Latest news with #GlennSchorr
Yahoo
a day ago
- Business
- Yahoo
Invesco's QQQ gambit seen unlocking $150M in revenue
(Bloomberg) — Invesco Ltd.'s move to convert its famed tech fund QQQ (QQQ) into an open-ended structure could translate into a $150 million yearly windfall for the asset manager. Chief Financial Officer Allison Dukes said on the company's earnings call Tuesday that transforming the Invesco QQQ Trust Series 1 from a unit investment trust into an ETF could benefit net revenue and adjusted operating income by about four basis points — or roughly $150 million, Bloomberg Intelligence estimates. In its current format, Invesco sees virtually none of the fee revenue that QQQ generates, but ETF conversion would allow the firm to reorder the revenue breakdown. While QQQ owners still need to vote to approve the change, the proposal has investors and analysts lining up behind the stock. TD Cowen upgraded the asset manager following last Thursday's proxy statement, while Evercore analyst Glenn Schorr wrote Tuesday that 'the move to collect fees on the Q's' should give shareholders a reason to feel optimistic about revenue trends going forward. And given that the revenue boost would come with little incremental cost, it's little wonder to see sentiment on the stock surging, according to Bloomberg Intelligence's Neil Sipes. 'If approved, the shift would lift fee-generating organic growth and boost earnings by about 10%, enhancing Invesco's capacity for balance sheet improvement and strategic investments, including M&A,' Sipes said. 'These are all welcome developments.' Invesco shares were up nearly 2% in early trading Wednesday, following a 5.2% jump Tuesday even though the firm missed estimates for second quarter inflows and earnings per share. That comes after Friday's torrid session, which saw the stock surge by more than 15% in its biggest one-day rally since 2022, in the wake of the company filing the proxy statement on Thursday evening. If approved, Invesco would lower QQQ's 0.2% expense ratio to 0.18%, according to the filing and earnings call. The firm has called a special meeting on Oct. 24 to hold the vote. A quorum of more than 50% of holders of outstanding voting shares is needed. That could be a very tall hurdle to clear, according to Todd Sohn of Strategas Securities. 'Getting the message out to act to the massive investor base of QQQ holders from the last 25+ years might be difficult,' said Strategas senior ETF strategist Sohn. 'People forget, messages fall through the cracks. Things slip all the time.' ©2025 Bloomberg L.P. Sign in to access your portfolio
Business Insider
05-07-2025
- Business
- Business Insider
Evercore ISI Remains a Sell on Franklin Resources (BEN)
Evercore ISI analyst Glenn Schorr maintained a Sell rating on Franklin Resources on July 3 and set a price target of $24.00. The company's shares closed last Thursday at $24.88. Don't Miss TipRanks' Half-Year Sale Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence. Make smarter investment decisions with TipRanks' Smart Investor Picks, delivered to your inbox every week. Schorr covers the Financial sector, focusing on stocks such as BlackRock, Franklin Resources, and Invesco. According to TipRanks, Schorr has an average return of 10.8% and a 67.08% success rate on recommended stocks. Franklin Resources has an analyst consensus of Hold, with a price target consensus of $21.17, which is a -14.91% downside from current levels. In a report released on July 2, Morgan Stanley also maintained a Sell rating on the stock with a $19.00 price target. Based on Franklin Resources' latest earnings release for the quarter ending March 31, the company reported a quarterly revenue of $2.11 billion and a net profit of $151.4 million. In comparison, last year the company earned a revenue of $2.13 billion and had a net profit of $124.2 million Based on the recent corporate insider activity of 45 insiders, corporate insider sentiment is neutral on the stock. Most recently, in April 2025, Charles B. Johnson, a Major Shareholder at BEN sold 420.00 shares for a total of $7,379.40.
