Bank of America Corp DE Purchases 1,289,393 Shares of XP Inc. $XP

Bank of America Corp DE lifted its position in XP Inc. (NASDAQ:XP) by 33.4% in the 1st quarter, HoldingsChannel.com reports. The fund owned 5,147,245 shares of the company’s stock after buying an additional 1,289,393 shares during the period. Bank of America Corp DE’s holdings in XP were worth $98,004,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in the business. ARGA Investment Management LP lifted its position in shares of XP by 4.0% in the 1st quarter. ARGA Investment Management LP now owns 20,699,135 shares of the company’s stock worth $394,112,000 after purchasing an additional 799,048 shares during the period. Massachusetts Financial Services Co. MA grew its stake in XP by 11.9% in the fourth quarter. Massachusetts Financial Services Co. MA now owns 12,263,021 shares of the company’s stock valued at $200,746,000 after purchasing an additional 1,300,982 shares during the last quarter. Arrowstreet Capital Limited Partnership grew its stake in XP by 10.9% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 11,799,175 shares of the company’s stock valued at $193,152,000 after purchasing an additional 1,160,977 shares during the last quarter. State Street Corp raised its holdings in XP by 1.3% in the second quarter. State Street Corp now owns 9,696,864 shares of the company’s stock worth $195,877,000 after purchasing an additional 125,818 shares in the last quarter. Finally, Morgan Stanley raised its holdings in XP by 13.2% in the fourth quarter. Morgan Stanley now owns 9,524,277 shares of the company’s stock worth $155,912,000 after purchasing an additional 1,113,641 shares in the last quarter. 59.15% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

XP has been the topic of a number of recent analyst reports. Weiss Ratings upgraded shares of XP from a “hold (c)” rating to a “hold (c+)” rating in a report on Tuesday, May 26th. Zacks Research lowered shares of XP from a “strong-buy” rating to a “hold” rating in a research note on Friday, May 1st. Finally, UBS Group decreased their target price on shares of XP from $28.00 to $25.00 and set a “buy” rating for the company in a research report on Wednesday, June 3rd. Three equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $23.33.

XP Trading Down 2.6%

Shares of NASDAQ:XP opened at $16.24 on Friday. The business’s 50-day moving average is $16.23 and its 200 day moving average is $18.27. The company has a debt-to-equity ratio of 0.02, a current ratio of 6.66 and a quick ratio of 6.66. XP Inc. has a 1 year low of $14.80 and a 1 year high of $23.13. The firm has a market capitalization of $8.73 billion, a P/E ratio of 8.97, a P/E/G ratio of 0.48 and a beta of 1.10.

XP Increases Dividend

The business also recently disclosed an annual dividend, which was paid on Thursday, June 18th. Stockholders of record on Wednesday, June 10th were issued a dividend of $0.20 per share. This represents a dividend yield of 268.0%. This is an increase from XP’s previous annual dividend of $0.18. The ex-dividend date was Wednesday, June 10th. XP’s dividend payout ratio is currently 22.10%.

XP announced that its board has approved a share repurchase program on Tuesday, May 19th that authorizes the company to repurchase $0.00 in shares. This repurchase authorization authorizes the company to repurchase shares of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s leadership believes its shares are undervalued.

XP Profile

XP Inc provides financial products and services in Brazil. It offers securities brokerage, private pension plans, commercial, and investment banking products, such as loan operations and transactions in the foreign exchange markets and deposits; product structuring and capital markets services for corporate clients and issuers of fixed income products; advisory services for mass-affluent and institutional clients; and wealth management services for high-net-worth customers and institutional clients.