Bank of Nova Scotia Raises Stake in Invesco Ltd. (NYSE:IVZ)

Key Points

• The Bank of Nova Scotia increased its stake in Invesco Ltd. by 25.6% in Q1, bringing its total holdings to 490,827 shares valued at approximately $7.4 million.
• Analysts have adjusted their price targets for Invesco, with most reporting an average target of $18.78, including upgrades from Evercore ISI and Royal Bank of Canada.
• Invesco announced a quarterly dividend of $0.21 per share, reflecting an annualized yield of 4.0%, payable on September 2nd, to shareholders of record on August 14th.

Bank of Nova Scotia boosted its holdings in shares of Invesco Ltd. (NYSE:IVZ - Free Report) by 25.6% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 490,827 shares of the asset manager's stock after acquiring an additional 100,151 shares during the period. Bank of Nova Scotia owned 0.11% of Invesco worth $7,446,000 at the end of the most recent reporting period.

Other large investors also recently bought and sold shares of the company. Federated Hermes Inc. lifted its position in Invesco by 186.6% during the 1st 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. Colonial Trust Co SC purchased a new position in Invesco during the 4th quarter valued at about $38,000. Aster Capital Management DIFC Ltd increased its stake in Invesco by 180.5% during the 4th quarter. Aster Capital Management DIFC Ltd now owns 2,379 shares of the asset manager's stock valued at $42,000 after purchasing an additional 1,531 shares in the last quarter. Resona Asset Management Co. Ltd. purchased a new position in Invesco in the fourth quarter worth about $52,000. Finally, Versant Capital Management Inc raised its holdings in Invesco by 264.1% in the first quarter. Versant Capital Management Inc now owns 3,080 shares of the asset manager's stock worth $47,000 after buying an additional 2,234 shares during the last quarter. 66.09% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several brokerages have issued reports on IVZ. Evercore ISI lifted their target price on shares of Invesco from $13.00 to $15.00 and gave the stock an "in-line" rating in a report on Wednesday, April 23rd. Royal Bank Of Canada reaffirmed a "sector perform" rating and issued a $16.00 target price (up from $14.00) on shares of Invesco in a report on Thursday, July 10th. The Goldman Sachs Group lifted their target price on shares of Invesco from $16.25 to $16.75 and gave the stock a "neutral" rating in a report on Friday, June 27th. JPMorgan Chase & Co. decreased their target price on shares of Invesco from $19.00 to $16.00 and set a "neutral" rating for the company in a report on Wednesday, April 16th. Finally, Morgan Stanley lifted their target price on shares of Invesco from $15.00 to $16.00 and gave the stock an "equal weight" rating in a report on Wednesday, July 2nd. Fourteen equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company's stock. According to data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus price target of $18.78.

Invesco Price Performance

NYSE:IVZ opened at $21.01 on Tuesday. Invesco Ltd. has a 52 week low of $11.60 and a 52 week high of $21.85. The company has a quick ratio of 1.37, a current ratio of 0.59 and a debt-to-equity ratio of 0.67. The stock has a market capitalization of $9.40 billion, a PE ratio of 22.59, a price-to-earnings-growth ratio of 1.12 and a beta of 1.55. The stock's 50-day moving average price is $16.87 and its 200-day moving average price is $16.11.

Invesco (NYSE:IVZ - Get Free Report) last issued its quarterly earnings results on Tuesday, July 22nd. The asset manager reported $0.36 earnings per share for the quarter, missing analysts' consensus estimates of $0.41 by ($0.05). The company had revenue of $1.10 billion during the quarter, compared to analysts' expectations of $1.09 billion. Invesco had a net margin of 10.68% and a return on equity of 7.97%. The company's quarterly revenue was up 2.2% compared to the same quarter last year. During the same period in the prior year, the business posted $0.43 earnings per share. As a group, equities analysts expect that Invesco Ltd. will post 1.87 EPS for the current fiscal year.

Invesco Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 2nd. Shareholders of record on Thursday, August 14th will be issued a $0.21 dividend. The ex-dividend date is Thursday, August 14th. This represents a $0.84 dividend on an annualized basis and a yield of 4.0%. Invesco's dividend payout ratio is presently 90.32%.

Invesco Profile

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.

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