Waddell & Reed Financial (NYSE:WDR) Raised to Neutral at Citigroup

Citigroup upgraded shares of Waddell & Reed Financial (NYSE:WDR) from a sell rating to a neutral rating in a research report released on Wednesday morning, Benzinga reports. The brokerage currently has $14.00 target price on the asset manager’s stock, up from their prior target price of $11.50.

Other research analysts also recently issued reports about the stock. Morgan Stanley boosted their price objective on shares of Waddell & Reed Financial from $10.00 to $13.00 and gave the company an underweight rating in a research report on Thursday, July 2nd. ValuEngine cut shares of Waddell & Reed Financial from a hold rating to a sell rating in a research report on Friday, May 1st. Finally, Bank of America raised their price objective on shares of Waddell & Reed Financial from $13.00 to $15.00 and gave the stock an underperform rating in a report on Friday, July 10th. Five analysts have rated the stock with a sell rating and two have issued a hold rating to the company’s stock. Waddell & Reed Financial presently has an average rating of Sell and an average target price of $14.83.

NYSE WDR opened at $14.59 on Wednesday. Waddell & Reed Financial has a 1 year low of $9.87 and a 1 year high of $18.33. The stock has a market capitalization of $954.81 million, a PE ratio of 10.50 and a beta of 1.52. The business’s 50-day moving average is $15.15 and its 200 day moving average is $14.34.

Waddell & Reed Financial (NYSE:WDR) last issued its quarterly earnings data on Tuesday, July 28th. The asset manager reported $0.38 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.32 by $0.06. The firm had revenue of $240.03 million for the quarter, compared to analyst estimates of $245.26 million. Waddell & Reed Financial had a return on equity of 14.57% and a net margin of 9.17%. The business’s quarterly revenue was down 11.1% compared to the same quarter last year. During the same period last year, the company earned $0.45 EPS. As a group, equities analysts anticipate that Waddell & Reed Financial will post 1.38 EPS for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Monday, August 3rd. Stockholders of record on Monday, July 13th will be given a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 6.85%. The ex-dividend date is Friday, July 10th. Waddell & Reed Financial’s dividend payout ratio is presently 53.19%.

Hedge funds and other institutional investors have recently modified their holdings of the stock. UBS Group AG boosted its stake in Waddell & Reed Financial by 155.2% during the second quarter. UBS Group AG now owns 119,743 shares of the asset manager’s stock worth $1,857,000 after acquiring an additional 72,819 shares in the last quarter. Mackay Shields LLC lifted its holdings in shares of Waddell & Reed Financial by 336.8% during the second quarter. Mackay Shields LLC now owns 131,900 shares of the asset manager’s stock valued at $2,046,000 after purchasing an additional 101,700 shares during the last quarter. Duality Advisers LP bought a new stake in shares of Waddell & Reed Financial in the 2nd quarter worth approximately $1,447,000. Ziegler Capital Management LLC purchased a new stake in shares of Waddell & Reed Financial in the 2nd quarter worth approximately $1,221,000. Finally, Denali Advisors LLC increased its position in Waddell & Reed Financial by 1.5% during the 2nd quarter. Denali Advisors LLC now owns 59,600 shares of the asset manager’s stock valued at $924,000 after buying an additional 900 shares in the last quarter.

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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Analyst Recommendations for Waddell & Reed Financial (NYSE:WDR)

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