Invesco Stock Falls After Announcing Purchase of European ETF

Invesco  (IVZ) shares were down 0.5% Friday morning after the company announced that it is purchasing European ETF provider Source, which has $18 billion in assets with another $7 billion in externally managed funds. 

Separately, the company announced first quarter earnings results of 61 cents per share on revenue of $1.19 billion. Analysts on average were expecting the company to report earnings of 56 cents per share on revenue of $1.22 billion. 

Wells Fargo reiterated its "outperform" rating on the stock with a valuation between $34 per share and $38 per share. 

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