We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
Invesco’s (IVZ - Free Report) first-quarter 2021 adjusted earnings of 68 cents per share surpassed the Zacks Consensus Estimate of 62 cents. Also, the bottom line grew 100% from the prior-year quarter.
Shares of Invesco rallied nearly 1.8% in pre-market trading as investors cheered solid quarterly performance.
Results reflect improvement in revenues and solid growth in assets under management (AUM) balance. However, rise in operating expenses was a headwind.
On a GAAP basis, net income attributable to common shareholders was $267.8 million or 58 cents per share, up substantially from $81.5 million or 18 cents per share a year ago.
Revenues & Expenses Rise
GAAP operating revenues were $1.66 billion, which increased 3.8% year over year. Also, the top line beat the Zacks Consensus Estimate of $1.21 billion. Adjusted net revenues grew 9.2% to $1.25 billion.
Adjusted operating expenses were $748 million, up 2% from the prior-year quarter.
Adjusted operating margin was 40.2%, up from 36% a year ago.
As of Mar 31, 2021, cash and cash equivalents were $1.16 billion, down 18% sequentially. Further, long-term debt amounted to $2.08 billion.
AUM Balance Improves
As of Mar 31, 2021, AUM was $1.41 trillion, which surged 33.3% year over year. Average AUM at first-quarter end totaled $1.40 trillion, up 18.6%.
The company witnessed long-term net inflows of $24.5 billion during the quarter.
Dividend Hike
Concurrent with the earnings release, Invesco announced a quarterly cash dividend of 17 cents per share, representing a 10% hike from the prior payout. The dividend will be paid out on Jun 3 to shareholders on record as of May 11.
Our Take
Invesco remains well poised to benefit from its global footprint, product offerings and strategic buyouts. However, elevated expenses and high debt level remain major concerns.
BlackRock, Inc.’s (BLK - Free Report) first-quarter 2021 adjusted earnings of $7.77 per share outpaced the Zacks Consensus Estimate of $7.64. The figure reflects a rise of 17.7% from the year-ago quarter’s number.
Blackstone’s (BX - Free Report) first quarter 2021 distributable earnings of 96 cents per share surpassed the Zacks Consensus Estimate of 72 cents. Moreover, the figure represents a significant rise from 46 cents recorded in the prior-year quarter.
SEI Investments Co.’s (SEIC - Free Report) earnings of 89 cents per share in the first quarter 2021 missed the Zacks Consensus Estimate by a penny. However, the bottom line reflected 24% growth from the prior-year quarter.
Time to Invest in Legal Marijuana
If you’re looking for big gains, there couldn’t be a better time to get in on a young industry primed to skyrocket from $17.7 billion back in 2019 to an expected $73.6 billion by 2027.
After a clean sweep of 6 election referendums in 5 states, pot is now legal in 36 states plus D.C. Federal legalization is expected soon and that could be a still greater bonanza for investors. Even before the latest wave of legalization, Zacks Investment Research has recommended pot stocks that have shot up as high as +285.9%
You’re invited to check out Zacks’ Marijuana Moneymakers: An Investor’s Guide. It features a timely Watch List of pot stocks and ETFs with exceptional growth potential.
Image: Bigstock
Invesco (IVZ) Beats Q1 Earnings Estimates, Hikes Dividend 10%
Invesco’s (IVZ - Free Report) first-quarter 2021 adjusted earnings of 68 cents per share surpassed the Zacks Consensus Estimate of 62 cents. Also, the bottom line grew 100% from the prior-year quarter.
Shares of Invesco rallied nearly 1.8% in pre-market trading as investors cheered solid quarterly performance.
Results reflect improvement in revenues and solid growth in assets under management (AUM) balance. However, rise in operating expenses was a headwind.
On a GAAP basis, net income attributable to common shareholders was $267.8 million or 58 cents per share, up substantially from $81.5 million or 18 cents per share a year ago.
Revenues & Expenses Rise
GAAP operating revenues were $1.66 billion, which increased 3.8% year over year. Also, the top line beat the Zacks Consensus Estimate of $1.21 billion. Adjusted net revenues grew 9.2% to $1.25 billion.
Adjusted operating expenses were $748 million, up 2% from the prior-year quarter.
Adjusted operating margin was 40.2%, up from 36% a year ago.
As of Mar 31, 2021, cash and cash equivalents were $1.16 billion, down 18% sequentially. Further, long-term debt amounted to $2.08 billion.
AUM Balance Improves
As of Mar 31, 2021, AUM was $1.41 trillion, which surged 33.3% year over year. Average AUM at first-quarter end totaled $1.40 trillion, up 18.6%.
The company witnessed long-term net inflows of $24.5 billion during the quarter.
Dividend Hike
Concurrent with the earnings release, Invesco announced a quarterly cash dividend of 17 cents per share, representing a 10% hike from the prior payout. The dividend will be paid out on Jun 3 to shareholders on record as of May 11.
Our Take
Invesco remains well poised to benefit from its global footprint, product offerings and strategic buyouts. However, elevated expenses and high debt level remain major concerns.
Invesco Ltd. Price, Consensus and EPS Surprise
Invesco Ltd. price-consensus-eps-surprise-chart | Invesco Ltd. Quote
Currently, Invesco carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Performance of Other Asset Managers
BlackRock, Inc.’s (BLK - Free Report) first-quarter 2021 adjusted earnings of $7.77 per share outpaced the Zacks Consensus Estimate of $7.64. The figure reflects a rise of 17.7% from the year-ago quarter’s number.
Blackstone’s (BX - Free Report) first quarter 2021 distributable earnings of 96 cents per share surpassed the Zacks Consensus Estimate of 72 cents. Moreover, the figure represents a significant rise from 46 cents recorded in the prior-year quarter.
SEI Investments Co.’s (SEIC - Free Report) earnings of 89 cents per share in the first quarter 2021 missed the Zacks Consensus Estimate by a penny. However, the bottom line reflected 24% growth from the prior-year quarter.
Time to Invest in Legal Marijuana
If you’re looking for big gains, there couldn’t be a better time to get in on a young industry primed to skyrocket from $17.7 billion back in 2019 to an expected $73.6 billion by 2027.
After a clean sweep of 6 election referendums in 5 states, pot is now legal in 36 states plus D.C. Federal legalization is expected soon and that could be a still greater bonanza for investors. Even before the latest wave of legalization, Zacks Investment Research has recommended pot stocks that have shot up as high as +285.9%
You’re invited to check out Zacks’ Marijuana Moneymakers: An Investor’s Guide. It features a timely Watch List of pot stocks and ETFs with exceptional growth potential.
Today, Download Marijuana Moneymakers FREE >>