Independent investment management company Invesco Ltd. (IVZ) said late Monday that it is selling $400 million in common shares.
The Atlanta-based asset manager said it plans to use the proceeds of the sale for general corporate purposes. Invesco currently has approximately 382.7 million shares outstanding.
The underwriters for the offering include Merrill Lynch, Citigroup, and Morgan Stanley.
Invesco shares fell 98 cents, or -6.3%, in Tuesday morning trading.
The Bottom Line
We have avoided shares of IVZ since our early June coverage began, when the shares were trading at $27.32. The company has a dividend yield of 2.62%, based on last night's closing stock price of $15.58. The company has technical support in the $10-11 price area. If the shares can firm up, we see overhead resistance around the $17-20 price levels. We would remain on the sidelines for now.
Invesco Ltd. (IVZ) is not recommended at this time, holding a Dividend.com DARS Rating of 2.9 out of 5 stars.
Be sure to visit our complete recommended list of the Best Dividend Stocks, as well as a detailed explanation of our ratings system here.
