Sterling Capital Management LLC grew its holdings in Investment Technology Group (NYSE:ITG) by 1.9% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 136,515 shares of the financial services provider’s stock after purchasing an additional 2,600 shares during the period. Sterling Capital Management LLC’s holdings in Investment Technology Group were worth $2,628,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also bought and sold shares of ITG. Crossmark Global Holdings Inc. bought a new stake in shares of Investment Technology Group in the third quarter valued at approximately $228,000. American Century Companies Inc. bought a new stake in shares of Investment Technology Group in the third quarter valued at approximately $1,636,000. Prudential Financial Inc. raised its position in shares of Investment Technology Group by 4.4% in the third quarter. Prudential Financial Inc. now owns 55,658 shares of the financial services provider’s stock valued at $1,232,000 after purchasing an additional 2,330 shares during the period. Principal Financial Group Inc. raised its position in shares of Investment Technology Group by 4.3% in the third quarter. Principal Financial Group Inc. now owns 249,814 shares of the financial services provider’s stock valued at $5,531,000 after purchasing an additional 10,300 shares during the period. Finally, BNP Paribas Arbitrage SA raised its position in shares of Investment Technology Group by 57.9% in the third quarter. BNP Paribas Arbitrage SA now owns 20,517 shares of the financial services provider’s stock valued at $454,000 after purchasing an additional 7,522 shares during the period. 88.10% of the stock is currently owned by institutional investors.
Several research firms have recently issued reports on ITG. Citigroup raised shares of Investment Technology Group to a “buy” rating in a research report on Friday, March 2nd. Zacks Investment Research raised shares of Investment Technology Group from a “sell” rating to a “buy” rating and set a $24.00 price target on the stock in a research report on Thursday, January 25th. Finally, Rosenblatt Securities raised shares of Investment Technology Group from a “neutral” rating to a “buy” rating in a research report on Friday, March 2nd. Three equities research analysts have rated the stock with a sell rating and two have issued a buy rating to the company. Investment Technology Group presently has an average rating of “Hold” and an average price target of $22.50.
Investment Technology Group (NYSE:ITG) last issued its quarterly earnings data on Tuesday, January 30th. The financial services provider reported $0.12 EPS for the quarter, meeting the consensus estimate of $0.12. The company had revenue of $126.70 million during the quarter, compared to analysts’ expectations of $125.70 million. Investment Technology Group had a negative net margin of 8.15% and a positive return on equity of 2.66%. Investment Technology Group’s revenue for the quarter was up 5.9% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.16 earnings per share. equities analysts forecast that Investment Technology Group will post 1.01 EPS for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Thursday, March 15th. Investors of record on Tuesday, February 27th were paid a dividend of $0.07 per share. The ex-dividend date was Monday, February 26th. This represents a $0.28 annualized dividend and a yield of 1.45%. Investment Technology Group’s dividend payout ratio is currently -23.53%.
Investment Technology Group declared that its Board of Directors has approved a stock repurchase plan on Thursday, February 15th that permits the company to buyback 4,000,000 shares. This buyback authorization permits the financial services provider to reacquire shares of its stock through open market purchases. Shares buyback plans are usually an indication that the company’s management believes its shares are undervalued.
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Investment Technology Group Company Profile
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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