Invesco (NYSE:IVZ) Given New $17.00 Price Target at Wells Fargo & Company

Invesco (NYSE:IVZ) had its price objective reduced by research analysts at Wells Fargo & Company from $17.50 to $17.00 in a report released on Tuesday,Benzinga reports. The brokerage presently has an “underweight” rating on the asset manager’s stock. Wells Fargo & Company‘s price target would indicate a potential downside of 0.53% from the company’s current price.

IVZ has been the subject of a number of other reports. JPMorgan Chase & Co. increased their price target on Invesco from $17.00 to $20.00 and gave the stock a “neutral” rating in a report on Monday, October 21st. StockNews.com raised Invesco from a “sell” rating to a “hold” rating in a research note on Friday, October 18th. Morgan Stanley boosted their price target on Invesco from $18.00 to $19.00 and gave the company an “equal weight” rating in a research note on Friday, December 20th. The Goldman Sachs Group reduced their price objective on shares of Invesco from $19.25 to $19.00 and set a “neutral” rating for the company in a research report on Tuesday, January 7th. Finally, Barclays boosted their target price on shares of Invesco from $18.00 to $19.00 and gave the company an “equal weight” rating in a research report on Wednesday, October 23rd. 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 stock. According to MarketBeat.com, Invesco has a consensus rating of “Hold” and a consensus target price of $18.79.

Invesco Price Performance

Invesco stock opened at $17.09 on Tuesday. The stock’s 50 day moving average is $17.70 and its 200 day moving average is $17.11. Invesco has a one year low of $14.16 and a one year high of $18.94. The firm has a market cap of $7.68 billion, a P/E ratio of -18.58, a P/E/G ratio of 1.05 and a beta of 1.43. The company has a debt-to-equity ratio of 0.66, a current ratio of 4.91 and a quick ratio of 4.91.

Invesco (NYSE:IVZ) last issued its quarterly earnings results on Tuesday, October 22nd. The asset manager reported $0.44 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.43 by $0.01. Invesco had a negative net margin of 3.00% and a positive return on equity of 8.83%. The firm had revenue of $1.10 billion for the quarter, compared to the consensus estimate of $1.11 billion. During the same quarter in the previous year, the company earned $0.35 EPS. The company’s revenue for the quarter was down 20.8% on a year-over-year basis. As a group, research analysts expect that Invesco will post 1.7 EPS for the current year.

Hedge Funds Weigh In On Invesco

Hedge funds have recently added to or reduced their stakes in the stock. Avior Wealth Management LLC raised its stake in shares of Invesco by 484.9% in the third quarter. Avior Wealth Management LLC now owns 1,550 shares of the asset manager’s stock worth $27,000 after purchasing an additional 1,285 shares during the last quarter. Wilmington Savings Fund Society FSB purchased a new stake in Invesco in the 3rd quarter valued at $35,000. Allworth Financial LP lifted its stake in Invesco by 304.0% during the 3rd quarter. Allworth Financial LP now owns 2,400 shares of the asset manager’s stock valued at $42,000 after acquiring an additional 1,806 shares in the last quarter. Truvestments Capital LLC bought a new position in Invesco during the 3rd quarter valued at $76,000. Finally, True Wealth Design LLC purchased a new position in Invesco during the 3rd quarter worth $77,000. Institutional investors and hedge funds own 66.09% 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.