PEG ratio of 1.10 and a beta of 1.44. The firm’s 50 day moving average price is $16.77 and its 200 day moving average price is $16.02.

Invesco (NYSE:IVZ) last released its earnings results on Tuesday, July 23rd. The asset manager reported $0.43 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.40 by $0.03. Invesco had a positive return on equity of 8.41% and a negative net margin of 1.73%. The firm had revenue of $1.09 billion during the quarter, compared to analyst estimates of $1.09 billion. During the same period last year, the business posted $0.31 earnings per share. Invesco’s revenue was down .4% compared to the same quarter last year. On average, research analysts forecast that Invesco will post 1.66 earnings per share for the current fiscal year.

Invesco Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, September 4th. Stockholders of record on Friday, August 16th were paid a dividend of $0.205 per share. The ex-dividend date was Friday, August 16th. This represents a $0.82 dividend on an annualized basis and a dividend yield of 4.64%. Invesco’s dividend payout ratio (DPR) is -109.33%.

Institutional Trading of Invesco

Several hedge funds have recently modified their holdings of the business. Dimensional Fund Advisors LP raised its position in Invesco by 22.7% in the second quarter. Dimensional Fund Advisors LP now owns 18,084,231 shares of the asset manager’s stock worth $270,540,000 after acquiring an additional 3,349,069 shares in the last quarter. Fisher Asset Management LLC lifted its stake in shares of Invesco by 11.1% in the fourth quarter. Fisher Asset Management LLC now owns 3,921,248 shares of the asset manager’s stock valued at $69,955,000 after purchasing an additional 391,933 shares during the period. Point72 Asset Management L.P. boosted its holdings in Invesco by 1,411.1% during the fourth quarter. Point72 Asset Management L.P. now owns 3,756,500 shares of the asset manager’s stock worth $67,016,000 after buying an additional 3,507,900 shares in the last quarter. Swedbank AB purchased a new stake in Invesco during the first quarter worth about $41,475,000. Finally, Bank of New York Mellon Corp grew its position in Invesco by 1.2% during the second quarter. Bank of New York Mellon Corp now owns 2,489,388 shares of the asset manager’s stock worth $37,241,000 after buying an additional 30,016 shares during the period. 66.09% of the stock is owned by institutional investors and hedge funds.

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.