Invesco Ltd. (NYSE: IVZ) received a significant boost as Wall Street Zen upgraded its rating from “hold” to “buy” in a research note released on October 28, 2023. This change reflects growing confidence in the asset management firm’s performance and outlook. Several other analysts have also revised their price targets for Invesco, indicating a generally positive sentiment in financial markets.
Analyst Upgrades and Price Targets
Following the recent upgrade, Citigroup increased its price target for Invesco shares from $22.00 to $25.00, maintaining a “neutral” rating. This adjustment was part of a series of evaluations. On the same day, Bank of America raised its target from $23.00 to $25.00, also assigning a “neutral” rating. Meanwhile, Royal Bank of Canada echoed this sentiment, boosting its target to $25.00 with a “sector perform” rating.
In contrast, Zacks Research recently downgraded Invesco from a “strong-buy” to a “hold” rating. Currently, five analysts have rated Invesco’s stock as a “buy,” while thirteen have assigned a “hold.” According to MarketBeat, the consensus rating stands at “hold,” with a price target of $24.70.
Quarterly Performance and Dividend Announcement
Invesco released its quarterly earnings data on October 28, revealing earnings per share (EPS) of $0.61, surpassing the consensus estimate of $0.44 by $0.17. The firm reported revenues of $1.19 billion, slightly exceeding the expected $1.17 billion. This performance signifies a 7.4% increase in revenue compared to the same quarter last year, when the company posted an EPS of $0.44.
Invesco also declared a quarterly dividend of $0.21 per share, which was paid on December 2, 2023, to investors of record as of November 14, 2023. This dividend represents an annualized amount of $0.84 and yields approximately 2.9%. The company’s dividend payout ratio stands at 57.14%.
Insider Transactions and Institutional Activity
In related news, Director Douglas J. Sharp sold 160,000 shares of Invesco on October 31, 2023, at an average price of $23.56, amounting to a total transaction of $3,769,600. Following this sale, Sharp owned only 192 shares, valued at approximately $4,523.52, indicating a substantial decrease in his holdings.
Institutional investors have shown interest in Invesco as well. For instance, Wedmont Private Capital increased its position by 2.2%, now holding 21,236 shares valued at $588,000. Other firms, including Parallel Advisors LLC and CI Investments Inc., have also expanded their stakes in the company. Currently, institutional investors own 66.09% of Invesco’s stock.
Founded in 1935 and headquartered in Atlanta, Georgia, Invesco is an independent global investment management firm. It provides a diverse range of investment strategies, including actively managed equity and fixed-income funds, passive index funds, and exchange-traded funds (ETFs).
As the market reacts to Invesco’s recent performance and analyst upgrades, investors will be keenly observing further developments regarding the company’s strategic direction and financial health.
