Stock Buyback Plan Announced by AGI (NYSE:AGBK) Board of Directors

AGI (NYSE:AGBK) announced that its board has authorized a share repurchase plan on Tuesday, October 27th, RTT News reports. The company plans to repurchase 3,000,000 outstanding shares. This repurchase authorization authorizes the company to reacquire shares of its stock through open market purchases. Share repurchase plans are often an indication that the company’s board of directors believes its stock is undervalued.

AGI Trading Up 3.3%

NYSE:AGBK traded up $0.15 during midday trading on Tuesday, reaching $4.88. 669,711 shares of the stock traded hands. The company has a fifty day moving average of $6.41 and a 200 day moving average of $7.40. AGI has a 12 month low of $4.43 and a 12 month high of $12.21.

Analyst Ratings Changes

Several equities research analysts recently weighed in on the company. Weiss Ratings restated a “sell (d)” rating on shares of AGI in a report on Friday, August 7th. The Goldman Sachs Group set a $13.00 price target on AGI in a research note on Thursday, August 6th. Zacks Research downgraded AGI from a “hold” rating to a “strong sell” rating in a research report on Thursday, July 16th. Finally, Oppenheimer lowered their price objective on AGI from $10.00 to $9.00 and set an “outperform” rating for the company in a research report on Friday, August 7th. Six investment analysts have rated the stock with a Buy rating, one has given a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $14.14.

Insider Transactions at AGI

In other AGI news, CTO Vinicius Birkeland Aloe sold 256,386 shares of the firm’s stock in a transaction on Monday, August 31st. The shares were sold at an average price of $11.99, for a total value of $3,074,068.14. Following the sale, the chief technology officer owned 176,423 shares of the company’s stock, valued at $2,115,311.77. This trade represents a 59.24% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website.

About AGI

Our mission is to revolutionize financial services for the largest and fastest growing segment of Brazil’s population: individuals who have been underserved by incumbent banks and have not been effectively reached by digital-only banks. We seek to make credit and banking solutions more accessible and affordable for the Brazilian consumers who we believe need it the most, including social security beneficiaries and private and public sector workers. We have designed a unique value proposition for this population, who may be older, have a lower income, be less tech-savvy or have less access to education.