Investment Technology Group (ITG) Upgraded by Zacks Investment Research to Hold

Investment Technology Group (NYSE:ITG) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research report issued to clients and investors on Wednesday.

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. “

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Several other research analysts also recently commented on ITG. ValuEngine downgraded shares of Investment Technology Group from a “hold” rating to a “sell” rating in a report on Monday. Rosenblatt Securities raised shares of Investment Technology Group from a “neutral” rating to a “buy” rating in a report on Friday, March 2nd. Finally, Citigroup raised shares of Investment Technology Group to a “buy” rating in a report on Friday, March 2nd. Two research analysts have rated the stock with a sell rating, one has assigned a hold rating and two have issued a buy rating to the stock. The company presently has an average rating of “Hold” and a consensus price target of $22.50.

NYSE:ITG traded down $0.24 during trading hours on Wednesday, hitting $19.96. The stock had a trading volume of 19,256 shares, compared to its average volume of 248,205. The company has a debt-to-equity ratio of 0.01, a current ratio of 1.53 and a quick ratio of 1.53. Investment Technology Group has a one year low of $17.63 and a one year high of $23.96. The company has a market cap of $666.24, a price-to-earnings ratio of 64.97 and a beta of 1.42.

Investment Technology Group (NYSE:ITG) last announced its quarterly earnings results on Tuesday, January 30th. The financial services provider reported $0.12 EPS for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.12. Investment Technology Group had a negative net margin of 8.15% and a positive return on equity of 2.66%. The firm had revenue of $126.70 million during the quarter, compared to the consensus estimate of $125.70 million. During the same period last year, the firm earned $0.16 EPS. The business’s quarterly revenue was up 5.9% compared to the same quarter last year. equities research analysts expect that Investment Technology Group will post 1.01 EPS for the current fiscal year.

Investment Technology Group announced that its board has authorized a stock buyback plan on Thursday, February 15th that authorizes the company to buyback 4,000,000 outstanding shares. This buyback authorization authorizes the financial services provider to buy shares of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s board believes its stock is undervalued.

Several institutional investors have recently bought and sold shares of ITG. Prudential Financial Inc. raised its position in shares of Investment Technology Group by 4.4% during the 3rd quarter. Prudential Financial Inc. now owns 55,658 shares of the financial services provider’s stock valued at $1,232,000 after buying an additional 2,330 shares in the last quarter. Principal Financial Group Inc. raised its position in shares of Investment Technology Group by 4.3% during the 3rd quarter. Principal Financial Group Inc. now owns 249,814 shares of the financial services provider’s stock valued at $5,531,000 after buying an additional 10,300 shares in the last quarter. BNP Paribas Arbitrage SA raised its position in shares of Investment Technology Group by 57.9% during the 3rd quarter. BNP Paribas Arbitrage SA now owns 20,517 shares of the financial services provider’s stock valued at $454,000 after buying an additional 7,522 shares in the last quarter. Municipal Employees Retirement System of Michigan raised its position in shares of Investment Technology Group by 67.4% during the 3rd quarter. Municipal Employees Retirement System of Michigan now owns 12,470 shares of the financial services provider’s stock valued at $276,000 after buying an additional 5,020 shares in the last quarter. Finally, Rhumbline Advisers raised its position in Investment Technology Group by 4.7% in the 3rd quarter. Rhumbline Advisers now owns 69,303 shares of the financial services provider’s stock worth $1,534,000 after purchasing an additional 3,137 shares during the period. Hedge funds and other institutional investors own 88.10% of the company’s stock.

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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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