Overview
Victory Capital Q3 revenue slightly missed analyst expectations
Adjusted net income for Q3 missed analyst estimates
Company repurchased 1.8 mln shares, returning $163 mln to shareholders
Outlook
Victory Capital anticipates $110 mln in net expense synergies from Pioneer integration
Result Drivers
PIONEER INTEGRATION - Integration of Pioneer Investments is on track to deliver $110 mln in net expense synergies
ETF PRODUCT SUCCESS - Strong sales of diversified ETF products added $5.4 bln in positive net flows
INVESTMENT PERFORMANCE - Firmwide investment performance remains excellent, with a high percentage of AUM outperforming benchmarks
Key Details
Metric
Beat/Miss
Actual
Consensus Estimate
Q3 Revenue
Slight Miss*
$361.20 mln
$363.60 mln (5 Analysts)
Q3 EPS
$1.11
Q3 Adjusted Net Income
Miss
$130.90 mln
$133.06 mln (4 Analysts)
*Applies to a deviation of less than 1%; not applicable for per-share numbers.
Analyst Coverage
The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 3 "strong buy" or "buy", 5 "hold" and no "sell" or "strong sell"
The average consensus recommendation for the investment management & fund operators peer group is "buy"
Wall Street's median 12-month price target for Victory Capital Holdings Inc is $71.00, about 12% above its November 5 closing price of $62.49
The stock recently traded at 9 times the next 12-month earnings vs. a P/E of 11 three months ago
Press Release: ID:nBw6hwJY4a
For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact RefinitivNewsSupport@thomsonreuters.com.
(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)
