Invesco Ltd. (NYSE:IVZ) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research report issued on Monday, Analyst Ratings Network.com reports.
According to Zacks, “Invesco’s fourth-quarter 2015 adjusted earnings missed the Zacks Consensus Estimate. A decline in revenues and unfavorable foreign exchange movements were the undermining factors, but stable operating expenses acted as a tailwind. The company is well positioned to benefit from enhanced global investment flows based on its diversified footprint and product offerings. However, mounting operating expenses despite cost-cutting initiatives continue to weigh on its financials. Moreover, elevated long-term debt level, strengthening of the dollar and increased regulations remain the matters of concern.”
Other institutional investors have recently modified their holdings of the company. KBC Group raised its position in Invesco by 196.5% in the third quarter. KBC Group now owns 106,130 shares of the company’s stock worth $3,315,000 after buying an additional 70,331 shares during the last quarter. Eagle Asset Management raised its position in Invesco by 94.7% in the third quarter. Eagle Asset Management now owns 247,494 shares of the company’s stock worth $7,728,000 after buying an additional 120,371 shares during the last quarter. Community Trust & Investment Company bought a new position in Invesco during the fourth quarter worth $6,408,000. Charter Trust Company raised its position in Invesco by 13.1% in the fourth quarter. Charter Trust Company now owns 8,691 shares of the company’s stock worth $291,000 after buying an additional 1,010 shares during the last quarter. Finally, Cullinan Associates raised its position in Invesco by 286.1% in the fourth quarter. Cullinan Associates now owns 122,100 shares of the company’s stock worth $4,088,000 after buying an additional 90,475 shares during the last quarter.
Source: American Banking and Market News
