Zacks Investment Research upgraded shares of Investment Technology Group (NYSE:ITG) from a strong sell rating to a hold rating in a research report sent to investors on Thursday.
According to Zacks, “Investment Technology Group is one of the leading providers of technology-based equity trading services and transaction research to institutional investors and brokers. ITG’s services help clients to access liquidity, execute trades more efficiently, and make better trading decisions. They offer a fully-integrated family of advanced trading services encompassing three business lines: POSIT, Client-Site Trading Products, and Electronic Trading Desk. “
Several other research analysts have also recently issued reports on ITG. Rosenblatt Securities started coverage on shares of Investment Technology Group in a report on Tuesday, September 12th. They set a neutral rating and a $21.00 target price for the company. ValuEngine cut shares of Investment Technology Group from a hold rating to a sell rating in a report on Tuesday, November 7th. Two investment analysts have rated the stock with a sell rating and two have issued a hold rating to the company. The company has a consensus rating of Hold and an average target price of $23.00.
Investment Technology Group (NYSE:ITG) last issued its earnings results on Wednesday, November 1st. The financial services provider reported ($0.11) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.03 by ($0.14). Investment Technology Group had a positive return on equity of 2.92% and a negative net margin of 6.57%. The business had revenue of $114.50 million for the quarter, compared to analysts’ expectations of $112.50 million. During the same period last year, the business earned ($0.08) EPS. The company’s revenue for the quarter was up 9.9% on a year-over-year basis. analysts predict that Investment Technology Group will post 0.23 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Friday, December 15th. Investors of record on Tuesday, November 28th were issued a dividend of $0.07 per share. The ex-dividend date was Monday, November 27th. This represents a $0.28 annualized dividend and a dividend yield of 1.41%. Investment Technology Group’s dividend payout ratio (DPR) is presently -29.47%.
Several institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. raised its holdings in shares of Investment Technology Group by 2.0% during the second quarter. Vanguard Group Inc. now owns 2,888,402 shares of the financial services provider’s stock worth $61,349,000 after purchasing an additional 56,123 shares during the last quarter. Frontier Capital Management Co. LLC grew its position in Investment Technology Group by 2.2% during the third quarter. Frontier Capital Management Co. LLC now owns 2,006,544 shares of the financial services provider’s stock valued at $44,425,000 after buying an additional 42,561 shares during the period. Dimensional Fund Advisors LP grew its position in Investment Technology Group by 2.4% during the second quarter. Dimensional Fund Advisors LP now owns 1,569,775 shares of the financial services provider’s stock valued at $33,342,000 after buying an additional 36,514 shares during the period. FMR LLC grew its position in Investment Technology Group by 16.0% during the second quarter. FMR LLC now owns 1,051,880 shares of the financial services provider’s stock valued at $22,342,000 after buying an additional 144,800 shares during the period. Finally, State Street Corp grew its position in Investment Technology Group by 2.4% during the second quarter. State Street Corp now owns 808,501 shares of the financial services provider’s stock valued at $17,174,000 after buying an additional 19,319 shares during the period. 86.57% of the stock is owned by hedge funds and other institutional investors.
About Investment Technology Group
Investment Technology Group, Inc (ITG) is a financial technology company that helps brokers and asset managers improve returns for investors around the world. The Company operates through four segments: U.S. Operations, Canadian Operations, European Operations and Asia Pacific Operations. These four segments provide categories of products and services, such as Execution Services, Workflow Technology and Analytics.
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