Business Insider
05-07-2025
- Business
- Business Insider
Evercore ISI Remains a Buy on BlackRock (BLK)
In a report released on July 3, Glenn Schorr from Evercore ISI maintained a Buy rating on BlackRock, with a price target of $1,170.00. The company's shares closed last Thursday at $1,082.15. Don't Miss TipRanks' Half-Year Sale Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence. Make smarter investment decisions with TipRanks' Smart Investor Picks, delivered to your inbox every week. According to TipRanks, Schorr is a 5-star analyst with an average return of 10.8% and a 67.08% success rate. Schorr covers the Financial sector, focusing on stocks such as BlackRock, JPMorgan Chase, and Apollo Global Management. The word on The Street in general, suggests a Strong Buy analyst consensus rating for BlackRock with a $1,081.29 average price target, representing a -0.08% downside. In a report released on July 3, Wells Fargo also maintained a Buy rating on the stock with a $1,180.00 price target. BLK market cap is currently $167.7B and has a P/E ratio of 26.29. Based on the recent corporate insider activity of 123 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of BLK in relation to earlier this year. Most recently, in May 2025, Laurence Fink, the Chairman & CEO of BLK sold 16,485.00 shares for a total of $15,119,577.04.
Business Insider
05-07-2025
- Business
- Business Insider
Evercore ISI Sticks to Their Hold Rating for Acadian Asset Management (AAMI)
Evercore ISI analyst Glenn Schorr maintained a Hold rating on Acadian Asset Management on July 3 and set a price target of $38.00. The company's shares closed last Thursday at $37.58. Don't Miss TipRanks' Half-Year Sale Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence. Make smarter investment decisions with TipRanks' Smart Investor Picks, delivered to your inbox every week. According to TipRanks, Schorr is a 5-star analyst with an average return of 10.8% and a 67.08% success rate. Schorr covers the Financial sector, focusing on stocks such as BlackRock, Franklin Resources, and Invesco. Currently, the analyst consensus on Acadian Asset Management is a Hold with an average price target of $28.33, which is a -24.61% downside from current levels. In a report released on July 2, Morgan Stanley also maintained a Hold rating on the stock with a $30.00 price target.
Mint
13-06-2025
- Business
- Mint
BlackRock's ‘bold, but doable' targets reflect a changing asset manager
From their Manhattan headquarters on Thursday, top BlackRock leaders—including Chief Executive Larry Fink, who had just flown back to New York after a trip to the Middle East—lined up to discuss their business with investors and analysts over five hours of presentations. The goal: to show why they think BlackRock is a stock worth owning. They were gathered for the company's investor day, complete with 147 slides packed with fresh five-year financial targets for fund-raising, revenue, and more. The firm's last investor day was in 2023. BlackRock has ambitious goals. Over the next five years, the company aims to roughly double its operating income to $15 billion, double its market capitalization to $280 billion, and increase revenue, which in 2024 totaled $20 billion, by 75% to $35 billion. It's targeting organic base fee growth of at least 5%, and an operating margin of at least 45%, 'through the market cycle." Private markets will be a big part of BlackRock's growth. The world's largest money manager, with $11.6 trillion of assets, is now targeting $400 billion of private markets fund-raising by 2030 as it aims for technology and private markets businesses to contribute at least 30% of overall revenue by that year. That's up from a 15% slice in 2024. 'Bold, but doable ambitions," said Evercore ISI analyst Glenn Schorr. BlackRock's fresh targets sets new stakes for the performance expected from the $28 billion of private markets acquisitions it's carried out in the past year. They paint a picture of an asset manager betting its future on private markets after making its name in the public markets with fixed income and exchange-traded funds. 'We're not reliant on any one strategy or asset class," said Martin Small, BlackRock's chief financial officer and head of corporate strategy, in prepared remarks. 'All of our businesses have delivered organic base fee growth over the last five years. That said, the BlackRock of the next five years, to 2030, is different than the past." Trading at 24 times earnings, investors assign BlackRock's stock a lower multiple than shares of pure private markets players Blackstone and KKR, which trade at 42 times and 54 times earnings, respectively. Investors could start to view BlackRock's stock as a play for exposure to assets such as private credit and infrastructure, not just its best-known products in the public markets like exchange-traded funds. 'Are we in direct competition with Blackstone? I would say, in their two core businesses, no. But in other areas of private [assets], where we have deemed we have an incredible opportunity, [yes]," Fink said in an interview with Barron's in March. He added at the time: 'I have no intention of going into private equity" with any large-scale acquisition. 'I have no intention of being huge in real estate." For now, investors seemed underwhelmed by what they heard Thursday. Shares of BlackRock fell 0.4% while the S&P 500 rose 0.2%. That slide is typical of the firm's investor days. In 2018, 2021, and 2023—the past three such events held by the firm—the stock fell 1.1%, 0.4%, and 0.5% before recovering those losses the following session, according to Dow Jones Market Data. Write to Rebecca Ungarino at
