Pinebridge Investments L.P. boosted its stake in Waddell & Reed Financial, Inc. (NYSE:WDR) by 10.7% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 72,982 shares of the asset manager’s stock after buying an additional 7,054 shares during the quarter. Pinebridge Investments L.P. owned approximately 0.10% of Waddell & Reed Financial worth $1,217,000 at the end of the most recent quarter.
A number of other hedge funds also recently made changes to their positions in the stock. Piedmont Investment Advisors Inc. grew its stake in Waddell & Reed Financial by 3.0% in the first quarter. Piedmont Investment Advisors Inc. now owns 19,193 shares of the asset manager’s stock valued at $332,000 after acquiring an additional 565 shares during the period. Texas Permanent School Fund grew its stake in Waddell & Reed Financial by 1.1% in the first quarter. Texas Permanent School Fund now owns 51,828 shares of the asset manager’s stock valued at $896,000 after acquiring an additional 577 shares during the period. Comerica Bank grew its stake in Waddell & Reed Financial by 0.9% in the first quarter. Comerica Bank now owns 86,560 shares of the asset manager’s stock valued at $1,560,000 after acquiring an additional 812 shares during the period. Marshall Wace North America L.P. acquired a new position in Waddell & Reed Financial in the first quarter valued at about $26,000. Finally, Sun Life Financial INC acquired a new position in Waddell & Reed Financial in the second quarter valued at about $27,000.
A number of research analysts have issued reports on WDR shares. Evercore ISI set a $17.00 target price on Waddell & Reed Financial and gave the company a “hold” rating in a research note on Monday, August 12th. Citigroup set a $15.00 price objective on Waddell & Reed Financial and gave the stock a “sell” rating in a research report on Wednesday, July 31st. Finally, Bank of America cut Waddell & Reed Financial from a “neutral” rating to an “underperform” rating and set a $17.00 price objective for the company. in a research report on Friday, September 13th. Five equities research analysts have rated the stock with a sell rating, three have given a hold rating and one has assigned a buy rating to the company’s stock. The stock has an average rating of “Hold” and an average price target of $16.86.
Waddell & Reed Financial (NYSE:WDR) last posted its quarterly earnings data on Tuesday, July 30th. The asset manager reported $0.42 earnings per share for the quarter, topping the consensus estimate of $0.37 by $0.05. Waddell & Reed Financial had a return on equity of 17.88% and a net margin of 14.48%. The company had revenue of $270.20 million during the quarter, compared to analysts’ expectations of $267.48 million. During the same period in the prior year, the firm earned $0.55 earnings per share. Waddell & Reed Financial’s revenue for the quarter was down 8.5% compared to the same quarter last year. As a group, research analysts forecast that Waddell & Reed Financial, Inc. will post 1.68 EPS for the current fiscal year.
The business also recently announced a — dividend, which will be paid on Friday, November 1st. Investors of record on Friday, October 11th will be issued a dividend of $0.25 per share. The ex-dividend date of this dividend is Thursday, October 10th. This represents a yield of 5.7%. Waddell & Reed Financial’s payout ratio is presently 43.86%.
Waddell & Reed Financial Company Profile
Waddell & Reed Financial, Inc, through its subsidiaries, provides investment management and advisory, investment product underwriting and distribution, and shareholder services administration to mutual funds, and institutional and separately managed accounts in the United States. The company acts as an investment adviser for institutional and other private investors, and provides sub advisory services to other investment companies; and underwrites and distributes registered open-end mutual fund portfolios.
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