Victory Capital reports AUM $129.1B on June 30 16:3007/1307/13/20
|Over a week ago|
Victory Capital price target raised to $21 from $19 at Barclays » 06:3507/0907/09/20
Barclays analyst Jeremy…
Barclays analyst Jeremy Campbell raised the firm's price target on Victory Capital to $21 from $19 and reiterates an Overweight rating on the shares after hosting investor meetings with management. Victory is both financially and operationally ready to go and on the hunt for the right opportunity that "makes strategic sense," Campbell tells investors in a research note. The analyst believes the company has a "robust" retail distribution platform and may be viewed as an attractive partner for a non-U.S. asset manager.
|Over a month ago|
Victory Capital reports total AUM $127.7B as of May 31 vs. $131.8B on April 30th 16:2706/1006/10/20
Victory Capital reports AUM $127.7B on May 31 16:2606/1006/10/20
Victory Capital announces $15M stock repurchase program » 06:4605/2605/26/20
Victory Capital Holdings…
Victory Capital Holdings announced that its Board of Directors has approved a new common stock repurchase program authorizing the repurchase of up to $15M of its Class A Common Stock through December 31, 2021. The Company's current $15M stock repurchase authorization, initiated in September 2019, has been largely completed.
Victory Capital reports Q1 adj. EPS 92c, consensus 89c » 07:5205/1105/11/20
Reports Q1 revenue…
Reports Q1 revenue $204.42M, consensus $206.28M. Reports Q1 AUM $123.8B. "I am pleased to report Victory Capital generated excellent financial results during the first quarter, despite unprecedented challenges presented by the COVID-19 pandemic," said David Brown, Chairman and Chief Executive Officer. "Advance preparation proved essential for delivering uninterrupted service to clients and providing safe working conditions for employees. Our comprehensive and thoroughly tested business continuity plan has ensured that all investment activities remain unaffected, and we have been energized by our organization's ability to seamlessly adapt to challenging circumstances. Our cost structure also adjusted in real time with market fluctuations, proving the resiliency of our next-generation business model and contributing to first-quarter results exceeding expectations. Four of our investment franchises achieved positive long-term net flows during the quarter, and net outflows from fixed income products held up much better than the industry-wide averages. In addition, we took opportunistic action on the capital management front. Early in the quarter, we repriced our term loan to reduce the interest rate spread by 75 basis points. Later in the quarter, we promptly responded to falling interest rates and effectively locked in a rate of 3.465% on the majority of our current debt. At the same time, we maintained a disciplined capital allocation strategy and deployed most of our free cash flow to further reduce debt, while returning some capital to shareholders with steady share repurchases and the cash dividend. Since last year's origination of the term loan on July 1, we have repaid $217 million and lowered the current outstanding balance to $883 million. Looking ahead, we continue to invest to support future growth and remain committed to executing on our strategy to enhance shareholder value. We are still actively evaluating strategic acquisition candidates and conducting due diligence. Persistent market volatility may accelerate industry consolidation and our flexible business model ideally positions us to benefit in this environment. As always, serving the needs of our clients will remain our top priority, and I am more optimistic than ever about our Company's ability to withstand and thrive in ever-changing market environments."
|Over a quarter ago|
Victory Capital reports total AUM $123.8B on March 31 » 16:3204/1304/13/20
Down from $142.43B on…
Down from $142.43B on February 29.
Victory Capital downgraded to Underweight at Morgan Stanley » 08:2404/0804/08/20
VCTR, BLK, WETF
Morgan Stanley analyst…
Morgan Stanley analyst Michael Cyprys downgraded Victory Capital (VCTR) to Underweight from Equal Weight with a price target of $15, down from $21, as he cut his estimates for traditional asset managers by an average of 20% for 2020 and 22% for 2021 to reflect lower fund net asset values due to declines in equities as well as sharper fund outflows. He favors diversified scale business models with broader product sets and wider distribution reach, like BlackRock (BLK), along with firms better positioned for organic growth that can adjust expenses more easily, such as WisdomTree (WETF), Cyprys tells investors.
Victory Capital downgraded to Underweight from Equal Weight at Morgan Stanley » 05:5504/0804/08/20
Morgan Stanley analyst…
Morgan Stanley analyst Michael Cyprys downgraded Victory Capital to Underweight from Equal Weight.
Victory Capital downgraded to Market Perform from Outperform at Keefe Bruyette » 04:4304/0604/06/20
Keefe Bruyette analyst…
Keefe Bruyette analyst Robert Lee downgraded Victory Capital Holdings to Market Perform from Outperform with a $17.75 price target. The analyst made rating changes in the Asset Manager space in an attempt to prepare for "when the knife stops falling."