Royal Bank of Canada Raises Invesco (NYSE:IVZ) Price Target to $19.00

Invesco (NYSE:IVZ) had its target price hoisted by Royal Bank of Canada from $18.00 to $19.00 in a report issued on Wednesday morning, Benzinga reports. Royal Bank of Canada currently has a sector perform rating on the asset manager’s stock.

IVZ has been the topic of a number of other research reports. JPMorgan Chase & Co. lifted their price objective on Invesco from $17.00 to $20.00 and gave the company a “neutral” rating in a report on Monday, October 21st. Wells Fargo & Company lifted their price objective on Invesco from $16.50 to $17.50 and gave the company an “underweight” rating in a report on Wednesday. Evercore ISI lifted their price objective on Invesco from $18.00 to $19.00 and gave the company an “in-line” rating in a report on Wednesday. Barclays boosted their price target on Invesco from $18.00 to $19.00 and gave the stock an “equal weight” rating in a research note on Wednesday. Finally, Morgan Stanley boosted their price target on Invesco from $16.00 to $17.00 and gave the stock an “equal weight” rating in a research note on Friday, October 18th. One equities research analyst has rated the stock with a sell rating, eleven have issued a hold rating and one has issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $18.38.

Invesco Stock Performance

NYSE IVZ opened at $17.63 on Wednesday. The company has a quick ratio of 5.80, a current ratio of 5.80 and a debt-to-equity ratio of 0.41. Invesco has a 52-week low of $12.61 and a 52-week high of $18.79. The business’s 50-day moving average price is $17.15 and its 200 day moving average price is $16.11. The firm has a market cap of $7.93 billion, a P/E ratio of -19.16, a P/E/G ratio of 1.04 and a beta of 1.44.

Invesco (NYSE:IVZ) last announced its quarterly earnings data on Tuesday, October 22nd. The asset manager reported $0.44 earnings per share for the quarter, beating analysts’ consensus estimates of $0.43 by $0.01. Invesco had a positive return on equity of 8.01% and a negative net margin of 3.00%. The company had revenue of $1.10 billion for the quarter, compared to analyst estimates of $1.11 billion. During the same quarter in the previous year, the company earned $0.35 EPS. The firm’s revenue for the quarter was down 20.8% compared to the same quarter last year. On average, equities research analysts expect that Invesco will post 1.67 earnings per share for the current year.

Invesco Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 3rd. Investors of record on Thursday, November 14th will be given a dividend of $0.205 per share. The ex-dividend date is Thursday, November 14th. This represents a $0.82 annualized dividend and a dividend yield of 4.65%. Invesco’s dividend payout ratio is currently -89.13%.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. abrdn plc raised its position in shares of Invesco by 11.6% during the 3rd quarter. abrdn plc now owns 34,080 shares of the asset manager’s stock worth $595,000 after purchasing an additional 3,529 shares during the last quarter. Pallas Capital Advisors LLC acquired a new position in Invesco in the 3rd quarter valued at $774,000. Insight Folios Inc raised its holdings in Invesco by 6.2% in the 3rd quarter. Insight Folios Inc now owns 422,711 shares of the asset manager’s stock valued at $7,423,000 after acquiring an additional 24,517 shares during the last quarter. State of Alaska Department of Revenue raised its holdings in Invesco by 7.3% in the 3rd quarter. State of Alaska Department of Revenue now owns 52,316 shares of the asset manager’s stock valued at $918,000 after acquiring an additional 3,545 shares during the last quarter. Finally, Wealth Enhancement Advisory Services LLC raised its holdings in Invesco by 591.2% in the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 82,603 shares of the asset manager’s stock valued at $1,451,000 after acquiring an additional 70,653 shares during the last quarter. 66.09% of the stock is currently 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.