Invesco (NYSE:IVZ) Sets New 1-Year High Following Strong Earnings

Invesco Ltd. (NYSE:IVZ) hit a new 52-week high on Tuesday following a better than expected earnings announcement. The stock traded as high as $24.75 and last traded at $23.7010, with a volume of 418178 shares changing hands. The stock had previously closed at $23.46.

The asset manager reported $0.61 earnings per share for the quarter, topping analysts’ consensus estimates of $0.44 by $0.17. Invesco had a net margin of 10.68% and a return on equity of 8.60%. The business had revenue of $1.19 billion for the quarter, compared to the consensus estimate of $1.17 billion. During the same period in the previous year, the company earned $0.44 earnings per share. The firm’s revenue for the quarter was up 7.4% on a year-over-year basis.

Wall Street Analyst Weigh In

IVZ has been the topic of a number of research analyst reports. BMO Capital Markets reaffirmed an “outperform” rating on shares of Invesco in a report on Friday. Barclays lifted their price target on Invesco from $22.00 to $24.00 and gave the stock an “equal weight” rating in a report on Tuesday, October 21st. Weiss Ratings restated a “hold (c)” rating on shares of Invesco in a research note on Wednesday, October 8th. Citigroup raised their price objective on Invesco from $22.00 to $25.00 and gave the company a “neutral” rating in a research report on Monday, September 29th. Finally, Morgan Stanley reiterated a “positive” rating on shares of Invesco in a research note on Monday, October 6th. Five analysts have rated the stock with a Buy rating and thirteen have given a Hold rating to the company’s stock. Based on data from MarketBeat, Invesco has an average rating of “Hold” and a consensus price target of $21.85.

Insider Activity at Invesco

In other news, Director Stephanie Butcher sold 103,192 shares of the company’s stock in a transaction that occurred on Wednesday, September 10th. The stock was sold at an average price of $22.12, for a total value of $2,282,607.04. Following the transaction, the director owned 29,855 shares of the company’s stock, valued at approximately $660,392.60. This represents a 77.56% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 1.21% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in IVZ. Capital A Wealth Management LLC increased its position in Invesco by 4,802.9% during the 2nd quarter. Capital A Wealth Management LLC now owns 1,667 shares of the asset manager’s stock worth $26,000 after buying an additional 1,633 shares during the period. Federated Hermes Inc. boosted its position in shares of Invesco by 186.6% in the first quarter. Federated Hermes Inc. now owns 1,969 shares of the asset manager’s stock valued at $30,000 after acquiring an additional 1,282 shares during the period. SVB Wealth LLC acquired a new position in shares of Invesco in the first quarter valued at about $32,000. IFP Advisors Inc increased its position in Invesco by 55.7% during the second quarter. IFP Advisors Inc now owns 2,127 shares of the asset manager’s stock worth $34,000 after acquiring an additional 761 shares during the period. Finally, Quent Capital LLC acquired a new stake in Invesco in the 3rd quarter worth about $37,000. 66.09% of the stock is owned by institutional investors and hedge funds.

Invesco Stock Up 1.9%

The company has a current ratio of 1.30, a quick ratio of 1.30 and a debt-to-equity ratio of 0.88. The firm has a market cap of $10.66 billion, a price-to-earnings ratio of 25.71, a PEG ratio of 0.84 and a beta of 1.66. The firm’s 50 day simple moving average is $22.60 and its two-hundred day simple moving average is $18.58.

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.